Wix.com (NASDAQ:WIX) Price Target Lowered to $225.00 at Piper Sandler

Wix.com (NASDAQ:WIX - Get Free Report) had its price objective dropped by equities researchers at Piper Sandler from $262.00 to $225.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the information services provider's stock. Piper Sandler's price target would indicate a potential upside of 45.38% from the company's previous close.

Other research analysts have also recently issued research reports about the stock. Cfra Research cut shares of Wix.com from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Benchmark cut their price objective on Wix.com from $260.00 to $245.00 and set a "buy" rating for the company in a research report on Monday, May 19th. Scotiabank initiated coverage on Wix.com in a research note on Wednesday, March 5th. They issued a "sector outperform" rating and a $250.00 price objective on the stock. Morgan Stanley lowered their target price on 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 cut their price target on Wix.com from $265.00 to $230.00 and set a "buy" rating for the company in a report on Monday, April 7th. Four equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $226.16.

Wix.com Trading Up 2.3%

WIX stock traded up $3.51 during trading on Thursday, hitting $154.77. 835,946 shares of the stock traded hands, compared to its average volume of 652,162. The stock has a market cap of $8.68 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 has a one year low of $137.94 and a one year high of $247.11. The company has a 50 day simple moving average of $165.00 and a 200 day simple moving average of $196.72.

Wix.com declared that its Board of Directors has authorized a stock buyback plan on Thursday, February 27th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently bought and sold shares of WIX. Flagship Harbor Advisors LLC acquired a new position in shares of Wix.com in the 4th quarter valued at $256,000. Bank of New York Mellon Corp grew its stake in shares of Wix.com by 9.7% during the fourth quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider's stock worth $26,738,000 after purchasing an additional 11,048 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its holdings in Wix.com by 5.3% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider's stock valued at $22,603,000 after purchasing an additional 5,286 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Wix.com in the fourth quarter valued at about $321,000. Finally, Van ECK Associates Corp lifted its stake in Wix.com by 0.6% in the fourth quarter. Van ECK Associates Corp now owns 16,946 shares of the information services provider's stock valued at $3,636,000 after buying an additional 107 shares during the period. 81.52% of the stock is owned by 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.