Stock Buyback Plan Initiated by Wix.com (NASDAQ:WIX)

Wix.com (NASDAQ:WIX) declared that its board has authorized a share repurchase plan on Wednesday, January 28th, RTT News reports. The company plans to repurchase $2.00 billion in shares. This repurchase authorization permits the information services provider to buy up to 40.5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

WIX has been the topic of several recent analyst reports. Citigroup lowered their target price on shares of Wix.com from $197.00 to $150.00 and set a “buy” rating on the stock in a research note on Thursday, November 20th. B. Riley reaffirmed a “buy” rating and issued a $200.00 price target (down previously from $230.00) on shares of Wix.com in a report on Thursday, November 20th. Cantor Fitzgerald increased their price target on Wix.com from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Thursday, December 11th. Oppenheimer cut their price objective on Wix.com from $220.00 to $160.00 and set an “outperform” rating for the company in a research report on Thursday, November 20th. Finally, Wells Fargo & Company reduced their target price on Wix.com from $184.00 to $176.00 and set an “overweight” rating for the company in a research note on Friday, December 19th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $163.86.

Wix.com Price Performance

Shares of Wix.com stock opened at $86.84 on Friday. The stock has a market capitalization of $4.87 billion, a P/E ratio of 37.11, a PEG ratio of 2.79 and a beta of 1.42. The business has a 50 day simple moving average of $96.63 and a two-hundred day simple moving average of $126.90. Wix.com has a 12 month low of $75.00 and a 12 month high of $246.78.

About Wix.com

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.