Needham & Company LLC Cuts Wix.com (NASDAQ:WIX) Price Target to $140.00

Wix.com (NASDAQ:WIX) had its price target trimmed by Needham & Company LLC from $200.00 to $140.00 in a report issued on Thursday morning, MarketBeat reports. The brokerage currently has a buy rating on the information services provider’s stock.

Several other equities analysts also recently weighed in on WIX. Wall Street Zen downgraded Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. Scotiabank set a $255.00 price objective on Wix.com and gave the stock a “sector outperform” rating in a research report on Thursday, August 7th. Zacks Research raised shares of Wix.com from a “strong sell” rating to a “hold” rating in a research note on Wednesday, August 20th. Citigroup reaffirmed an “outperform” rating on shares of Wix.com in a research note on Tuesday, September 23rd. Finally, Barclays set a $235.00 price objective on shares of Wix.com and gave the company an “overweight” rating in a research report on Thursday, August 7th. Two analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, Wix.com has an average rating of “Moderate Buy” and an average price target of $181.24.

Wix.com Price Performance

Shares of WIX opened at $95.51 on Thursday. Wix.com has a 1-year low of $93.50 and a 1-year high of $247.11. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of 40.82, a price-to-earnings-growth ratio of 1.97 and a beta of 1.31. The firm has a 50 day simple moving average of $144.97 and a 200-day simple moving average of $149.08.

Wix.com declared that its board has approved a share buyback plan on Monday, August 11th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

A number of institutional investors have recently bought and sold shares of WIX. GC Wealth Management RIA LLC acquired a new stake in shares of Wix.com during the 2nd quarter worth $417,000. ARK Investment Management LLC grew its position in Wix.com by 28.2% during the second quarter. ARK Investment Management LLC now owns 10,290 shares of the information services provider’s stock valued at $1,631,000 after acquiring an additional 2,266 shares during the period. Senvest Management LLC grew its position in Wix.com by 32.2% during the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock valued at $323,403,000 after acquiring an additional 496,770 shares during the period. Nordea Investment Management AB increased its stake in Wix.com by 45.8% during the second quarter. Nordea Investment Management AB now owns 12,653 shares of the information services provider’s stock worth $2,017,000 after acquiring an additional 3,973 shares during the last quarter. Finally, GDS Wealth Management raised its holdings in shares of Wix.com by 58.9% in the 2nd quarter. GDS Wealth Management now owns 66,320 shares of the information services provider’s stock worth $10,509,000 after purchasing an additional 24,571 shares during the period. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

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.