Wix.com (NASDAQ:WIX) Price Target Cut to $169.00 by Analysts at Wells Fargo & Company

Wix.com (NASDAQ:WIX) had its target price cut by investment analysts at Wells Fargo & Company from $194.00 to $169.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the information services provider’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 8.31% from the company’s previous close.

Several other research firms have also recently weighed in on WIX. Robert W. Baird raised their target price on shares of Wix.com from $175.00 to $215.00 and gave the company a “neutral” rating in a research note on Monday, November 25th. UBS Group boosted their price target on shares of Wix.com from $250.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Jefferies Financial Group increased their price objective on shares of Wix.com from $225.00 to $260.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Needham & Company LLC reissued a “buy” rating and issued a $235.00 price objective on shares of Wix.com in a research note on Wednesday, February 19th. Finally, Citigroup upped their target price on shares of Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wix.com currently has an average rating of “Moderate Buy” and an average price target of $244.00.

Wix.com Stock Down 1.4 %

WIX traded down $2.69 during midday trading on Friday, reaching $184.31. The company had a trading volume of 184,066 shares, compared to its average volume of 577,514. The business has a 50-day moving average of $221.78 and a two-hundred day moving average of $195.55. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The company has a market cap of $10.10 billion, a P/E ratio of 79.09, a P/E/G ratio of 2.83 and a beta of 1.58.

Wix.com announced that its Board of Directors has authorized a stock repurchase program on Thursday, February 27th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Mackenzie Financial Corp boosted its holdings in shares of Wix.com by 211.0% in the 4th quarter. Mackenzie Financial Corp now owns 29,395 shares of the information services provider’s stock valued at $6,307,000 after buying an additional 19,943 shares in the last quarter. JT Stratford LLC acquired a new stake in Wix.com in the fourth quarter valued at approximately $218,000. USS Investment Management Ltd increased its position in shares of Wix.com by 12.5% during the fourth quarter. USS Investment Management Ltd now owns 10,404 shares of the information services provider’s stock worth $2,232,000 after purchasing an additional 1,157 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in shares of Wix.com by 15.7% during the 4th quarter. Voloridge Investment Management LLC now owns 380,909 shares of the information services provider’s stock valued at $81,724,000 after purchasing an additional 51,581 shares during the last quarter. Finally, Worldquant Millennium Advisors LLC boosted its position in shares of Wix.com by 68.0% in the 4th quarter. Worldquant Millennium Advisors LLC now owns 106,187 shares of the information services provider’s stock worth $22,782,000 after purchasing an additional 42,969 shares in the last quarter. 81.52% of the stock is currently 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.