Jefferies Financial Group Cuts Wix.com (NASDAQ:WIX) Price Target to $230.00

Wix.com (NASDAQ:WIX) had its target price reduced by equities research analysts at Jefferies Financial Group from $265.00 to $230.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the information services provider’s stock. Jefferies Financial Group’s price target suggests a potential upside of 53.74% from the company’s current price.

WIX has been the subject of a number of other reports. Citigroup lifted their price objective on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Barclays boosted their price objective on Wix.com from $236.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Piper Sandler upped their price objective on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Morgan Stanley upgraded Wix.com from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $248.00 to $276.00 in a report on Monday, January 13th. Finally, JMP Securities restated a “market outperform” rating and issued a $240.00 price target on shares of Wix.com in a research report on Tuesday, February 18th. Four investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $242.53.

Wix.com Stock Performance

NASDAQ WIX opened at $149.60 on Monday. The stock has a 50 day moving average price of $191.72 and a 200-day moving average price of $196.72. Wix.com has a one year low of $117.58 and a one year high of $247.11. The company has a market capitalization of $8.39 billion, a P/E ratio of 63.66, a P/E/G ratio of 2.83 and a beta of 1.65.

Wix.com declared that its Board of Directors has initiated a stock repurchase program on Thursday, February 27th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

A number of institutional investors and hedge funds have recently bought and sold shares of WIX. Avior Wealth Management LLC grew its position in shares of Wix.com by 79.5% during the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after buying an additional 89 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new position in Wix.com during the 4th quarter worth about $43,000. Global Retirement Partners LLC increased its position in Wix.com by 36.0% during the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after purchasing an additional 58 shares during the period. SBI Securities Co. Ltd. purchased a new position in Wix.com during the fourth quarter valued at approximately $52,000. Finally, Blue Trust Inc. raised its stake in Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock worth $54,000 after buying an additional 56 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.