Needham & Company LLC Has Lowered Expectations for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX) had its price objective cut by research analysts at Needham & Company LLC from $200.00 to $140.00 in a report issued on Thursday, MarketBeat.com reports. The brokerage presently has a “buy” rating on the information services provider’s stock. Needham & Company LLC’s price target suggests a potential upside of 37.66% from the stock’s previous close.

Several other analysts also recently weighed in on WIX. Royal Bank Of Canada reiterated an “outperform” rating and set a $210.00 target price on shares of Wix.com in a research report on Tuesday, August 19th. Raymond James Financial restated a “strong-buy” rating on shares of Wix.com in a research note on Thursday, August 7th. Zacks Research raised shares of Wix.com from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 20th. Bank of America decreased their price target on shares of Wix.com from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Wednesday. Finally, Cfra Research raised Wix.com from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, August 12th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Wix.com presently has an average rating of “Buy” and an average target price of $207.85.

Wix.com Stock Performance

WIX opened at $101.70 on Thursday. The stock’s 50 day moving average price is $147.89 and its 200-day moving average price is $150.03. Wix.com has a one year low of $99.31 and a one year high of $247.11. The stock has a market cap of $5.71 billion, a price-to-earnings ratio of 36.19, a P/E/G ratio of 2.37 and a beta of 1.31.

Wix.com declared that its Board of Directors has approved a share repurchase program on Monday, August 11th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Westside Investment Management Inc. grew its stake in 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 shares of 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 buying an additional 66 shares during the last quarter. Twin Tree Management LP purchased a new position in shares of Wix.com in the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. raised its stake in shares of Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after acquiring an additional 215 shares in the last quarter. Finally, National Bank of Canada FI purchased a new stake in Wix.com during the third quarter valued at approximately $54,000. 81.52% of the stock is currently 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.