Wix.com (NASDAQ:WIX) Receives “Outperform” Rating from Royal Bank Of Canada

Royal Bank Of Canada restated their outperform rating on shares of Wix.com (NASDAQ:WIX) in a research note released on Tuesday,Benzinga reports. They currently have a $210.00 price target on the information services provider’s stock.

A number of other analysts have also issued reports on WIX. Bank of America lowered their price target on Wix.com from $270.00 to $230.00 and set a “buy” rating on the stock in a research note on Wednesday, May 21st. Needham & Company LLC lowered their target price on shares of Wix.com from $250.00 to $200.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. JMP Securities boosted their price target on shares of Wix.com from $160.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Monday. Cfra Research raised shares of Wix.com from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, August 12th. Finally, Wall Street Zen lowered Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $215.63.

Wix.com Stock Down 1.7%

Shares of NASDAQ WIX opened at $126.62 on Tuesday. The firm has a market cap of $7.10 billion, a price-to-earnings ratio of 45.06, a price-to-earnings-growth ratio of 2.47 and a beta of 1.27. The company’s 50-day simple moving average is $147.55 and its 200-day simple moving average is $166.43. 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, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $487.62 million. During the same period last year, the company posted $1.67 EPS. Wix.com’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 EPS for the current fiscal year.

Wix.com declared that its board has initiated a stock repurchase program on Monday, August 11th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. lifted its holdings 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 buying an additional 1,204 shares during the period. Yousif Capital Management LLC raised its position in Wix.com by 4.9% in the first quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider’s stock worth $299,000 after acquiring an additional 85 shares in the last quarter. Janney Montgomery Scott LLC acquired a new stake in Wix.com in the first quarter valued at $5,367,000. Envestnet Asset Management Inc. boosted its position in shares of Wix.com by 27.1% during the 1st quarter. Envestnet Asset Management Inc. now owns 35,177 shares of the information services provider’s stock worth $5,747,000 after purchasing an additional 7,507 shares in the last quarter. Finally, KBC Group NV grew its stake in shares of Wix.com by 148.8% during the 1st quarter. KBC Group NV now owns 1,513 shares of the information services provider’s stock worth $247,000 after purchasing an additional 905 shares during the period. 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.