Wix.com (NASDAQ:WIX) Given New $207.00 Price Target at Morgan Stanley

Wix.com (NASDAQ:WIX) had its price target dropped by investment analysts at Morgan Stanley from $276.00 to $207.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “overweight” rating on the information services provider’s stock. Morgan Stanley’s price objective suggests a potential upside of 28.80% from the company’s current price.

WIX has been the topic of a number of other research reports. Jefferies Financial Group cut their price objective on Wix.com from $265.00 to $230.00 and set a “buy” rating for the company in a research report on Monday, April 7th. Citigroup increased their target price on Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Piper Sandler increased their price objective on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. UBS Group set a $250.00 target price on shares of Wix.com in a research note on Wednesday, March 5th. Finally, Barclays upped their price objective on shares of Wix.com from $236.00 to $240.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Four investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $238.89.

Wix.com Stock Performance

Wix.com stock traded down $0.10 during mid-day trading on Wednesday, reaching $160.71. 174,958 shares of the company were exchanged, compared to its average volume of 645,436. Wix.com has a twelve month low of $117.58 and a twelve month high of $247.11. The firm has a market cap of $9.02 billion, a PE ratio of 68.39, a price-to-earnings-growth ratio of 2.83 and a beta of 1.65. The firm’s 50-day simple moving average is $183.26 and its two-hundred day simple moving average is $196.22.

Wix.com announced that its board has authorized a stock buyback program on Thursday, February 27th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to reacquire up to 1.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Large investors have recently modified their holdings of the stock. Avior Wealth Management LLC raised its stake in Wix.com by 79.5% during 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 stake in Wix.com during the fourth quarter valued at $43,000. Global Retirement Partners LLC lifted its position in shares of Wix.com by 36.0% in the 4th 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. bought a new stake in shares of Wix.com during the 4th quarter valued at about $52,000. Finally, Blue Trust Inc. lifted its holdings in Wix.com by 28.3% in the fourth quarter. Blue Trust Inc. now owns 254 shares of the information services provider’s stock worth $54,000 after acquiring an additional 56 shares during the last quarter. Institutional investors 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.