Wix.com (NASDAQ:WIX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Wix.com (NASDAQ:WIX) from a buy rating to a strong-buy rating in a research note released on Saturday morning.

WIX has been the subject of several other reports. Cfra Research upgraded Wix.com from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, August 12th. UBS Group reduced their price target on Wix.com from $230.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, August 7th. Citigroup reiterated an “outperform” rating on shares of Wix.com in a research report on Tuesday, September 23rd. Needham & Company LLC reduced their price objective on shares of Wix.com from $250.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Finally, Piper Sandler upped their price objective on shares of Wix.com from $206.00 to $210.00 and gave the stock an “overweight” rating in a report on Friday, September 26th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $215.37.

Wix.com Stock Performance

Shares of WIX opened at $136.16 on Friday. Wix.com has a 1 year low of $114.89 and a 1 year high of $247.11. The company has a market cap of $7.64 billion, a price-to-earnings ratio of 48.46, a price-to-earnings-growth ratio of 2.50 and a beta of 1.32. The firm has a fifty day moving average of $148.33 and a 200-day moving average of $154.95.

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

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

Institutional Investors Weigh In On Wix.com

A number of institutional investors and hedge funds have recently bought and sold shares of WIX. Northwestern Mutual Wealth Management Co. lifted its holdings 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 acquiring an additional 66 shares during the last quarter. Twin Tree Management LP acquired a new stake in Wix.com during the first quarter valued at approximately $29,000. Geneos Wealth Management Inc. lifted its stake in Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after purchasing an additional 215 shares during the last quarter. Blue Trust Inc. lifted its stake in Wix.com by 47.8% during the second quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock valued at $65,000 after purchasing an additional 132 shares during the last quarter. Finally, Penserra Capital Management LLC acquired a new stake in Wix.com during the second quarter valued at approximately $77,000. 81.52% of the stock is owned by institutional investors and hedge funds.

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.