Wells Fargo & Company Issues Pessimistic Forecast for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX) had its price target trimmed by Wells Fargo & Company from $194.00 to $169.00 in a research note released on Friday,Benzinga reports. The brokerage currently has an underweight rating on the information services provider’s stock.

WIX has been the subject of several other reports. Piper Sandler boosted their price objective on Wix.com from $249.00 to $262.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Needham & Company LLC reiterated a “buy” rating and issued a $235.00 price objective on shares of Wix.com in a research report on Wednesday, February 19th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. JMP Securities reiterated a “market outperform” rating and issued a $240.00 price objective on shares of Wix.com in a research report on Tuesday, February 18th. Finally, StockNews.com lowered Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, three have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $244.00.

Wix.com Price Performance

Shares of WIX stock opened at $186.56 on Friday. The stock has a 50-day moving average of $221.14 and a 200-day moving average of $195.66. Wix.com has a one year low of $117.58 and a one year high of $247.11. The stock has a market cap of $10.23 billion, a PE ratio of 79.39, a price-to-earnings-growth ratio of 2.83 and a beta of 1.58.

Wix.com announced that its board has approved a stock repurchase plan 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 plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Several large investors have recently made changes to their positions in WIX. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Wix.com by 7.8% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 2,275 shares of the information services provider’s stock valued at $380,000 after buying an additional 165 shares during the last quarter. Van ECK Associates Corp boosted its holdings in shares of Wix.com by 1.6% in the 3rd quarter. Van ECK Associates Corp now owns 16,839 shares of the information services provider’s stock valued at $2,764,000 after buying an additional 261 shares during the last quarter. M&G PLC raised its stake in Wix.com by 2.9% in the 3rd quarter. M&G PLC now owns 67,310 shares of the information services provider’s stock valued at $11,241,000 after acquiring an additional 1,923 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its stake in Wix.com by 23.1% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 263,534 shares of the information services provider’s stock valued at $44,055,000 after acquiring an additional 49,500 shares during the period. Finally, State of New Jersey Common Pension Fund D raised its stake in Wix.com by 7.7% in the 3rd quarter. State of New Jersey Common Pension Fund D now owns 22,305 shares of the information services provider’s stock valued at $3,729,000 after acquiring an additional 1,600 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.