Citizens Jmp Cuts Wix.com (NASDAQ:WIX) Price Target to $185.00

Wix.com (NASDAQ:WIX) had its price objective dropped by stock analysts at Citizens Jmp from $210.00 to $185.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “market outperform” rating on the information services provider’s stock. Citizens Jmp’s price objective points to a potential upside of 81.91% from the company’s current price.

WIX has been the subject of a number of other reports. Scotiabank set a $255.00 target price on shares of Wix.com and gave the stock a “sector outperform” rating in a report on Thursday, August 7th. Barclays set a $235.00 price objective on shares of Wix.com and gave the stock an “overweight” rating in a research note on Thursday, August 7th. Wall Street Zen cut shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Saturday, November 1st. JPMorgan Chase & Co. cut their price target on shares of Wix.com from $189.00 to $166.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Finally, Needham & Company LLC decreased their price objective on Wix.com from $200.00 to $140.00 and set a “buy” rating for the company in a report on Thursday. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $204.85.

Wix.com Trading Down 19.9%

WIX opened at $101.70 on Thursday. The firm has a market cap of $5.71 billion, a price-to-earnings ratio of 36.19, a PEG ratio of 2.37 and a beta of 1.31. Wix.com has a 12 month low of $99.31 and a 12 month high of $247.11. The stock has a fifty day moving average price of $147.89 and a 200-day moving average price of $150.03.

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

Institutional Trading of Wix.com

Large investors have recently added to or reduced their stakes in the company. GC Wealth Management RIA LLC purchased a new position in Wix.com during the second quarter valued at approximately $417,000. ARK Investment Management LLC grew its stake in shares of Wix.com by 28.2% during the 2nd quarter. ARK Investment Management LLC now owns 10,290 shares of the information services provider’s stock worth $1,631,000 after purchasing an additional 2,266 shares during the period. Nordea Investment Management AB grew its stake in shares of Wix.com by 45.8% during the 2nd quarter. Nordea Investment Management AB now owns 12,653 shares of the information services provider’s stock worth $2,017,000 after purchasing an additional 3,973 shares during the period. Senvest Management LLC lifted its stake in shares of Wix.com by 32.2% in the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock valued at $323,403,000 after purchasing an additional 496,770 shares during the period. Finally, Phoenix Financial Ltd. lifted its stake in shares of Wix.com by 38.4% in the 2nd quarter. Phoenix Financial Ltd. now owns 205,258 shares of the information services provider’s stock valued at $32,525,000 after purchasing an additional 57,000 shares during the period. Hedge funds and other 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.