Wix.com (NASDAQ:WIX) to Repurchase $200.00 million in Outstanding Shares

Wix.com (NASDAQ:WIX) declared that its Board of Directors has initiated a share buyback plan on Thursday, February 27th, RTT News reports. The company plans to repurchase $200.00 million in shares. This repurchase authorization authorizes the information services provider to repurchase up to 1.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on WIX. Citigroup increased their target price on shares of Wix.com from $275.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, February 20th. StockNews.com raised shares of Wix.com from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Robert W. Baird increased their price target on shares of Wix.com from $175.00 to $215.00 and gave the company a “neutral” rating in a research report on Monday, November 25th. Royal Bank of Canada restated an “outperform” rating and set a $245.00 price objective on shares of Wix.com in a research report on Thursday, February 20th. Finally, Morgan Stanley upgraded Wix.com from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $248.00 to $276.00 in a research report on Monday, January 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating, fourteen have assigned a buy rating and three have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and an average price target of $245.83.

Wix.com Trading Down 0.7 %

Shares of NASDAQ:WIX opened at $200.69 on Friday. The stock’s 50-day moving average price is $224.89 and its two-hundred day moving average price is $194.44. Wix.com has a 12-month low of $117.58 and a 12-month high of $247.11. The firm has a market cap of $11.00 billion, a price-to-earnings ratio of 85.40, a PEG ratio of 2.83 and a beta of 1.58.

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.