Wix.com (NASDAQ:WIX) Given New $200.00 Price Target at JMP Securities

Wix.com (NASDAQ:WIX) had its price objective boosted by JMP Securities from $160.00 to $200.00 in a report issued on Monday,Benzinga reports. JMP Securities currently has a market outperform rating on the information services provider’s stock.

WIX has been the subject of a number of other research reports. Citigroup reiterated an “outperform” rating on shares of Wix.com in a research report on Monday. Cfra Research upgraded shares of Wix.com from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, August 12th. Needham & Company LLC cut their target price on shares of Wix.com from $250.00 to $200.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. Piper Sandler cut their target price on shares of Wix.com from $262.00 to $225.00 and set an “overweight” rating for the company in a research report on Thursday, May 22nd. Finally, Scotiabank set a $255.00 target price on shares of Wix.com and gave the stock a “sector outperform” rating in a research report on Thursday, August 7th. One analyst has rated the stock with a hold rating, eighteen have assigned a buy rating and three have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $215.63.

Wix.com Price Performance

NASDAQ WIX opened at $128.77 on Monday. Wix.com has a 1 year low of $114.89 and a 1 year high of $247.11. The firm has a market cap of $7.23 billion, a price-to-earnings ratio of 45.83, a PEG ratio of 2.39 and a beta of 1.27. The company has a fifty day moving average price of $148.19 and a 200-day moving average price of $166.71.

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, topping the consensus estimate of $1.79 by $0.49. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The firm had revenue of $489.93 million during the quarter, compared to analyst estimates of $487.62 million. During the same quarter in the prior year, the business posted $1.67 EPS. The business’s revenue was up 12.4% compared to the same quarter last year. On average, research analysts anticipate that Wix.com will post 3.65 EPS for the current fiscal year.

Wix.com declared that its Board of Directors has approved a stock repurchase 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 reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Several institutional investors and hedge funds have recently added to or reduced their stakes in WIX. Northwestern Mutual Wealth Management Co. raised its position in shares of 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 worth $28,000 after purchasing an additional 66 shares during the last quarter. Twin Tree Management LP purchased a new position in shares of Wix.com in the 1st quarter worth about $29,000. Geneos Wealth Management Inc. raised its position in shares of Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after purchasing an additional 215 shares during the last quarter. Blue Trust Inc. raised its position in shares of Wix.com by 47.8% in the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock worth $65,000 after purchasing an additional 132 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its position in shares of Wix.com by 183.3% in the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider’s stock worth $78,000 after purchasing an additional 308 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

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.