Wix.com (NASDAQ:WIX) Price Target Cut to $160.00 by Analysts at Oppenheimer

Wix.com (NASDAQ:WIX) had its price target dropped by analysts at Oppenheimer from $220.00 to $160.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “outperform” rating on the information services provider’s stock. Oppenheimer’s price target indicates a potential upside of 62.10% from the company’s previous close.

A number of other research analysts have also recently commented on WIX. Royal Bank Of Canada lowered their price target on Wix.com from $210.00 to $190.00 and set an “outperform” rating on the stock in a report on Thursday. Citizens Jmp dropped their target price on shares of Wix.com from $210.00 to $185.00 and set a “market outperform” rating for the company in a research report on Thursday. Needham & Company LLC cut their target price on shares of Wix.com from $200.00 to $140.00 and set a “buy” rating for the company in a research note on Thursday. B. Riley reiterated a “buy” rating and issued a $200.00 price target (down previously from $230.00) on shares of Wix.com in a research note on Thursday. Finally, Wells Fargo & Company cut their price objective on Wix.com from $216.00 to $184.00 and set an “overweight” rating for the company in a research report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $185.43.

Wix.com Stock Down 2.9%

NASDAQ:WIX traded down $3.00 on Thursday, reaching $98.71. 1,520,999 shares of the company’s stock traded hands, compared to its average volume of 1,213,460. The stock has a 50-day simple moving average of $147.89 and a 200-day simple moving average of $150.03. Wix.com has a 12 month low of $96.88 and a 12 month high of $247.11. The firm has a market cap of $5.54 billion, a PE ratio of 35.13, a P/E/G ratio of 2.37 and a beta of 1.31.

Wix.com declared that its Board of Directors has approved a share buyback plan on Monday, August 11th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. increased its position in shares of Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 66 shares during the last quarter. Westside Investment Management Inc. boosted its stake in Wix.com by 100.0% during the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after buying an additional 77 shares during the period. Smartleaf Asset Management LLC increased its position in Wix.com by 8.9% during the first quarter. Smartleaf Asset Management LLC now owns 966 shares of the information services provider’s stock valued at $161,000 after acquiring an additional 79 shares during the last quarter. Advisors Asset Management Inc. raised its stake in shares of Wix.com by 28.4% in the first quarter. Advisors Asset Management Inc. now owns 493 shares of the information services provider’s stock valued at $81,000 after acquiring an additional 109 shares during the period. Finally, TD Private Client Wealth LLC boosted its stake in shares of Wix.com by 25.4% during the 2nd quarter. TD Private Client Wealth LLC now owns 597 shares of the information services provider’s stock worth $95,000 after purchasing an additional 121 shares during the period. 81.52% of the stock is currently 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.