Wix.com (NASDAQ:WIX) Price Target Cut to $185.00 by Analysts at Benchmark

Wix.com (NASDAQ:WIX) had its price target reduced by equities research analysts at Benchmark from $230.00 to $185.00 in a report issued on Thursday, Marketbeat reports. The firm presently has a “buy” rating on the information services provider’s stock. Benchmark’s target price indicates a potential upside of 81.91% from the stock’s previous close.

Several other brokerages also recently commented on WIX. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. JMP Securities restated a “market outperform” rating and set a $210.00 price objective on shares of Wix.com in a research report on Friday, October 3rd. UBS Group lowered their target price on Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Citizens Jmp reduced their price target on Wix.com from $210.00 to $185.00 and set a “market outperform” rating for the company in a research note on Thursday. Finally, Citigroup reissued an “outperform” rating on shares of Wix.com in a report on Tuesday, September 23rd. Three equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $197.60.

Wix.com Price Performance

Wix.com stock opened at $101.70 on Thursday. The company’s 50-day moving average is $147.89 and its 200-day moving average is $150.03. The firm has a market capitalization of $5.71 billion, a PE ratio of 36.19, a P/E/G ratio of 2.37 and a beta of 1.31. Wix.com has a fifty-two week low of $99.31 and a fifty-two week high of $247.11.

Wix.com announced that its Board of Directors has authorized a share buyback program on Monday, August 11th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in WIX. Westside Investment Management Inc. grew its position in Wix.com by 100.0% in the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after acquiring an additional 77 shares during the last quarter. 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 valued at $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP bought a new stake in shares of Wix.com during the 1st quarter valued at approximately $29,000. Geneos Wealth Management Inc. increased its position 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 worth $41,000 after purchasing an additional 215 shares in the last quarter. Finally, National Bank of Canada FI bought a new position in Wix.com in the 3rd quarter valued at approximately $54,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

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.