Wix.com (NASDAQ:WIX - Get Free Report) had its target price cut by stock analysts at Citigroup from $280.00 to $238.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the information services provider's stock. Citigroup's price objective points to a potential upside of 43.33% from the stock's previous close.
A number of other research firms also recently commented on WIX. Cfra Research downgraded shares of Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Needham & Company LLC reissued a "buy" rating and set a $235.00 price target on shares of Wix.com in a research report on Wednesday, February 19th. Jefferies Financial Group cut their price objective on shares of Wix.com from $265.00 to $230.00 and set a "buy" rating for the company in a research report on Monday, April 7th. StockNews.com upgraded shares of Wix.com from a "buy" rating to a "strong-buy" rating in a report on Thursday, April 3rd. Finally, JMP Securities reissued a "market outperform" rating and issued a $240.00 price target on shares of Wix.com in a research note on Tuesday, February 18th. Five research analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $236.68.
View Our Latest Stock Analysis on Wix.com
Wix.com Stock Performance
NASDAQ WIX traded up $0.83 during mid-day trading on Friday, reaching $166.06. 33,322 shares of the stock were exchanged, compared to its average volume of 653,325. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The company has a market capitalization of $9.32 billion, a P/E ratio of 70.78, a P/E/G ratio of 2.83 and a beta of 1.65. The business's 50 day moving average is $173.85 and its 200-day moving average is $195.88.
Wix.com declared that its Board of Directors has initiated a stock repurchase plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to buy up to 1.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.
Institutional Trading of Wix.com
A number of large investors have recently made changes to their positions in WIX. Wellington Management Group LLP grew its holdings in Wix.com by 518.3% during the 4th quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider's stock worth $324,081,000 after acquiring an additional 1,266,202 shares in the last quarter. Durable Capital Partners LP acquired a new position in shares of Wix.com during the fourth quarter worth $89,839,000. SG Americas Securities LLC increased its holdings in Wix.com by 558.5% in the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider's stock valued at $101,253,000 after buying an additional 400,265 shares during the last quarter. Whale Rock Capital Management LLC raised its stake in Wix.com by 55.1% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock valued at $229,904,000 after buying an additional 380,800 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its holdings in Wix.com by 1,209.4% during the 1st quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock worth $56,319,000 after buying an additional 318,387 shares during the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.
Wix.com Company Profile
(
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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.
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