UBS Group Has Lowered Expectations for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX - Get Free Report) had its target price lowered by equities research analysts at UBS Group from $255.00 to $230.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the information services provider's stock. UBS Group's price objective points to a potential upside of 50.98% from the stock's previous close.

Several other research firms have also recently commented on WIX. Benchmark reduced their target price on Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a research note on Monday. JPMorgan Chase & Co. cut their price target on Wix.com from $205.00 to $189.00 and set a "neutral" rating on the stock in a report on Wednesday, February 19th. Piper Sandler boosted their target price on shares of Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. Oppenheimer lowered their price target on Wix.com from $250.00 to $220.00 and set an "outperform" rating on the stock in a report on Wednesday, April 30th. Finally, Jefferies Financial Group dropped their target price on Wix.com from $265.00 to $230.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.58.

Wix.com Trading Down 16.2%

NASDAQ WIX opened at $152.34 on Thursday. The company's fifty day simple moving average is $166.16 and its 200-day simple moving average is $196.65. The stock has a market cap of $8.55 billion, a P/E ratio of 64.83, a PEG ratio of 2.83 and a beta of 1.56. Wix.com has a 52 week low of $137.94 and a 52 week high of $247.11.

Wix.com announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to buy up to 1.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP boosted its position in Wix.com by 518.3% during the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider's stock valued at $324,081,000 after purchasing an additional 1,266,202 shares during the last quarter. Dorsal Capital Management LP grew its stake in shares of Wix.com by 1.8% in the 4th quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider's stock valued at $305,734,000 after buying an additional 25,000 shares in the last quarter. Senvest Management LLC increased its holdings in Wix.com by 27.3% in the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock worth $305,260,000 after buying an additional 304,712 shares during the last quarter. Whale Rock Capital Management LLC increased its holdings in Wix.com by 55.1% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock worth $229,904,000 after buying an additional 380,800 shares during the last quarter. Finally, Renaissance Technologies LLC raised its position in Wix.com by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider's stock valued at $201,151,000 after acquiring an additional 162,400 shares in the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

About Wix.com

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.

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