Wix.com (NASDAQ:WIX) Price Target Cut to $230.00 by Analysts at UBS Group

Wix.com (NASDAQ:WIX - Free Report) had its price target cut by UBS Group from $255.00 to $230.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the information services provider's stock.

WIX has been the subject of a number of other reports. JPMorgan Chase & Co. cut their price objective on Wix.com from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Wednesday, February 19th. Oppenheimer dropped their price target on shares of Wix.com from $250.00 to $220.00 and set an "outperform" rating for the company in a research report on Wednesday, April 30th. Wells Fargo & Company raised shares of Wix.com from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $169.00 to $176.00 in a research note on Tuesday, April 8th. Royal Bank of Canada restated an "outperform" rating and issued a $245.00 price objective on shares of Wix.com in a report on Thursday, February 20th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $250.00 target price on shares of Wix.com in a report on Wednesday, May 21st. Four research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $226.16.

Wix.com Price Performance

Shares of WIX traded up $3.54 during mid-day trading on Thursday, reaching $154.80. The stock had a trading volume of 835,946 shares, compared to its average volume of 652,162. Wix.com has a 52-week low of $137.94 and a 52-week high of $247.11. The business's fifty day moving average is $165.00 and its 200 day moving average is $196.72. The firm has a market cap of $8.69 billion, a price-to-earnings ratio of 65.89, a P/E/G ratio of 2.83 and a beta of 1.56.

Wix.com announced that its board has initiated a stock buyback program on Thursday, February 27th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. lifted its holdings in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after buying an additional 215 shares during the last quarter. Bayforest Capital Ltd raised its position in shares of Wix.com by 78.8% during the 1st quarter. Bayforest Capital Ltd now owns 1,291 shares of the information services provider's stock worth $211,000 after acquiring an additional 569 shares in the last quarter. Woodline Partners LP lifted its stake in Wix.com by 9.7% during the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider's stock worth $374,000 after purchasing an additional 202 shares during the last quarter. United Services Automobile Association purchased a new stake in Wix.com during the first quarter worth approximately $287,000. Finally, Goldman Sachs Group Inc. boosted its holdings in Wix.com by 25.8% in the first quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider's stock valued at $124,425,000 after purchasing an additional 155,977 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company's stock.

Wix.com Company Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.