Wix.com (NASDAQ:WIX) Now Covered by Piper Sandler

Piper Sandler began coverage on shares of Wix.com (NASDAQ:WIX) in a research note released on Thursday morning, Marketbeat Ratings reports. The brokerage issued a neutral rating and a $98.00 price target on the information services provider’s stock.

Several other research firms have also recently issued reports on WIX. UBS Group reiterated a “buy” rating and issued a $145.00 price objective on shares of Wix.com in a report on Friday, March 6th. Morgan Stanley dropped their target price on Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Cantor Fitzgerald restated an “overweight” rating and issued a $130.00 target price on shares of Wix.com in a research report on Thursday, March 5th. Benchmark decreased their price target on Wix.com from $185.00 to $140.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. Finally, Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $134.90.

Wix.com Stock Down 3.3%

Shares of NASDAQ WIX opened at $86.91 on Thursday. The stock has a market cap of $5.07 billion, a P/E ratio of 107.30, a P/E/G ratio of 1.93 and a beta of 1.39. The firm’s 50-day simple moving average is $81.89 and its 200 day simple moving average is $114.69. Wix.com has a fifty-two week low of $60.22 and a fifty-two week high of $191.24.

Wix.com (NASDAQ:WIX) last announced its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.36 by $0.45. The firm had revenue of $524.27 million during the quarter, compared to analyst estimates of $527.69 million. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. Wix.com’s revenue was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.10 EPS. On average, sell-side analysts anticipate that Wix.com will post 3.65 earnings per share for the current fiscal year.

Wix.com declared that its Board of Directors has initiated a stock buyback program on Wednesday, January 28th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information services provider to buy up to 40.5% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Schroder Investment Management Group grew its holdings in shares of Wix.com by 34.8% in the 2nd quarter. Schroder Investment Management Group now owns 228,028 shares of the information services provider’s stock worth $36,133,000 after acquiring an additional 58,859 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Wix.com by 2.5% during the second quarter. Geode Capital Management LLC now owns 491,958 shares of the information services provider’s stock valued at $77,466,000 after purchasing an additional 12,210 shares during the last quarter. Mediolanum International Funds Ltd boosted its position in shares of Wix.com by 65.9% in the 3rd quarter. Mediolanum International Funds Ltd now owns 55,647 shares of the information services provider’s stock valued at $10,054,000 after purchasing an additional 22,112 shares during the period. Liontrust Investment Partners LLP purchased a new position in Wix.com in the 2nd quarter worth about $3,708,000. Finally, Senvest Management LLC raised its holdings in Wix.com by 32.2% during the 2nd quarter. Senvest Management LLC now owns 2,040,910 shares of the information services provider’s stock worth $323,403,000 after buying an additional 496,770 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Company Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.