Wix.com (NASDAQ:WIX) Downgraded by Wall Street Zen to Buy

Wall Street Zen downgraded shares of Wix.com (NASDAQ:WIX) from a strong-buy rating to a buy rating in a research report report published on Saturday.

A number of other research firms have also issued reports on WIX. JPMorgan Chase & Co. reduced their target price on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Benchmark dropped 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. Morgan Stanley dropped their target price on shares of Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Wells Fargo & Company dropped their target price on shares of Wix.com from $176.00 to $173.00 and set an “equal weight” rating on the stock in a research report on Thursday. Finally, Oppenheimer decreased their price target on shares of Wix.com from $250.00 to $220.00 and set an “outperform” rating for the company in a research note on Wednesday, April 30th. Four equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $226.16.

Wix.com Stock Performance

Shares of WIX stock opened at $151.26 on Friday. The firm’s 50 day moving average price is $165.42 and its 200-day moving average price is $196.70. Wix.com has a one year low of $137.94 and a one year 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.

Wix.com declared that its board has authorized 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 a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Several hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. increased its holdings in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after acquiring an additional 215 shares in the last quarter. Bayforest Capital Ltd boosted its position 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 worth $211,000 after acquiring an additional 569 shares during the last quarter. Woodline Partners LP boosted its position 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 worth $374,000 after acquiring an additional 202 shares during the last quarter. United Services Automobile Association acquired a new stake in shares of Wix.com in the first quarter worth approximately $287,000. Finally, Goldman Sachs Group Inc. lifted its position in Wix.com by 25.8% during the first quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider’s stock valued at $124,425,000 after buying an additional 155,977 shares in the last quarter. 81.52% of the stock is currently 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.