Wix.com (NASDAQ:WIX) Given New $185.00 Price Target at Citizens Jmp

Wix.com (NASDAQ:WIX) had its price objective lowered by Citizens Jmp from $210.00 to $185.00 in a research report released on Thursday,Benzinga reports. The brokerage currently has a market outperform rating on the information services provider’s stock.

WIX has been the topic of several other research reports. Cfra Research raised Wix.com from a “hold” rating to a “moderate buy” rating in a report on Tuesday, August 12th. JMP Securities restated a “market outperform” rating and set a $210.00 price target on shares of Wix.com in a report on Friday, October 3rd. Wall Street Zen downgraded Wix.com from a “strong-buy” rating to a “buy” rating in a research note on Saturday, November 1st. Citigroup reissued an “outperform” rating on shares of Wix.com in a research note on Tuesday, September 23rd. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Wix.com in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $181.24.

Wix.com Price Performance

Shares of Wix.com stock opened at $99.47 on Thursday. The company’s 50 day moving average price is $146.49 and its two-hundred day moving average price is $149.68. The firm has a market capitalization of $5.58 billion, a P/E ratio of 42.51, a P/E/G ratio of 1.90 and a beta of 1.31. Wix.com has a fifty-two week low of $96.88 and a fifty-two week high of $247.11.

Wix.com declared that its board has initiated a share repurchase plan on Monday, August 11th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to buy up to 2.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

A number of hedge funds have recently bought and sold shares of the company. Westside Investment Management Inc. raised its holdings in shares of 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 purchasing an additional 77 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in 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 worth $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP bought a new stake in Wix.com in the 1st quarter worth about $29,000. Geneos Wealth Management Inc. increased its stake in Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after buying an additional 215 shares during the last quarter. Finally, National Bank of Canada FI bought a new position in shares of Wix.com during the 3rd quarter worth approximately $54,000. 81.52% of the stock is 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.