Wix.com (NASDAQ:WIX) Sets New 1-Year Low – Time to Sell?

Shares of Wix.com Ltd. (NASDAQ:WIX) hit a new 52-week low during trading on Tuesday . The company traded as low as $92.23 and last traded at $93.31, with a volume of 2937704 shares traded. The stock had previously closed at $95.51.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on WIX shares. Citigroup dropped their target price on Wix.com from $197.00 to $150.00 and set a “buy” rating on the stock in a report on Thursday, November 20th. Benchmark lowered their price objective on Wix.com from $230.00 to $185.00 and set a “buy” rating for the company in a research report on Thursday, November 20th. Wells Fargo & Company dropped their price objective on Wix.com from $216.00 to $184.00 and set an “overweight” rating on the stock in a report on Thursday, November 20th. Cantor Fitzgerald decreased their target price on Wix.com from $160.00 to $135.00 and set an “overweight” rating for the company in a research note on Thursday, November 20th. Finally, Citizens Jmp lowered their price target on Wix.com from $210.00 to $185.00 and set a “market outperform” rating for the company in a report on Thursday, November 20th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $179.81.

Wix.com Price Performance

The firm has a market cap of $5.37 billion, a price-to-earnings ratio of 40.93, a PEG ratio of 1.79 and a beta of 1.31. The stock has a 50-day moving average price of $140.04 and a 200 day moving average price of $147.50.

Wix.com declared that its Board of Directors has initiated a share repurchase program on Monday, August 11th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to purchase up to 2.9% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

Institutional Trading of Wix.com

A number of large investors have recently bought and sold shares of the business. Allianz Asset Management GmbH increased its stake in Wix.com by 23.0% in the first quarter. Allianz Asset Management GmbH now owns 18,174 shares of the information services provider’s stock valued at $2,969,000 after purchasing an additional 3,396 shares during the period. Cetera Investment Advisers grew its holdings in shares of Wix.com by 9.9% during the first quarter. Cetera Investment Advisers now owns 1,558 shares of the information services provider’s stock worth $255,000 after buying an additional 140 shares during the last quarter. Assetmark Inc. grew its holdings in shares of Wix.com by 1,897.3% during the first quarter. Assetmark Inc. now owns 10,386 shares of the information services provider’s stock worth $1,697,000 after buying an additional 9,866 shares during the last quarter. TD Asset Management Inc increased its position in Wix.com by 11.3% in the 1st quarter. TD Asset Management Inc now owns 21,057 shares of the information services provider’s stock valued at $3,440,000 after acquiring an additional 2,135 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Wix.com by 4.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,949 shares of the information services provider’s stock valued at $5,547,000 after acquiring an additional 1,437 shares during the last quarter. 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.