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

Zacks Research upgraded shares of Wix.com (NASDAQ:WIX) from a strong sell rating to a hold rating in a report issued on Wednesday,Zacks.com reports.

Several other equities analysts have also recently weighed in on the company. Needham & Company LLC dropped their price objective on Wix.com from $250.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Piper Sandler decreased their price target on Wix.com from $262.00 to $225.00 and set an “overweight” rating on the stock in a research report on Thursday, May 22nd. Wall Street Zen cut shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 13th. UBS Group reduced their price objective on shares of Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Finally, Robert W. Baird raised shares of Wix.com from a “neutral” rating to an “outperform” rating and decreased their target price for the company from $215.00 to $190.00 in a report on Friday, May 23rd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $215.63.

Wix.com Stock Up 4.0%

NASDAQ WIX opened at $131.82 on Wednesday. The firm has a 50-day moving average price of $146.07 and a two-hundred day moving average price of $164.79. Wix.com has a 12-month low of $114.89 and a 12-month high of $247.11. The company has a market capitalization of $7.40 billion, a P/E ratio of 46.91, a P/E/G ratio of 2.44 and a beta of 1.27.

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

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

Institutional Investors Weigh In On Wix.com

Hedge funds and other institutional investors have recently bought and sold shares of the company. MetLife Investment Management LLC raised its position in Wix.com by 35.6% in the fourth quarter. MetLife Investment Management LLC now owns 6,100 shares of the information services provider’s stock valued at $1,309,000 after purchasing an additional 1,600 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Wix.com by 44.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 630 shares of the information services provider’s stock valued at $135,000 after buying an additional 193 shares during the period. Stifel Financial Corp bought a new position in Wix.com in the 4th quarter valued at approximately $2,471,000. Hsbc Holdings PLC raised its holdings in Wix.com by 39.7% in the 4th quarter. Hsbc Holdings PLC now owns 30,505 shares of the information services provider’s stock valued at $6,538,000 after buying an additional 8,675 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in Wix.com by 29.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 16,992 shares of the information services provider’s stock worth $3,647,000 after buying an additional 3,897 shares during the period. 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.