Wix.com (WIX) shares plummeted 5.01% in intraday trading on Monday, despite the company announcing a $200 million increase to its share repurchase program. The sharp decline comes as investors grapple with conflicting signals about the company's future prospects.

In a surprising move, Wix.com's board of directors authorized an additional $200 million for its share buyback plan, bringing the total available for repurchases up to $500 million. This decision typically signals management's confidence in the company's value and often leads to positive stock performance. However, the market's reaction suggests that other factors are overshadowing this news.

Notably, Citizens JMP, a financial services firm, lowered its price target for Wix.com from $250 to $160, while maintaining an Outperform rating on the shares. This significant reduction in the price target, representing a 36% decrease, likely contributed to the stock's decline. Analysts' price target cuts often lead investors to reassess their positions, potentially triggering sell-offs. The market's negative reaction indicates that investors may be more focused on the underlying reasons for the lowered price target rather than the increased buyback program, reflecting concerns about Wix.com's growth prospects or valuation in the current market environment.