Wix.com (NASDAQ:WIX) Given New $220.00 Price Target at Oppenheimer

Wix.com (NASDAQ:WIX) had its price target reduced by Oppenheimer from $250.00 to $220.00 in a report issued on Wednesday,Benzinga reports. They currently have an outperform rating on the information services provider’s stock.

WIX has been the subject of a number of other research reports. Piper Sandler boosted their price target on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Citigroup dropped their target price on shares of Wix.com from $280.00 to $238.00 and set a “buy” rating for the company in a research report on Friday, April 25th. Wells Fargo & Company upgraded shares of Wix.com from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $169.00 to $176.00 in a research report on Tuesday, April 8th. Morgan Stanley lowered their price objective on shares of Wix.com from $276.00 to $207.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Scotiabank started coverage on Wix.com in a report on Wednesday, March 5th. They issued a “sector outperform” rating and a $250.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $237.74.

Wix.com Price Performance

Wix.com stock opened at $166.83 on Wednesday. The stock’s fifty day moving average price is $169.00 and its two-hundred day moving average price is $196.03. Wix.com has a one year low of $118.61 and a one year high of $247.11. The firm has a market cap of $9.36 billion, a PE ratio of 70.99, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56.

Wix.com declared that its Board of Directors has initiated a stock buyback plan on Thursday, February 27th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to purchase up to 1.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Large investors have recently modified their holdings of the business. Newbridge Financial Services Group Inc. acquired a new stake in Wix.com in the fourth quarter valued at $43,000. Avior Wealth Management LLC increased its stake in shares of Wix.com by 79.5% in the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock valued at $43,000 after buying an additional 89 shares during the period. Global Retirement Partners LLC raised its position 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 worth $47,000 after acquiring an additional 58 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in shares of Wix.com in the fourth quarter worth approximately $52,000. Finally, Blue Trust Inc. lifted its stake 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 worth $54,000 after acquiring an additional 56 shares during the period. 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.