Wix.com (NASDAQ:WIX) Given New $245.00 Price Target at Benchmark

Wix.com (NASDAQ:WIX) had its price objective cut 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.

Other equities research analysts have also issued reports about the stock. UBS Group set a $250.00 price target on shares of Wix.com in a report on Wednesday, March 5th. Jefferies Financial Group lowered their price target on shares of Wix.com from $265.00 to $230.00 and set a “buy” rating for the company in a report on Monday, April 7th. Cfra Research lowered shares of Wix.com from a “moderate buy” rating to a “hold” rating in a report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price target on shares of Wix.com from $205.00 to $189.00 and set a “neutral” rating for the company in a report on Wednesday, February 19th. Finally, JMP Securities reiterated a “market outperform” rating and set a $240.00 price target on shares of Wix.com in a report on Tuesday, February 18th. Five analysts have rated the stock with a hold rating, fifteen have issued a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $236.95.

Wix.com Price Performance

WIX stock opened at $180.22 on Monday. Wix.com has a one year low of $137.94 and a one year high of $247.11. The stock has a market cap of $10.11 billion, a PE ratio of 76.69, a P/E/G ratio of 2.83 and a beta of 1.56. The firm has a 50 day simple moving average of $166.38 and a two-hundred day simple moving average of $197.06.

Wix.com announced that its board has initiated a share repurchase plan on Thursday, February 27th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to buy up to 1.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Flagship Harbor Advisors LLC acquired a new position in Wix.com during the fourth quarter worth approximately $256,000. Bank of New York Mellon Corp increased its position in Wix.com by 9.7% during the fourth quarter. Bank of New York Mellon Corp now owns 124,622 shares of the information services provider’s stock worth $26,738,000 after buying an additional 11,048 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in Wix.com by 5.3% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 105,353 shares of the information services provider’s stock worth $22,603,000 after buying an additional 5,286 shares during the period. Ameritas Advisory Services LLC acquired a new position in Wix.com during the fourth quarter worth approximately $321,000. Finally, Van ECK Associates Corp increased its position in Wix.com by 0.6% during the fourth quarter. Van ECK Associates Corp now owns 16,946 shares of the information services provider’s stock worth $3,636,000 after buying an additional 107 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.