JMP Securities Reaffirms Market Outperform Rating for Wix.com (NASDAQ:WIX)

Wix.com (NASDAQ:WIX)‘s stock had its “market outperform” rating restated by research analysts at JMP Securities in a report released on Thursday,Benzinga reports. They presently have a $250.00 price target on the information services provider’s stock. JMP Securities’ price objective would indicate a potential upside of 65.28% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Morgan Stanley reduced their price target on Wix.com from $276.00 to $207.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Bank of America lowered their price target on Wix.com from $270.00 to $230.00 and set a “buy” rating for the company in a report on Wednesday. Wells Fargo & Company cut their price objective on shares of Wix.com from $176.00 to $173.00 and set an “equal weight” rating on the stock in a report on Thursday. Piper Sandler cut their price objective on shares of Wix.com from $262.00 to $225.00 and set an “overweight” rating on the stock in a report on Thursday. Finally, UBS Group cut their price objective on shares of Wix.com from $255.00 to $230.00 and set a “buy” rating on the stock in a report on Thursday. Four investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $226.16.

Wix.com Trading Down 2.4%

WIX opened at $151.26 on Thursday. The stock’s 50-day moving average price is $165.42 and its 200 day moving average price is $196.49. Wix.com has a 12-month low of $137.94 and a 12-month high of $247.11. The firm has a market cap of $8.49 billion, a price-to-earnings ratio of 64.37, a PEG ratio of 2.83 and a beta of 1.56.

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

Hedge Funds Weigh In On Wix.com

Several institutional investors have recently bought and sold shares of WIX. Ameritas Advisory Services LLC purchased a new stake in shares of Wix.com during the 4th quarter worth $321,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Wix.com by 113.0% during the 4th 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 in the last quarter. SG Americas Securities LLC boosted its position in shares of Wix.com by 558.5% during the 4th 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 in the last quarter. Avior Wealth Management LLC boosted its position in shares of Wix.com by 79.5% during the 4th 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 in the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. boosted its position in shares of Wix.com by 1,439.4% during the 4th 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 in the last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

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.