Wix.com (NASDAQ:WIX) Lowered to “Buy” Rating by Wall Street Zen

Wix.com (NASDAQ:WIX) was downgraded by stock analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

A number of other equities research analysts have also recently weighed in on WIX. Barclays set a $235.00 price objective on Wix.com and gave the company an “overweight” rating in a research note on Thursday, August 7th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 target price on shares of Wix.com in a report on Wednesday, June 18th. Raymond James Financial reiterated a “strong-buy” rating on shares of Wix.com in a report on Thursday, August 7th. Bank of America decreased their target price on Wix.com from $270.00 to $230.00 and set a “buy” rating for the company in a report on Wednesday, May 21st. Finally, Baird R W upgraded Wix.com from a “hold” rating to a “strong-buy” rating in a report on Friday, May 23rd. Three investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $215.63.

Wix.com Trading Up 1.3%

Shares of NASDAQ WIX opened at $171.63 on Friday. Wix.com has a twelve month low of $114.89 and a twelve month high of $247.11. The stock has a fifty day simple moving average of $142.69 and a 200-day simple moving average of $157.59. The stock has a market capitalization of $9.63 billion, a PE ratio of 61.08, a PEG ratio of 3.26 and a beta of 1.30.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings data 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 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 analysts’ expectations of $487.62 million. During the same period in the previous year, the firm posted $1.67 earnings per share. The company’s revenue was up 12.4% on a year-over-year basis. On average, equities analysts predict that Wix.com will post 3.65 earnings per share for the current year.

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

Institutional Trading of Wix.com

Institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its holdings in Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock worth $28,000 after buying an additional 66 shares during the last quarter. Twin Tree Management LP purchased a new stake in Wix.com during the 1st quarter worth about $29,000. Geneos Wealth Management Inc. lifted its holdings in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after buying an additional 215 shares during the last quarter. Blue Trust Inc. lifted its holdings in Wix.com by 47.8% during the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock worth $65,000 after buying an additional 132 shares during the last quarter. Finally, TD Private Client Wealth LLC lifted its holdings in Wix.com by 183.3% during the 1st quarter. TD Private Client Wealth LLC now owns 476 shares of the information services provider’s stock worth $78,000 after buying an additional 308 shares during the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

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.