Wix.com (NASDAQ:WIX) Given New $169.00 Price Target at Wells Fargo & Company

Wix.com (NASDAQ:WIX) had its target price reduced by investment analysts at Wells Fargo & Company from $194.00 to $169.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has an “underweight” rating on the information services provider’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 8.31% from the company’s previous close.

Other analysts have also recently issued reports about the stock. Barclays lifted their price objective on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Raymond James raised shares of Wix.com from an “outperform” rating to a “strong-buy” rating and upped their price target for the company from $225.00 to $300.00 in a report on Tuesday, January 21st. Citigroup raised their target price on Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. decreased their price target on Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Finally, B. Riley increased their target price on shares of Wix.com from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $244.00.

Wix.com Stock Down 1.4 %

Shares of NASDAQ:WIX traded down $2.69 during trading on Friday, hitting $184.31. The stock had a trading volume of 184,066 shares, compared to its average volume of 577,514. Wix.com has a 12-month low of $117.58 and a 12-month high of $247.11. The stock has a market capitalization of $10.10 billion, a price-to-earnings ratio of 79.09, a price-to-earnings-growth ratio of 2.83 and a beta of 1.58. The stock has a 50-day simple moving average of $221.78 and a two-hundred day simple moving average of $195.55.

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

Institutional Investors Weigh In On Wix.com

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Advisors Asset Management Inc. grew its holdings in shares of Wix.com by 112.1% during the third quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock worth $41,000 after purchasing an additional 130 shares during the last quarter. Avior Wealth Management LLC increased its position in Wix.com by 79.5% during 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 period. Newbridge Financial Services Group Inc. purchased a new stake in Wix.com in the fourth quarter valued at approximately $43,000. Global Retirement Partners LLC boosted 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 valued at $47,000 after acquiring an additional 58 shares during the period. Finally, SBI Securities Co. Ltd. purchased a new position in shares of Wix.com during the fourth quarter worth approximately $52,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

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.