Jefferies Financial Group Cuts Wix.com (NASDAQ:WIX) Price Target to $230.00

Wix.com (NASDAQ:WIX) had its price target cut by Jefferies Financial Group from $265.00 to $230.00 in a research note published on Monday,Benzinga reports. They currently have a buy rating on the information services provider’s stock.

WIX has been the subject of several other research reports. Bank of America boosted their price objective on shares of Wix.com from $228.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. JPMorgan Chase & Co. decreased their price target on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. UBS Group set a $250.00 price objective on Wix.com in a research note on Wednesday, March 5th. Needham & Company LLC restated a “buy” rating and issued a $235.00 target price on shares of Wix.com in a research note on Wednesday, February 19th. Finally, Citigroup raised their price target on Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $242.16.

Wix.com Stock Down 1.8 %

WIX stock opened at $147.36 on Monday. The stock has a 50-day simple moving average of $195.52 and a two-hundred day simple moving average of $197.13. Wix.com has a twelve month low of $117.58 and a twelve month high of $247.11. The firm has a market capitalization of $8.27 billion, a PE ratio of 62.71, a PEG ratio of 2.83 and a beta of 1.65.

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

Hedge Funds Weigh In On Wix.com

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC boosted its stake in shares of Wix.com by 12,771.4% during the first quarter. GAMMA Investing LLC now owns 69,763 shares of the information services provider’s stock valued at $11,398,000 after purchasing an additional 69,221 shares during the period. Versant Capital Management Inc raised its holdings in Wix.com by 676.1% during the 1st quarter. Versant Capital Management Inc now owns 714 shares of the information services provider’s stock valued at $117,000 after buying an additional 622 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Wix.com by 8.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,468 shares of the information services provider’s stock valued at $530,000 after buying an additional 193 shares during the period. Mackenzie Financial Corp grew its holdings in Wix.com by 211.0% in the 4th quarter. Mackenzie Financial Corp now owns 29,395 shares of the information services provider’s stock worth $6,307,000 after acquiring an additional 19,943 shares during the last quarter. Finally, JT Stratford LLC purchased a new position in shares of Wix.com in the fourth quarter valued at about $218,000. 81.52% of the stock is currently owned by 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.