Wix.com (NASDAQ:WIX) Raised to “Moderate Buy” at Cfra Research

Cfra Research upgraded shares of Wix.com (NASDAQ:WIX) from a hold rating to a moderate buy rating in a report published on Tuesday morning,Zacks.com reports.

Other research analysts also recently issued reports about the company. Wells Fargo & Company raised Wix.com from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $173.00 to $216.00 in a research report on Monday, June 16th. Robert W. Baird raised Wix.com from a “neutral” rating to an “outperform” rating and decreased their price objective for the stock from $215.00 to $190.00 in a report on Friday, May 23rd. Wall Street Zen lowered Wix.com from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 13th. Cantor Fitzgerald reissued an “overweight” rating and set a $200.00 price objective on shares of Wix.com in a report on Wednesday, June 18th. Finally, Piper Sandler decreased their price objective on Wix.com from $262.00 to $225.00 and set an “overweight” rating on the stock in a report on Thursday, May 22nd. One analyst has rated the stock with a hold rating, eighteen have assigned a buy rating and three have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $213.53.

Wix.com Stock Down 0.3%

Shares of NASDAQ WIX opened at $120.39 on Tuesday. The business’s 50 day moving average is $149.25 and its two-hundred day moving average is $169.36. The company has a market cap of $6.76 billion, a P/E ratio of 42.84, a P/E/G ratio of 1.94 and a beta of 1.27. Wix.com has a 12 month low of $114.89 and a 12 month high of $247.11.

Wix.com (NASDAQ:WIX) last issued 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 for 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 company’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same period in the previous year, the business posted $1.67 EPS. Sell-side analysts expect that Wix.com will post 3.65 earnings per share for the current fiscal year.

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

Hedge Funds Weigh In On Wix.com

A number of institutional investors and hedge funds have recently bought and sold shares of WIX. Acadian Asset Management LLC raised its position in shares of Wix.com by 0.4% during the second quarter. Acadian Asset Management LLC now owns 2,119,805 shares of the information services provider’s stock worth $335,852,000 after acquiring an additional 7,729 shares during the last quarter. Senvest Management LLC increased its holdings in Wix.com by 32.2% in the second quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock valued at $323,403,000 after purchasing an additional 496,770 shares during the last quarter. Dorsal Capital Management LP increased its holdings in Wix.com by 1.8% in the fourth quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider’s stock valued at $305,734,000 after purchasing an additional 25,000 shares during the last quarter. Whale Rock Capital Management LLC increased its holdings in Wix.com by 55.1% in the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider’s stock valued at $229,904,000 after purchasing an additional 380,800 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Wix.com by 10.5% in the second quarter. Arrowstreet Capital Limited Partnership now owns 768,910 shares of the information services provider’s stock valued at $121,841,000 after purchasing an additional 72,810 shares during the last quarter. Institutional investors and hedge funds 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.