Wix.com (NASDAQ:WIX) Price Target Cut to $238.00 by Analysts at Citigroup

by · The Markets Daily

Wix.com (NASDAQ:WIX – Get Free Report) had its price objective dropped by stock analysts at Citigroup from $280.00 to $238.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Citigroup’s price objective points to a potential upside of 43.00% from the company’s current price.

A number of other research firms have also issued reports on WIX. Jefferies Financial Group reduced their target price on shares of Wix.com from $265.00 to $230.00 and set a “buy” rating on the stock in a report on Monday, April 7th. JMP Securities reissued a “market outperform” rating and set a $240.00 price objective on shares of Wix.com in a research note on Tuesday, February 18th. Raymond James upgraded shares of Wix.com from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $225.00 to $300.00 in a research report on Tuesday, January 21st. Piper Sandler boosted their price target on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Bank of America raised their price objective on 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 assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat.com, Wix.com currently has an average rating of “Moderate Buy” and an average target price of $236.68.

Read Our Latest Report on Wix.com

Wix.com Stock Up 0.7 %

NASDAQ WIX opened at $166.43 on Friday. Wix.com has a fifty-two week low of $117.58 and a fifty-two week high of $247.11. The business has a fifty day moving average of $172.62 and a 200-day moving average of $196.18. The stock has a market cap of $9.34 billion, a price-to-earnings ratio of 70.82, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65.

Wix.com declared that its Board of Directors has authorized a share repurchase plan on Thursday, February 27th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Several institutional investors have recently bought and sold shares of WIX. Newbridge Financial Services Group Inc. acquired a new position in shares of Wix.com during the 4th quarter valued at $43,000. Avior Wealth Management LLC lifted its stake in shares of Wix.com by 79.5% during the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after purchasing an additional 89 shares in the last quarter. Global Retirement Partners LLC boosted its position 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 period. SBI Securities Co. Ltd. acquired a new stake in shares of Wix.com in the fourth quarter valued at about $52,000. Finally, Blue Trust Inc. grew its stake in shares of Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock valued at $54,000 after buying an additional 56 shares in the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

About Wix.com

(Get Free Report)

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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