Wix.com (NASDAQ:WIX) Price Target Cut to $170.00 by Analysts at Bank of America

Wix.com (NASDAQ:WIX) had its target price decreased by stock analysts at Bank of America from $210.00 to $170.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Bank of America‘s price target points to a potential upside of 33.94% from the company’s current price.

Several other equities analysts also recently weighed in on the company. Citigroup reaffirmed an “outperform” rating on shares of Wix.com in a research report on Tuesday, September 23rd. Piper Sandler lifted their price objective on shares of Wix.com from $206.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, September 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $200.00 target price on shares of Wix.com in a research note on Monday, October 27th. Wall Street Zen cut shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Finally, Cfra Research raised Wix.com from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, August 12th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $212.21.

Wix.com Stock Up 2.2%

WIX opened at $126.92 on Wednesday. Wix.com has a 52 week low of $114.89 and a 52 week high of $247.11. The business has a fifty day simple moving average of $149.14 and a 200-day simple moving average of $150.37. The firm has a market cap of $7.12 billion, a P/E ratio of 45.17, a P/E/G ratio of 2.32 and a beta of 1.31.

Wix.com announced that its Board of Directors has authorized a stock repurchase program on Monday, August 11th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to buy up to 2.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Institutional investors and hedge funds have recently bought and sold shares of the stock. Westside Investment Management Inc. increased its position in shares of Wix.com by 100.0% during the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after purchasing an additional 77 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock worth $28,000 after buying an additional 66 shares during the period. Twin Tree Management LP purchased a new stake in Wix.com in the first quarter valued at approximately $29,000. Geneos Wealth Management Inc. boosted its holdings in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after acquiring an additional 215 shares during the period. Finally, National Bank of Canada FI purchased a new position in shares of Wix.com during the third quarter worth approximately $54,000. 81.52% of the stock is owned by hedge funds and other institutional investors.

About Wix.com

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.