Benchmark Cuts Wix.com (NASDAQ:WIX) Price Target to $245.00

by · The Cerbat Gem

Wix.com (NASDAQ:WIX – Free Report) had its price target reduced by Benchmark from $260.00 to $245.00 in a research report report published on Monday morning,Benzinga reports. Benchmark currently has a buy rating on the information services provider’s stock.

Other analysts also recently issued reports about the company. Jefferies Financial Group cut their target price on Wix.com from $265.00 to $230.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Citigroup cut their price objective on shares of Wix.com from $280.00 to $238.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Cantor Fitzgerald increased their price objective on shares of Wix.com from $260.00 to $270.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Barclays raised their target price on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Bank of America upped their price target on shares of Wix.com from $228.00 to $270.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Five equities 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’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $235.63.

Read Our Latest Stock Analysis on WIX

Wix.com Stock Performance

NASDAQ:WIX opened at $152.34 on Monday. Wix.com has a 52 week low of $137.94 and a 52 week high of $247.11. The firm’s 50-day simple moving average is $166.16 and its 200 day simple moving average is $196.65. The firm has a market cap of $8.55 billion, a price-to-earnings ratio of 64.83, a P/E/G ratio of 2.83 and a beta of 1.56.

Wix.com announced that its board has authorized a stock buyback program on Thursday, February 27th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. raised its position in 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 purchasing an additional 215 shares during the last quarter. Bayforest Capital Ltd increased its stake in shares of Wix.com by 78.8% in the first quarter. Bayforest Capital Ltd now owns 1,291 shares of the information services provider’s stock valued at $211,000 after buying an additional 569 shares during the period. Woodline Partners LP raised its position in shares of Wix.com by 9.7% during the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after acquiring an additional 202 shares during the last quarter. United Services Automobile Association acquired a new position in shares of Wix.com in the first quarter worth approximately $287,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Wix.com by 25.8% in the first quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider’s stock worth $124,425,000 after acquiring an additional 155,977 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

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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