Evercore ISI Issues Pessimistic Forecast for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX) had its price objective decreased by research analysts at Evercore ISI from $250.00 to $160.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the information services provider’s stock. Evercore ISI’s price target indicates a potential upside of 62.10% from the stock’s previous close.

WIX has been the subject of a number of other research reports. Bank of America dropped their price objective on shares of Wix.com from $210.00 to $170.00 and set a “buy” rating for the company in a report on Wednesday. Needham & Company LLC decreased their price target on shares of Wix.com from $200.00 to $140.00 and set a “buy” rating for the company in a research report on Thursday. Piper Sandler upped their price objective on Wix.com from $206.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 26th. Barclays set a $210.00 price objective on Wix.com in a research note on Thursday. Finally, JPMorgan Chase & Co. cut their price target on Wix.com from $189.00 to $166.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $185.43.

Wix.com Trading Down 2.9%

Wix.com stock traded down $3.00 during midday trading on Thursday, reaching $98.71. 1,520,999 shares of the stock traded hands, compared to its average volume of 1,213,460. The firm has a market cap of $5.54 billion, a PE ratio of 35.13, a price-to-earnings-growth ratio of 2.37 and a beta of 1.31. The company has a 50-day simple moving average of $147.89 and a two-hundred day simple moving average of $150.03. Wix.com has a 12-month low of $96.88 and a 12-month high of $247.11.

Wix.com announced that its Board of Directors has initiated a share buyback program on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Hedge funds and other institutional investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. increased its stake in Wix.com by 27.1% in the first quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider’s stock valued at $5,747,000 after purchasing an additional 7,507 shares during the last quarter. Allianz Asset Management GmbH grew its position in shares of Wix.com by 23.0% in the 1st quarter. Allianz Asset Management GmbH now owns 18,174 shares of the information services provider’s stock valued at $2,969,000 after buying an additional 3,396 shares during the last quarter. Cetera Investment Advisers raised its stake in Wix.com by 9.9% during the 1st quarter. Cetera Investment Advisers now owns 1,558 shares of the information services provider’s stock worth $255,000 after acquiring an additional 140 shares in the last quarter. Assetmark Inc. raised its stake in Wix.com by 1,897.3% during the 1st quarter. Assetmark Inc. now owns 10,386 shares of the information services provider’s stock worth $1,697,000 after acquiring an additional 9,866 shares in the last quarter. Finally, Phoenix Financial Ltd. lifted its position in Wix.com by 41.2% in the first quarter. Phoenix Financial Ltd. now owns 148,258 shares of the information services provider’s stock valued at $24,222,000 after acquiring an additional 43,270 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.