Bank of America Cuts Wix.com (NASDAQ:WIX) Price Target to $170.00

Wix.com (NASDAQ:WIX) had its price objective trimmed by Bank of America from $210.00 to $170.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the information services provider’s stock.

Several other analysts have also commented on the company. UBS Group dropped their price objective on Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, August 7th. Wall Street Zen cut shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Raymond James Financial reissued a “strong-buy” rating on shares of Wix.com in a report on Thursday, August 7th. Scotiabank set a $255.00 price objective on shares of Wix.com and gave the company a “sector outperform” rating in a report on Thursday, August 7th. Finally, Barclays set a $235.00 target price on shares of Wix.com and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Wix.com presently has an average rating of “Moderate Buy” and an average price target of $181.24.

Wix.com Stock Down 4.0%

NASDAQ:WIX opened at $95.51 on Wednesday. Wix.com has a 52 week low of $93.50 and a 52 week high of $247.11. The stock’s 50-day moving average price is $144.97 and its 200-day moving average price is $149.19. The stock has a market capitalization of $5.36 billion, a PE ratio of 40.82, a price-to-earnings-growth ratio of 2.05 and a beta of 1.31.

Wix.com announced that its Board of Directors has initiated a stock repurchase plan on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to buy up to 2.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. increased its holdings in shares of Wix.com by 128.3% in the third quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock valued at $823,813,000 after purchasing an additional 2,606,204 shares during the last quarter. Wellington Management Group LLP boosted its stake in Wix.com by 90.4% during the third quarter. Wellington Management Group LLP now owns 3,390,589 shares of the information services provider’s stock worth $602,270,000 after buying an additional 1,609,989 shares during the last quarter. Lone Pine Capital LLC purchased a new stake in Wix.com in the 2nd quarter valued at $342,485,000. Acadian Asset Management LLC increased its stake in shares of Wix.com by 0.4% in the 2nd quarter. Acadian Asset Management LLC now owns 2,119,805 shares of the information services provider’s stock worth $335,852,000 after acquiring an additional 7,729 shares during the last quarter. Finally, Senvest Management LLC raised its holdings in shares of Wix.com by 32.2% during the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after acquiring an additional 496,770 shares during the period. 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.