Wix.com (NASDAQ:WIX) Stock Rating Upgraded by Wall Street Zen

Wix.com (NASDAQ:WIX) was upgraded by equities researchers at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued on Friday.

A number of other research firms have also issued reports on WIX. JPMorgan Chase & Co. lowered their target price on Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a research note on Wednesday, August 6th. B. Riley reiterated a “buy” rating and issued a $230.00 target price (down previously from $240.00) on shares of Wix.com in a research note on Wednesday, May 28th. Bank of America lowered their target price on Wix.com from $270.00 to $230.00 and set a “buy” rating for the company in a research note on Wednesday, May 21st. Piper Sandler lowered their target price on Wix.com from $262.00 to $225.00 and set an “overweight” rating for the company in a research note on Thursday, May 22nd. Finally, Barclays set a $235.00 target price on Wix.com and gave the company an “overweight” rating in a research note on Thursday, August 7th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $215.63.

Wix.com Price Performance

Shares of NASDAQ:WIX opened at $153.10 on Friday. The firm has a market capitalization of $8.59 billion, a PE ratio of 54.48, a P/E/G ratio of 2.83 and a beta of 1.30. The business has a 50-day moving average of $142.43 and a two-hundred day moving average of $158.94. Wix.com has a 12 month low of $114.89 and a 12 month high of $247.11.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, topping the consensus estimate of $1.79 by $0.49. The company had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The firm’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.67 earnings per share. As a group, research analysts anticipate that Wix.com will post 3.65 earnings per share for the current year.

Wix.com announced that its Board of Directors has authorized a share repurchase plan on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Hedge funds have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. grew its stake in Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after purchasing an additional 66 shares in the last quarter. Twin Tree Management LP bought a new position in Wix.com during the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. lifted its holdings in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after buying an additional 215 shares during the last quarter. Blue Trust Inc. lifted its holdings in Wix.com by 47.8% during the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock worth $65,000 after buying an additional 132 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in Wix.com by 183.3% during the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider’s stock worth $78,000 after buying an additional 308 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.