Wix.com (NASDAQ:WIX - Free Report) had its price target cut by Bank of America from $270.00 to $230.00 in a research report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the information services provider's stock.
Other analysts have also recently issued research reports about the company. Oppenheimer decreased their target price on Wix.com from $250.00 to $220.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Barclays raised their target price on shares of Wix.com from $236.00 to $240.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Piper Sandler lifted their target price on shares of Wix.com from $249.00 to $262.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Morgan Stanley lowered their price target on Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $245.00 price objective on shares of Wix.com in a research report on Thursday, February 20th. Four research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and three have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $226.16.
Check Out Our Latest Stock Report on WIX
Wix.com Stock Performance
Shares of WIX traded down $3.73 during trading hours on Wednesday, hitting $151.26. The stock had a trading volume of 1,340,082 shares, compared to its average volume of 651,249. Wix.com has a 12-month low of $137.94 and a 12-month high of $247.11. The firm has a market cap of $8.49 billion, a P/E ratio of 64.37, a P/E/G ratio of 2.83 and a beta of 1.56. The company's fifty day simple moving average is $165.42 and its 200 day simple moving average is $196.87.
Wix.com declared that its board has approved a stock buyback plan on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Institutional Trading of Wix.com
A number of hedge funds have recently made changes to their positions in the stock. Cullen Frost Bankers Inc. raised its holdings in Wix.com by 9.9% in the fourth quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider's stock valued at $130,000 after acquiring an additional 55 shares in the last quarter. Blue Trust Inc. increased its position in shares of Wix.com by 28.3% in the 4th quarter. Blue Trust Inc. now owns 254 shares of the information services provider's stock worth $54,000 after purchasing an additional 56 shares during the last quarter. Global Retirement Partners LLC raised its stake in shares of Wix.com by 36.0% in the 4th 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. Vestcor Inc raised its stake in shares of Wix.com by 8.0% in the 4th quarter. Vestcor Inc now owns 853 shares of the information services provider's stock valued at $183,000 after purchasing an additional 63 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its position 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 last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.
About Wix.com
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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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