Wix.com Ltd. (NASDAQ:WIX) Receives Average Rating of “Buy” from Analysts

Shares of Wix.com Ltd. (NASDAQ:WIX) have been given a consensus recommendation of “Buy” by the twenty-three research firms that are covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and three have assigned a strong buy recommendation to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $215.3684.

Several research firms have issued reports on WIX. UBS Group dropped their price target on Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Weiss Ratings reissued a “hold (c)” rating on shares of Wix.com in a research note on Wednesday, October 8th. Citigroup reissued an “outperform” rating on shares of Wix.com in a research note on Tuesday, September 23rd. JMP Securities reissued a “market outperform” rating and issued a $210.00 price target on shares of Wix.com in a research note on Friday, October 3rd. Finally, Piper Sandler lifted their price target on Wix.com from $206.00 to $210.00 and gave the company an “overweight” rating in a research note on Friday, September 26th.

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. GC Wealth Management RIA LLC acquired a new position in Wix.com during the second quarter worth approximately $417,000. ARK Investment Management LLC boosted its holdings in shares of Wix.com by 28.2% during the second quarter. ARK Investment Management LLC now owns 10,290 shares of the information services provider’s stock worth $1,631,000 after acquiring an additional 2,266 shares during the period. Nordea Investment Management AB boosted its holdings in shares of Wix.com by 45.8% during the second quarter. Nordea Investment Management AB now owns 12,653 shares of the information services provider’s stock worth $2,017,000 after acquiring an additional 3,973 shares during the period. Phoenix Financial Ltd. boosted its holdings in shares of Wix.com by 38.4% during the second quarter. Phoenix Financial Ltd. now owns 205,258 shares of the information services provider’s stock worth $32,525,000 after acquiring an additional 57,000 shares during the period. Finally, Analyst IMS Investment Management Services Ltd. boosted its holdings in shares of Wix.com by 33.9% during the second quarter. Analyst IMS Investment Management Services Ltd. now owns 380,494 shares of the information services provider’s stock worth $60,293,000 after acquiring an additional 96,400 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Trading Down 1.6%

WIX stock opened at $143.17 on Tuesday. The business’s 50-day moving average price is $151.94 and its two-hundred day moving average price is $152.76. The firm has a market cap of $8.03 billion, a PE ratio of 50.95, a P/E/G ratio of 2.71 and a beta of 1.31. Wix.com has a 1-year low of $114.89 and a 1-year high of $247.11.

Wix.com (NASDAQ:WIX) last posted its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, topping the consensus estimate 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 analyst estimates of $487.62 million. During the same period in the previous year, the company posted $1.67 earnings per share. The company’s revenue for the quarter was up 12.4% on a year-over-year basis. On average, analysts forecast that Wix.com will post 3.65 earnings per share for the current year.

Wix.com announced that its board has initiated a share repurchase plan on Monday, August 11th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the information services provider to buy up to 2.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

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.