Wix.com (NASDAQ:WIX) Given New $225.00 Price Target at Piper Sandler

Wix.com (NASDAQ:WIX - Get Free Report) had its target price lowered by research analysts at Piper Sandler from $262.00 to $225.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the information services provider's stock. Piper Sandler's price objective would indicate a potential upside of 44.34% from the stock's previous close.

A number of other equities research analysts also recently commented on WIX. Morgan Stanley reduced their target price on Wix.com from $276.00 to $207.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Barclays raised their price target on Wix.com from $236.00 to $240.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Benchmark decreased 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. Royal Bank of Canada restated an "outperform" rating and issued a $245.00 price target on shares of Wix.com in a research report on Thursday, February 20th. Finally, UBS Group lowered their price objective on Wix.com from $255.00 to $230.00 and set a "buy" rating for the company in a research report on Thursday. Five equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $232.47.

Wix.com Price Performance

NASDAQ:WIX traded up $3.55 during trading hours on Thursday, reaching $155.89. The company had a trading volume of 241,707 shares, compared to its average volume of 650,678. Wix.com has a 1-year low of $137.94 and a 1-year high of $247.11. The firm has a market cap of $8.75 billion, a PE ratio of 66.39, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. The business's 50 day moving average price is $166.16 and its 200-day moving average price is $196.65.

Wix.com announced that its Board of Directors has authorized a share repurchase plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.

Institutional Trading of Wix.com

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Wix.com by 63.5% in the first 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 during the period. Twin Tree Management LP bought a new stake in shares of Wix.com in the 1st quarter worth approximately $29,000. Newbridge Financial Services Group Inc. acquired a new stake in shares of Wix.com during the 4th quarter worth approximately $43,000. Avior Wealth Management LLC increased its position in shares of Wix.com by 79.5% during the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider's stock valued at $43,000 after purchasing an additional 89 shares during the period. Finally, Global Retirement Partners LLC raised its stake in shares of Wix.com by 36.0% in the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider's stock valued at $47,000 after purchasing an additional 58 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.