Wix.com (NASDAQ:WIX) Price Target Lowered to $169.00 at Wells Fargo & Company

Wix.com (NASDAQ:WIX) had its price objective decreased by Wells Fargo & Company from $194.00 to $169.00 in a research note published on Friday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the information services provider’s stock.

A number of other brokerages also recently weighed in on WIX. B. Riley lifted their target price on Wix.com from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Scotiabank initiated coverage on shares of Wix.com in a research note on Wednesday, March 5th. They set a “sector outperform” rating and a $250.00 target price on the stock. Barclays upped their price objective on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Piper Sandler increased their price objective on shares of Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Evercore ISI raised Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.00.

Wix.com Stock Down 0.2 %

NASDAQ WIX opened at $186.56 on Friday. The company has a market capitalization of $10.23 billion, a price-to-earnings ratio of 79.39, a PEG ratio of 2.83 and a beta of 1.64. Wix.com has a twelve month low of $117.58 and a twelve month high of $247.11. The stock has a fifty day simple moving average of $221.14 and a 200 day simple moving average of $196.02.

Wix.com declared that its board has approved a share repurchase program on Thursday, February 27th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP grew its position in shares of Wix.com by 518.3% during the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock worth $324,081,000 after buying an additional 1,266,202 shares in the last quarter. Durable Capital Partners LP purchased a new stake in shares of Wix.com during the fourth quarter valued at about $89,839,000. SG Americas Securities LLC grew its position in shares of Wix.com by 558.5% in the 4th quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock worth $101,253,000 after buying an additional 400,265 shares during the last quarter. Whale Rock Capital Management LLC boosted its stake in Wix.com by 55.1% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider’s stock valued at $229,904,000 after acquiring an additional 380,800 shares in the last quarter. Finally, Senvest Management LLC increased its position in shares of 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 purchasing an additional 304,712 shares in the last quarter. 81.52% of the stock is owned by 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.