Cantor Fitzgerald Reaffirms Overweight Rating for Wix.com (NASDAQ:WIX)

Wix.com (NASDAQ:WIX - Get Free Report)'s stock had its "overweight" rating reiterated by stock analysts at Cantor Fitzgerald in a report issued on Thursday,Benzinga reports. They presently have a $200.00 target price on the information services provider's stock. Cantor Fitzgerald's price objective points to a potential upside of 32.22% from the company's previous close.

WIX has been the subject of a number of other research reports. Scotiabank started coverage on Wix.com in a research report on Wednesday, March 5th. They set a "sector outperform" rating and a $250.00 price target for the company. Jefferies Financial Group dropped their price target on Wix.com from $265.00 to $230.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Piper Sandler dropped their price target on Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a research report on Thursday. Citigroup dropped their price target on Wix.com from $280.00 to $238.00 and set a "buy" rating for the company in a research report on Friday, April 25th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $245.00 price target on shares of Wix.com in a research report on Thursday, February 20th. Four investment 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 data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $226.16.

Wix.com Stock Performance

NASDAQ WIX traded down $3.73 during trading hours on Thursday, hitting $151.26. The company had a trading volume of 1,340,082 shares, compared to its average volume of 651,249. Wix.com has a 52 week low of $137.94 and a 52 week high of $247.11. The firm has a 50 day simple moving average of $165.42 and a 200 day simple moving average of $196.70. The firm has a market capitalization of $8.49 billion, a price-to-earnings ratio of 64.37, a PEG ratio of 2.83 and a beta of 1.56.

Wix.com declared that its Board of Directors has approved a share buyback program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Large investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. increased its stake in 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 purchasing an additional 66 shares during the period. Twin Tree Management LP purchased a new position in shares of Wix.com during the first quarter valued at approximately $29,000. Geneos Wealth Management Inc. increased its stake in shares of Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock valued at $41,000 after buying an additional 215 shares during the period. Avior Wealth Management LLC increased its stake 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 buying an additional 89 shares during the period. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Wix.com during the fourth quarter valued at approximately $43,000. 81.52% of the stock is owned by hedge funds and other institutional investors.

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.