Bank of America Has Lowered Expectations for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX) had its target price decreased by equities researchers at Bank of America from $270.00 to $230.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the information services provider’s stock. Bank of America‘s price objective would suggest a potential upside of 48.40% from the stock’s current price.

Several other research analysts have also issued reports on WIX. Jefferies Financial Group dropped their price objective on Wix.com from $265.00 to $230.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Piper Sandler increased their price objective on Wix.com from $249.00 to $262.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Wells Fargo & Company upgraded Wix.com from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $169.00 to $176.00 in a research note on Tuesday, April 8th. Wall Street Zen upgraded Wix.com from a “buy” rating to a “strong-buy” rating in a research note on Thursday, April 3rd. Finally, Raymond James upgraded Wix.com from an “outperform” rating to a “strong-buy” rating and increased their price objective for the stock from $225.00 to $300.00 in a research note on Tuesday, January 21st. Five research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $227.47.

Wix.com Price Performance

Wix.com stock opened at $154.99 on Wednesday. The stock has a fifty day moving average price of $165.76 and a two-hundred day moving average price of $196.59. Wix.com has a 52-week low of $137.94 and a 52-week high of $247.11. The firm has a market capitalization of $8.70 billion, a P/E ratio of 65.95, a P/E/G ratio of 2.83 and a beta of 1.56.

Wix.com announced that its Board of Directors has approved a share buyback program on Thursday, February 27th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the information services provider to repurchase up to 1.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIX. Ameritas Advisory Services LLC acquired a new stake in Wix.com in the fourth quarter worth about $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 purchasing an additional 139 shares during the period. 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 purchasing an additional 400,265 shares during the period. 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 purchasing an additional 89 shares during the period. 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 purchasing an additional 9,860 shares during the period. 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.