Wix.com (NASDAQ:WIX) to Buyback $2.00 billion in Stock

Wix.com (NASDAQ:WIX) declared that its board has approved a stock buyback plan on Wednesday, January 28th, RTT News reports. The company plans to repurchase $2.00 billion in shares. This repurchase authorization allows the information services provider to purchase up to 40.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Analyst Ratings Changes

WIX has been the subject of a number of research analyst reports. Needham & Company LLC dropped their price objective on shares of Wix.com from $200.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday, November 20th. Benchmark lowered their price target on Wix.com from $230.00 to $185.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Bank of America dropped their target price on Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a report on Wednesday, November 19th. Citigroup decreased their price target on Wix.com from $197.00 to $150.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wix.com in a research report on Wednesday, January 21st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Wix.com currently has a consensus rating of “Moderate Buy” and an average price target of $163.86.

Wix.com Stock Up 5.8%

Shares of WIX traded up $5.08 during trading on Wednesday, reaching $93.04. The company’s stock had a trading volume of 3,221,065 shares, compared to its average volume of 1,520,862. Wix.com has a twelve month low of $75.00 and a twelve month high of $246.78. The company has a market cap of $5.22 billion, a price-to-earnings ratio of 39.76, a P/E/G ratio of 2.73 and a beta of 1.42. The company has a fifty day moving average of $97.00 and a two-hundred day moving average of $127.60.

Wix.com Company Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.