Wix.com (NASDAQ:WIX) Stock Rating Lowered by JPMorgan Chase & Co.

Wix.com (NASDAQ:WIX) was downgraded by investment analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Friday, MarketBeat reports. They currently have a $91.00 price objective on the information services provider’s stock, down from their previous price objective of $114.00. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 4.43% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Benchmark dropped their price target on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Cantor Fitzgerald reiterated an “overweight” rating and set a $130.00 price objective on shares of Wix.com in a research report on Thursday, March 5th. Raymond James Financial reissued a “strong-buy” rating and set a $100.00 target price on shares of Wix.com in a research note on Wednesday, March 4th. Robert W. Baird lowered shares of Wix.com from an “outperform” rating to a “neutral” rating and dropped their target price for the company from $115.00 to $90.00 in a report on Monday, March 9th. Finally, Jefferies Financial Group cut their price target on shares of Wix.com from $200.00 to $130.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $131.15.

Wix.com Trading Down 2.6%

NASDAQ WIX opened at $87.14 on Friday. The firm has a market capitalization of $5.08 billion, a PE ratio of 107.58, a price-to-earnings-growth ratio of 2.86 and a beta of 1.39. The business’s 50-day moving average price is $80.81 and its two-hundred day moving average price is $110.27. Wix.com has a 12 month low of $60.22 and a 12 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The company had revenue of $524.27 million during the quarter, compared to the consensus estimate of $527.69 million. During the same period last year, the company earned $2.10 earnings per share. The firm’s revenue was up 13.9% compared to the same quarter last year. As a group, analysts forecast that Wix.com will post 3.65 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Farther Finance Advisors LLC grew its holdings in 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 during the period. Westside Investment Management Inc. raised its holdings in shares of Wix.com by 100.0% during the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after purchasing an additional 77 shares during the period. Flagship Harbor Advisors LLC acquired a new position in shares of Wix.com during the fourth quarter valued at about $27,000. Geneos Wealth Management Inc. boosted its position in shares of 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 purchasing an additional 215 shares in the last quarter. Finally, Employees Retirement System of Texas boosted its position in shares of Wix.com by 129.9% during the 4th 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. 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.