Wix.com (NASDAQ:WIX) Price Target Lowered to $230.00 at Bank of America

Wix.com (NASDAQ:WIX - Get Free Report) had its target price lowered by investment analysts at Bank of America from $270.00 to $230.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the information services provider's stock. Bank of America's target price suggests a potential upside of 43.65% from the company's previous close.

Other equities analysts have also issued reports about the company. Wells Fargo & Company upgraded Wix.com from an "underweight" rating to an "equal weight" rating and upped their target price for the company from $169.00 to $176.00 in a research note on Tuesday, April 8th. Cfra Research cut Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Cantor Fitzgerald upped their price objective on shares of Wix.com from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Raymond James raised shares of Wix.com from an "outperform" rating to a "strong-buy" rating and raised their target price for the stock from $225.00 to $300.00 in a research report on Tuesday, January 21st. Finally, JMP Securities restated a "market outperform" rating and issued a $240.00 target price on shares of Wix.com in a report on Tuesday, February 18th. Five investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $235.63.

Wix.com Price Performance

WIX stock traded down $21.63 during midday trading on Wednesday, hitting $160.12. The stock had a trading volume of 1,167,430 shares, compared to its average volume of 643,609. The firm has a market cap of $8.98 billion, a PE ratio of 67.96, 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. The company's 50-day moving average price is $166.56 and its 200 day moving average price is $196.96.

Wix.com declared that its board has approved a stock buyback program 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 reacquire up to 1.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

A number of hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. grew 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 buying an additional 66 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of Wix.com in the 1st quarter worth about $29,000. Avior Wealth Management LLC raised its stake in shares of Wix.com by 79.5% in the 4th 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 in the last quarter. Newbridge Financial Services Group Inc. bought a new position in shares of Wix.com during the fourth quarter worth about $43,000. Finally, Global Retirement Partners LLC grew its stake in Wix.com by 36.0% in 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

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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