Jefferies Financial Group Cuts Wix.com (NASDAQ:WIX) Price Target to $230.00

Wix.com (NASDAQ:WIX) had its price objective reduced by equities research analysts at Jefferies Financial Group from $265.00 to $230.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the information services provider’s stock. Jefferies Financial Group’s target price indicates a potential upside of 53.78% from the company’s previous close.

Other equities analysts have also issued reports about the stock. Benchmark boosted their price target on shares of Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Needham & Company LLC reiterated a “buy” rating and issued a $235.00 price target on shares of Wix.com in a report on Wednesday, February 19th. Citigroup boosted their price target on shares of Wix.com from $275.00 to $280.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Bank of America raised their price objective on shares of Wix.com from $228.00 to $270.00 and gave the company a “buy” rating in a research note on Wednesday, February 19th. Finally, Barclays upped their target price on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and three have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $242.16.

Wix.com Stock Performance

Shares of WIX stock traded down $0.45 during mid-day trading on Monday, reaching $149.56. The company’s stock had a trading volume of 169,789 shares, compared to its average volume of 629,678. The firm’s 50-day moving average is $197.26 and its two-hundred day moving average is $197.22. Wix.com has a 1-year low of $117.58 and a 1-year high of $247.11. The company has a market cap of $8.39 billion, a P/E ratio of 62.48, a PEG ratio of 2.83 and a beta of 1.65.

Wix.com declared that its Board of Directors has approved a stock repurchase plan on Thursday, February 27th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the information services provider to purchase up to 1.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its stock is undervalued.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Avior Wealth Management LLC grew its stake in shares of Wix.com by 79.5% in the fourth quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock valued at $43,000 after buying an additional 89 shares in the last quarter. Newbridge Financial Services Group Inc. bought a new position in Wix.com during the fourth quarter worth about $43,000. Global Retirement Partners LLC increased its position in Wix.com by 36.0% during the fourth quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock worth $47,000 after buying an additional 58 shares during the last quarter. SBI Securities Co. Ltd. acquired a new position in Wix.com during the fourth quarter worth approximately $52,000. Finally, Blue Trust Inc. lifted its position in shares of Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock valued at $54,000 after buying an additional 56 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.