Wix.com (NASDAQ:WIX) Price Target Cut to $175.00 by Analysts at Scotiabank

Wix.com (NASDAQ:WIX) had its price objective dropped by investment analysts at Scotiabank from $255.00 to $175.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sector outperform” rating on the information services provider’s stock. Scotiabank’s target price would indicate a potential upside of 72.07% from the stock’s previous close.

A number of other equities research analysts have also weighed in on WIX. Cantor Fitzgerald cut their price objective on Wix.com from $160.00 to $135.00 and set an “overweight” rating on the stock in a research report on Thursday. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Wix.com in a research note on Thursday, August 7th. Piper Sandler boosted their price objective on shares of Wix.com from $206.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 26th. Needham & Company LLC decreased their price objective on shares of Wix.com from $200.00 to $140.00 and set a “buy” rating for the company in a report on Thursday. Finally, Cfra Research raised shares of Wix.com from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, August 12th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $197.60.

Wix.com Price Performance

NASDAQ WIX opened at $101.70 on Thursday. Wix.com has a 1 year low of $99.31 and a 1 year high of $247.11. The stock has a market capitalization of $5.71 billion, a PE ratio of 36.19, a PEG ratio of 2.37 and a beta of 1.31. The business’s 50-day moving average is $147.89 and its 200 day moving average is $150.03.

Wix.com announced that its board has approved a stock repurchase program on Monday, August 11th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to buy up to 2.9% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Large investors have recently made changes to their positions in the business. Westside Investment Management Inc. grew its stake in shares of Wix.com by 100.0% in the 3rd 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 last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Wix.com by 63.5% during 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 last quarter. Twin Tree Management LP bought a new stake in Wix.com in the first quarter worth $29,000. Geneos Wealth Management Inc. grew its stake in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after acquiring an additional 215 shares during the last quarter. Finally, National Bank of Canada FI purchased a new stake in shares of Wix.com in the third quarter worth $54,000. 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.