Wix.com (NASDAQ:WIX) Price Target Lowered to $185.00 at Benchmark

Wix.com (NASDAQ:WIX) had its price objective cut by research analysts at Benchmark from $230.00 to $185.00 in a research note issued to investors on Thursday, MarketBeat.com reports. The firm presently has a “buy” rating on the information services provider’s stock. Benchmark’s target price points to a potential upside of 81.91% from the company’s previous close.

WIX has been the subject of a number of other reports. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Piper Sandler increased their target price on shares of Wix.com from $206.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Bank of America dropped their price target on shares of Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Wednesday. Royal Bank Of Canada reissued an “outperform” rating and set a $210.00 target price on shares of Wix.com in a research note on Tuesday, August 19th. Finally, Cfra Research raised shares of Wix.com from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, August 12th. Three research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Wix.com currently has an average rating of “Buy” and a consensus price target of $197.60.

Wix.com Stock Performance

Shares of NASDAQ:WIX opened at $101.70 on Thursday. The firm has a market cap of $5.71 billion, a PE ratio of 36.19, a price-to-earnings-growth ratio of 2.37 and a beta of 1.31. Wix.com has a 52 week low of $99.31 and a 52 week high of $247.11. The firm’s fifty day moving average is $147.89 and its 200-day moving average is $150.03.

Wix.com declared that its Board of Directors has initiated a stock repurchase program on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Large investors have recently modified their holdings of the company. Westside Investment Management Inc. raised its holdings in Wix.com by 100.0% during the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after buying an additional 77 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 66 shares during the last quarter. Twin Tree Management LP bought a new stake in Wix.com during the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. lifted its holdings in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 215 shares in the last quarter. Finally, National Bank of Canada FI purchased a new position in shares of Wix.com during the third quarter valued at approximately $54,000. 81.52% of the stock is currently 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.