Wix.com (NASDAQ:WIX) Upgraded at Cfra Research

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

WIX has been the subject of several other research reports. Barclays set a $235.00 target price on Wix.com and gave the stock an “overweight” rating in a research report on Thursday, August 7th. Citigroup reduced their price objective on Wix.com from $280.00 to $238.00 and set a “buy” rating for the company in a research note on Friday, April 25th. Raymond James Financial restated a “strong-buy” rating on shares of Wix.com in a research report on Thursday, August 7th. Benchmark decreased their price objective on Wix.com from $260.00 to $245.00 and set a “buy” rating for the company in a research report on Monday, May 19th. Finally, Royal Bank Of Canada decreased their price objective on Wix.com from $245.00 to $210.00 and set an “outperform” rating for the company in a research report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $213.53.

Wix.com Stock Down 0.3%

NASDAQ:WIX opened at $120.39 on Tuesday. The business’s 50-day moving average price is $149.25 and its 200 day moving average price is $169.36. The firm has a market cap of $6.76 billion, a P/E ratio of 42.84, a PEG ratio of 1.94 and a beta of 1.27. Wix.com has a 52-week low of $114.89 and a 52-week 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 earnings per share 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 firm had revenue of $489.93 million for the quarter, compared to analysts’ expectations of $487.62 million. During the same quarter last year, the business posted $1.67 EPS. Wix.com’s revenue was up 12.4% on a year-over-year basis. Sell-side analysts expect that Wix.com will post 3.65 EPS for the current year.

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

Institutional Investors Weigh In On Wix.com

Institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Wix.com by 31.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider’s stock valued at $830,000 after acquiring an additional 1,204 shares in the last quarter. Yousif Capital Management LLC raised its stake in shares of Wix.com by 4.9% in the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider’s stock valued at $299,000 after acquiring an additional 85 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Wix.com in the 1st quarter valued at approximately $5,367,000. Envestnet Asset Management Inc. raised its stake in shares of Wix.com by 27.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider’s stock valued at $5,747,000 after acquiring an additional 7,507 shares in the last quarter. Finally, LPL Financial LLC raised its stake in shares of Wix.com by 24.4% in the 4th quarter. LPL Financial LLC now owns 7,277 shares of the information services provider’s stock valued at $1,561,000 after acquiring an additional 1,429 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors and hedge funds.

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.