Wix.com (NASDAQ:WIX) Price Target Cut to $109.00 by Analysts at Bank of America

Wix.com (NASDAQ:WIX) had its price target lowered by Bank of America from $136.00 to $109.00 in a research report released on Tuesday,Benzinga reports. The firm currently has a buy rating on the information services provider’s stock.

A number of other analysts have also recently commented on the stock. Robert W. Baird cut shares of Wix.com from an “outperform” rating to a “neutral” rating and reduced their target price for the company from $115.00 to $90.00 in a report on Monday, March 9th. Needham & Company LLC reduced their target price on shares of Wix.com from $140.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 5th. Benchmark reduced their target price on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating for the company in a report on Monday, March 2nd. Wall Street Zen cut shares of Wix.com from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Finally, UBS Group downgraded Wix.com from a “buy” rating to a “neutral” rating and lowered their target price for the company from $145.00 to $96.00 in a research report on Thursday, April 2nd. One research analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Wix.com currently has a consensus rating of “Moderate Buy” and an average target price of $125.40.

Wix.com Stock Up 2.1%

Shares of Wix.com stock opened at $77.11 on Tuesday. The company has a market cap of $4.50 billion, a price-to-earnings ratio of 95.20, a price-to-earnings-growth ratio of 2.60 and a beta of 1.26. The company’s 50 day moving average is $78.70 and its 200 day moving average is $98.24. Wix.com has a twelve month low of $60.22 and a twelve month high of $191.24.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings data on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.45. The company had revenue of $524.27 million for the quarter, compared to the consensus estimate of $527.69 million. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.10 earnings per share. Sell-side analysts expect that Wix.com will post 1.39 EPS for the current fiscal year.

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

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of WIX. Farther Finance Advisors LLC increased its stake in shares of Wix.com by 122.2% in the fourth quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock worth $25,000 after purchasing an additional 132 shares in the last quarter. Westside Investment Management Inc. increased its stake in shares of Wix.com by 100.0% in the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after purchasing an additional 77 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in shares of Wix.com in the fourth quarter worth $27,000. Geneos Wealth Management Inc. increased its stake in shares of Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after purchasing an additional 215 shares in the last quarter. Finally, Employees Retirement System of Texas increased its stake in shares of Wix.com by 129.9% in the fourth quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider’s stock worth $46,000 after purchasing an additional 252 shares in the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

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.