Wells Fargo & Company Lowers Wix.com (NASDAQ:WIX) Price Target to $173.00

Wix.com (NASDAQ:WIX - Get Free Report) had its price target dropped by analysts at Wells Fargo & Company from $176.00 to $173.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an "equal weight" rating on the information services provider's stock. Wells Fargo & Company's price target would indicate a potential upside of 11.60% from the company's previous close.

A number of other analysts also recently commented on the company. Benchmark decreased their price target on Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a research report on Monday. Bank of America lowered their target price on Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a research note on Wednesday. Citigroup cut their price target on shares of Wix.com from $280.00 to $238.00 and set a "buy" rating on the stock in a report on Friday, April 25th. Morgan Stanley decreased their price objective on shares of Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Cfra Research lowered Wix.com from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Five analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, Wix.com presently has a consensus rating of "Moderate Buy" and a consensus price target of $234.42.

Wix.com Trading Up 1.8%

Shares of WIX stock opened at $155.01 on Thursday. The firm has a fifty day simple moving average of $166.16 and a two-hundred day simple moving average of $196.65. The firm has a market capitalization of $8.70 billion, a PE ratio of 65.93, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. Wix.com has a 12 month low of $137.94 and a 12 month high of $247.11.

Wix.com declared that its Board of Directors has approved a share buyback program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Institutional Trading of Wix.com

A number of institutional investors have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. raised its holdings in Wix.com by 9.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider's stock valued at $130,000 after buying an additional 55 shares during the last quarter. Blue Trust Inc. increased its position in shares of Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock valued at $54,000 after acquiring an additional 56 shares during the period. Global Retirement Partners LLC raised its stake in shares of Wix.com by 36.0% during the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider's stock valued at $47,000 after acquiring an additional 58 shares during the last quarter. Vestcor Inc boosted its holdings in shares of Wix.com by 8.0% during the fourth quarter. Vestcor Inc now owns 853 shares of the information services provider's stock worth $183,000 after purchasing an additional 63 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after purchasing an additional 66 shares during the period. 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.

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