Needham & Company LLC reiterated their buy rating on shares of Wix.com (NASDAQ:WIX - Free Report) in a research note released on Wednesday morning,Benzinga reports. The firm currently has a $250.00 price objective on the information services provider's stock.
WIX has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their target price on shares of Wix.com from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Wednesday, February 19th. Cantor Fitzgerald raised their price objective on Wix.com from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Benchmark cut their price target on Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a research note on Monday, May 19th. Morgan Stanley reduced their price objective on shares of Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Jefferies Financial Group dropped their price objective on Wix.com from $265.00 to $230.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Four investment 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 company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.16.
Check Out Our Latest Stock Report on WIX
Wix.com Stock Performance
WIX traded down $3.73 on Wednesday, hitting $151.26. 1,340,082 shares of the company were exchanged, compared to its average volume of 651,249. The firm has a fifty day simple moving average of $165.42 and a two-hundred day simple moving average of $196.87. The stock has a market capitalization of $8.49 billion, a PE ratio of 64.37, 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 announced that its Board of Directors has initiated a share buyback program on Thursday, February 27th that permits the company to buyback $200.00 million in outstanding 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 usually a sign that the company's board believes its stock is undervalued.
Institutional Trading of Wix.com
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. lifted its stake in Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock valued at $28,000 after buying an additional 66 shares in the last quarter. Twin Tree Management LP purchased a new position in shares of Wix.com in the first quarter valued at approximately $29,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Wix.com in the fourth quarter worth approximately $43,000. Avior Wealth Management LLC boosted its stake in shares of Wix.com by 79.5% in the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider's stock worth $43,000 after acquiring an additional 89 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position 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 worth $47,000 after purchasing an additional 58 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.
Wix.com Company Profile
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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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