Wix.com (NASDAQ:WIX) Cut to Hold at Cfra Research

Cfra Research downgraded shares of Wix.com (NASDAQ:WIX) from a moderate buy rating to a hold rating in a research report released on Tuesday,Zacks.com reports.

A number of other research firms have also recently weighed in on WIX. StockNews.com raised shares of Wix.com from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Citigroup raised their price target on Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. JMP Securities reiterated a “market outperform” rating and issued a $240.00 price objective on shares of Wix.com in a report on Tuesday, February 18th. Cantor Fitzgerald raised their target price on Wix.com from $260.00 to $270.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company upgraded shares of Wix.com from an “underweight” rating to an “equal weight” rating and boosted their price target for the stock from $169.00 to $176.00 in a research note on Tuesday, April 8th. Five equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $238.89.

Wix.com Price Performance

Shares of WIX stock opened at $159.76 on Tuesday. Wix.com has a 1-year low of $117.58 and a 1-year high of $247.11. The firm has a market cap of $8.96 billion, a PE ratio of 67.98, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65. The company has a 50-day moving average of $180.79 and a two-hundred day moving average of $195.93.

Wix.com announced that its board has initiated a stock buyback 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 repurchase up to 1.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Institutional investors and hedge funds have recently modified their holdings of the company. Flagship Harbor Advisors LLC purchased a new stake in Wix.com during the 4th quarter worth about $256,000. Bank of New York Mellon Corp lifted its stake in Wix.com by 9.7% during the fourth quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock worth $26,738,000 after purchasing an additional 11,048 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its stake in Wix.com by 5.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock worth $22,603,000 after purchasing an additional 5,286 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in Wix.com in the fourth quarter valued at approximately $321,000. Finally, Harbor Capital Advisors Inc. increased its stake in Wix.com by 159.7% in the fourth quarter. Harbor Capital Advisors Inc. now owns 22,596 shares of the information services provider’s stock valued at $4,848,000 after purchasing an additional 13,894 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.