Wix.com's (WIX) Overweight Rating Reiterated at Cantor Fitzgerald

Wix.com (NASDAQ:WIX - Get Free Report)'s stock had its "overweight" rating reissued by equities researchers at Cantor Fitzgerald in a note issued to investors on Wednesday,Benzinga reports. They currently have a $200.00 target price on the information services provider's stock. Cantor Fitzgerald's price objective would indicate a potential upside of 28.92% from the stock's current price.

WIX has been the topic of several other research reports. Bank of America cut their price objective on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. Piper Sandler reduced their price objective on shares of Wix.com from $262.00 to $225.00 and set an "overweight" rating for the company in a research note on Thursday, May 22nd. Royal Bank Of Canada lowered their target price on shares of Wix.com from $245.00 to $210.00 and set an "outperform" rating on the stock in a research report on Thursday, May 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $250.00 price target on shares of Wix.com in a research report on Wednesday, May 21st. Finally, B. Riley reissued a "buy" rating and set a $230.00 price objective (down previously from $240.00) on shares of Wix.com in a report on Wednesday, May 28th. Three analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $228.95.

Wix.com Price Performance

WIX traded down $2.02 on Wednesday, reaching $155.13. 1,191,108 shares of the company traded hands, compared to its average volume of 669,969. Wix.com has a 52-week low of $137.94 and a 52-week high of $247.11. The company has a market cap of $8.70 billion, a price-to-earnings ratio of 61.86, a PEG ratio of 2.28 and a beta of 1.31. The stock's 50 day moving average price is $161.84 and its 200-day moving average price is $191.26.

Wix.com declared that its Board of Directors has approved a share repurchase program on Thursday, February 27th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to buy up to 1.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's leadership believes its shares are undervalued.

Institutional Trading of Wix.com

Several institutional investors have recently bought and sold shares of WIX. Strs Ohio acquired a new stake in Wix.com during the 1st quarter valued at $15,317,000. Geneos Wealth Management Inc. grew its holdings 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 worth $41,000 after purchasing an additional 215 shares during the last quarter. Bayforest Capital Ltd increased its stake in shares of Wix.com by 78.8% in the first quarter. Bayforest Capital Ltd now owns 1,291 shares of the information services provider's stock valued at $211,000 after buying an additional 569 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Wix.com by 9.7% in the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider's stock valued at $374,000 after buying an additional 202 shares during the last quarter. Finally, United Services Automobile Association acquired a new position in Wix.com during the 1st quarter worth about $287,000. Institutional investors and hedge funds own 81.52% of the company's stock.

About Wix.com

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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