Wix.com (NASDAQ:WIX) Price Target Raised to $210.00

Wix.com (NASDAQ:WIX) had its price target hoisted by Piper Sandler from $206.00 to $210.00 in a research report released on Friday, Marketbeat Ratings reports. Piper Sandler currently has an overweight rating on the information services provider’s stock.

Other equities research analysts have also recently issued research reports about the stock. JMP Securities increased their target price on shares of Wix.com from $200.00 to $210.00 and gave the stock a “market outperform” rating in a research report on Tuesday, September 23rd. Wells Fargo & Company raised shares of Wix.com from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $173.00 to $216.00 in a research note on Monday, June 16th. Raymond James Financial reaffirmed a “strong-buy” rating on shares of Wix.com in a research note on Thursday, August 7th. UBS Group dropped their target price on shares of Wix.com from $230.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, August 7th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $210.00 target price on shares of Wix.com in a research note on Tuesday, August 19th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Wix.com has an average rating of “Buy” and an average price target of $215.37.

Wix.com Stock Up 2.2%

Shares of Wix.com stock opened at $177.42 on Friday. The stock has a market capitalization of $9.96 billion, a P/E ratio of 63.14, a price-to-earnings-growth ratio of 3.41 and a beta of 1.30. The company has a 50-day simple moving average of $147.47 and a 200 day simple moving average of $156.62. 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 earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.79 by $0.49. The business had revenue of $489.93 million during the quarter, compared to analysts’ expectations of $487.62 million. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The firm’s revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the company posted $1.67 EPS. On average, equities 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 approved a stock repurchase program on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to buy up to 2.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Several institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. boosted 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 worth $28,000 after acquiring an additional 66 shares during 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. boosted its stake 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 acquiring an additional 215 shares during the last quarter. Blue Trust Inc. boosted its stake 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 acquiring an additional 132 shares during the last quarter. Finally, TD Private Client Wealth LLC boosted its stake 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 acquiring an additional 308 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.