Wix.com (NASDAQ:WIX) Lowered to “Buy” Rating by Wall Street Zen

Wix.com (NASDAQ:WIX) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

Several other brokerages have also recently issued reports on WIX. Needham & Company LLC dropped their price target on Wix.com from $250.00 to $200.00 and set a “buy” rating on the stock in a research report on Wednesday, August 6th. UBS Group dropped their price target on Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a research report on Thursday, August 7th. Scotiabank set a $255.00 price target on Wix.com and gave the company a “sector outperform” rating in a research report on Thursday, August 7th. Wells Fargo & Company upgraded Wix.com from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $173.00 to $216.00 in a research report on Monday, June 16th. Finally, B. Riley restated a “buy” rating and issued a $230.00 price target (down previously from $240.00) on shares of Wix.com in a research report on Wednesday, May 28th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, Wix.com currently has an average rating of “Buy” and an average target price of $215.63.

Wix.com Stock Performance

Wix.com stock opened at $171.63 on Friday. Wix.com has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The company has a market capitalization of $9.63 billion, a P/E ratio of 61.08, a PEG ratio of 3.26 and a beta of 1.30. The stock has a 50-day simple moving average of $142.69 and a 200-day simple moving average of $157.59.

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

Wix.com announced that its board has authorized a share repurchase program on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Institutional investors and hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. lifted its stake in Wix.com by 63.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after buying an additional 66 shares in the last quarter. Twin Tree Management LP purchased a new stake in Wix.com in the 1st quarter valued at approximately $29,000. Geneos Wealth Management Inc. lifted its stake in Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after buying an additional 215 shares in the last quarter. Blue Trust Inc. lifted its stake in Wix.com by 47.8% in the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock valued at $65,000 after buying an additional 132 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new stake in Wix.com in the 2nd quarter valued at approximately $77,000. Hedge funds and other institutional investors own 81.52% of the company’s stock.

About Wix.com

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.