Wix.com (NASDAQ:WIX) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of Wix.com (NASDAQ:WIX) from a strong-buy rating to a buy rating in a report published on Saturday.

Several other equities research analysts also recently commented on the company. Raymond James Financial reiterated a “strong-buy” rating on shares of Wix.com in a report on Thursday, August 7th. Weiss Ratings reiterated a “hold (c)” rating on shares of Wix.com in a report on Wednesday, October 8th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $210.00 price objective on shares of Wix.com in a report on Tuesday, August 19th. Scotiabank set a $255.00 price objective on Wix.com and gave the stock a “sector outperform” rating in a report on Thursday, August 7th. Finally, JMP Securities reiterated a “market outperform” rating and issued a $210.00 price objective on shares of Wix.com in a report on Friday, October 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $215.37.

Wix.com Stock Down 1.6%

Shares of WIX stock opened at $143.17 on Friday. The stock has a fifty day moving average of $151.94 and a 200 day moving average of $152.76. Wix.com has a 52 week low of $114.89 and a 52 week high of $247.11. The firm has a market capitalization of $8.03 billion, a price-to-earnings ratio of 50.95, a PEG ratio of 2.71 and a beta of 1.31.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings data 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. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The business had revenue of $489.93 million during the quarter, compared to the consensus estimate of $487.62 million. During the same quarter in the prior year, the company earned $1.67 earnings per share. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. Equities research analysts anticipate that Wix.com will post 3.65 earnings per share for the current year.

Wix.com announced that its board has authorized a stock buyback plan on Monday, August 11th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Several hedge funds have recently bought and sold shares of WIX. Lone Pine Capital LLC purchased a new position in Wix.com during the 2nd quarter worth $342,485,000. Acadian Asset Management LLC grew its position in shares of Wix.com by 0.4% during the 2nd quarter. Acadian Asset Management LLC now owns 2,119,805 shares of the information services provider’s stock worth $335,852,000 after buying an additional 7,729 shares in the last quarter. Senvest Management LLC grew its position in shares of Wix.com by 32.2% during the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after buying an additional 496,770 shares in the last quarter. Ameriprise Financial Inc. grew its position in shares of Wix.com by 879.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 2,031,591 shares of the information services provider’s stock worth $321,926,000 after buying an additional 1,824,070 shares in the last quarter. Finally, Lazard Asset Management LLC grew its position in shares of Wix.com by 27.4% during the 2nd quarter. Lazard Asset Management LLC now owns 1,542,153 shares of the information services provider’s stock worth $244,368,000 after buying an additional 331,283 shares in the last quarter. 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.