Morgan Stanley Has Lowered Expectations for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX) had its price target cut by Morgan Stanley from $276.00 to $207.00 in a report released on Wednesday,Benzinga reports. They currently have an overweight rating on the information services provider’s stock.

A number of other equities research analysts also recently issued reports on the company. JPMorgan Chase & Co. lowered their price objective on Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 19th. Jefferies Financial Group lowered their price target on Wix.com from $265.00 to $230.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Citigroup upped their price objective on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Barclays lifted their target price on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Finally, Piper Sandler increased their price target on shares of Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a report on Friday, February 21st. Five analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $238.89.

Wix.com Price Performance

NASDAQ WIX opened at $159.76 on Wednesday. The company’s 50 day simple moving average is $179.43 and its two-hundred day simple moving average is $195.94. Wix.com has a 1 year low of $117.58 and a 1 year high of $247.11. The stock has a market capitalization of $8.96 billion, a PE ratio of 67.98, a P/E/G ratio of 2.83 and a beta of 1.65.

Wix.com declared that its Board of Directors has approved a share buyback program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Wix.com

Several hedge funds and other institutional investors have recently bought and sold shares of WIX. Cullen Frost Bankers Inc. raised its holdings in Wix.com by 9.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 608 shares of the information services provider’s stock valued at $130,000 after buying an additional 55 shares during the last quarter. Blue Trust Inc. increased its position 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 acquiring an additional 56 shares during the period. Global Retirement Partners LLC raised its stake in shares of Wix.com by 36.0% during the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after acquiring an additional 58 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Wix.com by 2.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 2,338 shares of the information services provider’s stock worth $502,000 after purchasing an additional 63 shares during the period. Finally, Vestcor Inc grew its stake in shares of Wix.com by 8.0% in the fourth quarter. Vestcor Inc now owns 853 shares of the information services provider’s stock worth $183,000 after purchasing an additional 63 shares during the last quarter. Institutional investors own 81.52% of the company’s stock.

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.