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

Wix.com (NASDAQ:WIX) had its target price reduced by Benchmark from $260.00 to $245.00 in a report published on Monday morning,Benzinga reports. They currently have a buy rating on the information services provider’s stock.

Several other analysts also recently issued reports on WIX. Barclays upped their price objective on Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Piper Sandler upped their price objective on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. StockNews.com upgraded Wix.com from a “buy” rating to a “strong-buy” rating in a research report on Thursday, April 3rd. Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and upped their price objective for the company from $225.00 to $300.00 in a research report on Tuesday, January 21st. Finally, Morgan Stanley reduced their price objective on Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Five equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.95.

Wix.com Price Performance

Wix.com stock opened at $180.22 on Monday. The company has a market cap of $10.11 billion, a PE ratio of 76.69, a price-to-earnings-growth ratio of 2.83 and a beta of 1.56. Wix.com has a 1-year low of $137.94 and a 1-year high of $247.11. The stock’s 50 day moving average price is $166.38 and its 200 day moving average price is $197.06.

Wix.com declared that its board has approved a share repurchase program on Thursday, February 27th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the information services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its stake in Wix.com by 63.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after buying an additional 66 shares during the period. Twin Tree Management LP bought a new stake in shares of Wix.com in the first quarter worth about $29,000. Avior Wealth Management LLC increased its holdings 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 worth $43,000 after acquiring an additional 89 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new stake in shares of Wix.com in the fourth quarter worth about $43,000. Finally, Global Retirement Partners LLC increased its holdings in shares of Wix.com by 36.0% in 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 in the last quarter. Institutional investors and hedge funds 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.