Wix.com (NASDAQ:WIX) Shares Gap Down Following Analyst Downgrade

Wix.com Ltd. (NASDAQ:WIX - Get Free Report) shares gapped down before the market opened on Wednesday after Wall Street Zen downgraded the stock from a strong-buy rating to a buy rating. The stock had previously closed at $181.74, but opened at $167.80. Wix.com shares last traded at $161.35, with a volume of 520,071 shares trading hands.

A number of other research firms have also weighed in on WIX. Robert W. Baird raised Wix.com from a "neutral" rating to an "outperform" rating and reduced their price objective for the company from $215.00 to $190.00 in a research report on Friday. Morgan Stanley cut their target price on Wix.com from $276.00 to $207.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Cantor Fitzgerald restated an "overweight" rating and set a $200.00 price target on shares of Wix.com in a report on Thursday. JPMorgan Chase & Co. lowered their price target on Wix.com from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Wednesday, February 19th. Finally, Benchmark cut their price objective on shares of Wix.com from $260.00 to $245.00 and set a "buy" rating on the stock in a research report on Monday, May 19th. Four research 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 MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $226.16.

Institutional Investors Weigh In On Wix.com

A number of large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. boosted its stake in shares of 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 worth $28,000 after buying an additional 66 shares during the last quarter. Twin Tree Management LP bought a new position in Wix.com in the first quarter valued at about $29,000. Geneos Wealth Management Inc. boosted its position in Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock worth $41,000 after purchasing an additional 215 shares during the last quarter. Newbridge Financial Services Group Inc. purchased a new position in Wix.com in the fourth quarter worth about $43,000. Finally, Avior Wealth Management LLC grew its stake in shares of Wix.com by 79.5% during 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 during the period. Institutional investors own 81.52% of the company's stock.

Wix.com Stock Performance

The stock has a market cap 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. The company's 50-day moving average price is $165.42 and its 200 day moving average price is $196.87.

Wix.com announced that its Board of Directors has initiated a share repurchase 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 reacquire up to 1.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

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.