JPMorgan Chase & Co. Downgrades Wix.com (NASDAQ:WIX) to Underweight

Wix.com (NASDAQ:WIX) was downgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a report released on Friday. They currently have a $91.00 target price on the information services provider’s stock. JPMorgan Chase & Co.‘s target price points to a potential upside of 1.66% from the stock’s current price.

WIX has been the topic of a number of other research reports. Citizens Jmp dropped their target price on Wix.com from $185.00 to $125.00 and set a “market outperform” rating on the stock in a report on Thursday, January 22nd. Weiss Ratings cut shares of Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a report on Friday, March 6th. Barclays lowered their price objective on shares of Wix.com from $205.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. Needham & Company LLC cut their target price on shares of Wix.com from $140.00 to $115.00 and set a “buy” rating for the company in a research report on Thursday, March 5th. Finally, Royal Bank Of Canada decreased their target price on shares of Wix.com from $155.00 to $112.00 and set an “outperform” rating for the company in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Wix.com has an average rating of “Moderate Buy” and an average price target of $131.15.

Wix.com Trading Up 0.4%

Shares of WIX stock opened at $89.51 on Friday. Wix.com has a 1-year low of $60.22 and a 1-year high of $191.24. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 110.51, a P/E/G ratio of 2.92 and a beta of 1.39. The stock’s fifty day simple moving average is $80.67 and its 200-day simple moving average is $111.13.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings data on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $524.27 million during the quarter, compared to the consensus estimate of $527.69 million. During the same period in the prior year, the business earned $2.10 EPS. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, sell-side analysts predict that Wix.com will post 3.65 EPS for the current year.

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

Hedge Funds Weigh In On Wix.com

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC grew its position in Wix.com by 36.6% in the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock worth $266,000 after acquiring an additional 436 shares in the last quarter. Woodline Partners LP raised its holdings in shares of Wix.com by 9.7% during the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock valued at $374,000 after purchasing an additional 202 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings 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 valued at $41,000 after purchasing an additional 215 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of Wix.com by 18.9% in the 2nd quarter. Cetera Investment Advisers now owns 1,853 shares of the information services provider’s stock valued at $294,000 after purchasing an additional 295 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in shares of Wix.com by 29.5% in the 2nd quarter. American Century Companies Inc. now owns 6,930 shares of the information services provider’s stock valued at $1,098,000 after purchasing an additional 1,580 shares during the last quarter. Institutional investors own 81.52% of the company’s stock.

About Wix.com

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.