Wix.com (NASDAQ:WIX) to Repurchase $200.00 million in Outstanding Shares

Wix.com (NASDAQ:WIX) declared that its board has approved a share repurchase program on Thursday, February 27th, RTT News reports. The company plans to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Wix.com Trading Down 0.7 %

Shares of WIX opened at $200.69 on Friday. The firm has a market cap of $11.00 billion, a price-to-earnings ratio of 85.40, a PEG ratio of 2.83 and a beta of 1.58. The stock has a 50 day moving average of $224.89 and a 200-day moving average of $194.44. Wix.com has a 52 week low of $117.58 and a 52 week high of $247.11.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on WIX. JPMorgan Chase & Co. cut their price objective on Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and raised their target price for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Royal Bank of Canada reiterated an “outperform” rating and set a $245.00 target price on shares of Wix.com in a report on Thursday, February 20th. JMP Securities reiterated a “market outperform” rating and set a $240.00 target price on shares of Wix.com in a report on Tuesday, February 18th. Finally, StockNews.com upgraded Wix.com from a “buy” rating to a “strong-buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating, fourteen have assigned a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, Wix.com presently has an average rating of “Moderate Buy” and an average target price of $245.83.

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.