Wix.com (NASDAQ:WIX) Price Target Lowered to $173.00 at Wells Fargo & Company

Wix.com (NASDAQ:WIX) had its target price lowered by Wells Fargo & Company from $176.00 to $173.00 in a report published on Thursday,Benzinga reports. The firm currently has an equal weight rating on the information services provider’s stock.

Other equities research analysts also recently issued reports about the company. Morgan Stanley dropped their target price on Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Benchmark cut their price objective on shares of Wix.com from $260.00 to $245.00 and set a “buy” rating on the stock in a report on Monday. JPMorgan Chase & Co. cut their price objective 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. Needham & Company LLC reiterated a “buy” rating and issued a $250.00 price objective on shares of Wix.com in a report on Wednesday. Finally, Oppenheimer cut their price objective on shares of Wix.com from $250.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Five investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $227.47.

Wix.com Stock Performance

WIX stock opened at $154.99 on Thursday. The firm has a market cap of $8.70 billion, a P/E ratio of 65.95, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. Wix.com has a 1 year low of $137.94 and a 1 year high of $247.11. The stock has a 50-day simple moving average of $165.76 and a 200-day simple moving average of $196.59.

Wix.com announced that its Board of Directors has initiated a share repurchase plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to reacquire up to 1.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Several institutional investors and hedge funds have recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in Wix.com by 518.3% during the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock worth $324,081,000 after acquiring an additional 1,266,202 shares during the period. Dorsal Capital Management LP raised its stake in Wix.com by 1.8% during the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock worth $305,734,000 after acquiring an additional 25,000 shares during the period. Senvest Management LLC raised its stake in Wix.com by 27.3% during the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider’s stock worth $305,260,000 after acquiring an additional 304,712 shares during the period. Whale Rock Capital Management LLC raised its stake in Wix.com by 55.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider’s stock worth $229,904,000 after acquiring an additional 380,800 shares during the period. Finally, Renaissance Technologies LLC raised its stake in Wix.com by 21.0% during the fourth quarter. Renaissance Technologies LLC now owns 937,549 shares of the information services provider’s stock worth $201,151,000 after acquiring an additional 162,400 shares during the period. 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.