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

Wix.com (NASDAQ:WIX) had its target price lowered by Bank of America from $210.00 to $170.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the information services provider’s stock.

WIX has been the subject of a number of other reports. Royal Bank Of Canada reiterated an “outperform” rating and set a $210.00 target price on shares of Wix.com in a research report on Tuesday, August 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Wix.com in a research report on Wednesday, October 8th. Wall Street Zen lowered shares of Wix.com from a “strong-buy” rating to a “buy” rating in a report on Saturday, November 1st. Needham & Company LLC restated a “buy” rating and issued a $200.00 target price on shares of Wix.com in a research report on Monday, October 27th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating on shares of Wix.com in a report on Thursday, August 7th. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Wix.com currently has a consensus rating of “Buy” and a consensus price target of $212.21.

Wix.com Trading Down 19.9%

Shares of WIX stock opened at $101.70 on Wednesday. The stock has a market cap of $5.71 billion, a P/E ratio of 36.19, a price-to-earnings-growth ratio of 2.37 and a beta of 1.31. The stock has a 50 day simple moving average of $147.89 and a 200 day simple moving average of $150.03. Wix.com has a 1 year low of $99.31 and a 1 year high of $247.11.

Wix.com declared that its board has initiated a share buyback 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 repurchase up to 2.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Wix.com

A number of hedge funds have recently added to or reduced their stakes in WIX. GC Wealth Management RIA LLC bought a new position in shares of Wix.com in the 2nd quarter worth about $417,000. ARK Investment Management LLC increased its holdings in Wix.com by 28.2% in the second quarter. ARK Investment Management LLC now owns 10,290 shares of the information services provider’s stock worth $1,631,000 after purchasing an additional 2,266 shares in the last quarter. Nordea Investment Management AB lifted its stake in Wix.com by 45.8% in the second quarter. Nordea Investment Management AB now owns 12,653 shares of the information services provider’s stock valued at $2,017,000 after buying an additional 3,973 shares during the period. Senvest Management LLC boosted its holdings in shares of Wix.com by 32.2% during the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after buying an additional 496,770 shares in the last quarter. Finally, Phoenix Financial Ltd. grew its position in shares of Wix.com by 38.4% during the 2nd quarter. Phoenix Financial Ltd. now owns 205,258 shares of the information services provider’s stock worth $32,525,000 after buying an additional 57,000 shares during the period. 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.