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

Wix.com (NASDAQ:WIX) had its price objective lowered by Piper Sandler from $262.00 to $225.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has an overweight rating on the information services provider’s stock.

Other research analysts have also issued research reports about the company. Jefferies Financial Group cut 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. Needham & Company LLC reiterated a “buy” rating and issued a $250.00 price target on shares of Wix.com in a report on Wednesday. JPMorgan Chase & Co. cut their price target on Wix.com from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Wednesday, February 19th. Bank of America dropped their target price on Wix.com from $270.00 to $230.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, Oppenheimer dropped their target price on Wix.com from $250.00 to $220.00 and set an “outperform” rating on the stock in a report on Wednesday, April 30th. Four analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $226.16.

Wix.com Stock Performance

Shares of NASDAQ:WIX opened at $151.26 on Thursday. The business’s 50 day simple moving average is $165.42 and its two-hundred day simple moving average is $196.70. The firm has a market cap of $8.49 billion, a P/E ratio of 64.37, a PEG ratio of 2.83 and a beta of 1.56. Wix.com has a 52-week low of $137.94 and a 52-week high of $247.11.

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

Institutional Trading of Wix.com

A number of institutional investors and hedge funds have recently modified their holdings of WIX. Ameritas Advisory Services LLC purchased a new stake in shares of Wix.com during the fourth quarter valued at approximately $321,000. MassMutual Private Wealth & Trust FSB increased its position in Wix.com by 113.0% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 262 shares of the information services provider’s stock worth $56,000 after buying an additional 139 shares during the last quarter. SG Americas Securities LLC increased its position in Wix.com by 558.5% in the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock worth $101,253,000 after buying an additional 400,265 shares during the last quarter. Avior Wealth Management LLC increased its position in 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 buying an additional 89 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. increased its position in Wix.com by 1,439.4% in the fourth quarter. Harel Insurance Investments & Financial Services Ltd. now owns 10,545 shares of the information services provider’s stock worth $2,262,000 after buying an additional 9,860 shares during the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

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.