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

Wix.com (NASDAQ:WIX) had its target price cut by research analysts at Wells Fargo & Company from $194.00 to $169.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the information services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 9.41% from the company’s previous close.

A number of other brokerages have also recently issued reports on WIX. Robert W. Baird lifted their price target on shares of Wix.com from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Morgan Stanley raised shares of Wix.com from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $248.00 to $276.00 in a research report on Monday, January 13th. Scotiabank initiated coverage on shares of Wix.com in a research report on Wednesday. They set a “sector outperform” rating and a $250.00 price target for the company. UBS Group lifted their price target on shares of Wix.com from $250.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Finally, Raymond James raised shares of Wix.com from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $225.00 to $300.00 in a research report on Tuesday, January 21st. One analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and a consensus price target of $244.00.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $186.56 on Friday. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The stock has a market cap of $10.23 billion, a P/E ratio of 79.39, a price-to-earnings-growth ratio of 2.83 and a beta of 1.64. The firm has a 50-day moving average of $221.14 and a 200 day moving average of $195.83.

Wix.com announced that its Board of Directors has approved a share repurchase program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Wix.com

A number of large investors have recently made changes to their positions in the stock. Newbridge Financial Services Group Inc. purchased a new position in shares of Wix.com in the fourth quarter worth approximately $43,000. Avior Wealth Management LLC boosted its holdings in shares of Wix.com by 79.5% in the fourth 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 during the last quarter. Global Retirement Partners LLC boosted its holdings in shares of Wix.com by 36.0% in the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after buying an additional 58 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in shares of Wix.com in the fourth quarter worth approximately $52,000. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Wix.com by 112.1% in the third quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock worth $41,000 after buying an additional 130 shares during the last quarter. 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.