Wix.com (NASDAQ:WIX) Downgraded by Bank of America to “Underperform”

Wix.com (NASDAQ:WIX) was downgraded by stock analysts at Bank of America from a “buy” rating to an “underperform” rating in a research note issued on Tuesday, MarketBeat.com reports. They currently have a $68.00 price objective on the information services provider’s stock, down from their previous price objective of $75.00. Bank of America‘s target price indicates a potential downside of 2.51% from the stock’s current price.

WIX has been the subject of a number of other research reports. Cantor Fitzgerald raised their price objective on Wix.com from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, October 19th. Wells Fargo & Company increased their target price on Wix.com from $46.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 5th. Benchmark restated a “buy” rating on shares of Wix.com in a research note on Wednesday, August 26th. Morgan Stanley downgraded shares of Wix.com from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $112.00 to $60.00 in a report on Tuesday, July 21st. Finally, Wall Street Zen raised shares of Wix.com from a “hold” rating to a “buy” rating in a research note on Saturday, October 31st. Ten investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Wix.com currently has an average rating of “Hold” and an average price target of $89.33.

Wix.com Trading Down 8.3%

Shares of NASDAQ WIX opened at $69.75 on Tuesday. The firm’s 50-day moving average price is $77.36 and its 200-day moving average price is $70.42. Wix.com has a 1-year low of $40.16 and a 1-year high of $137.62.

Wix.com (NASDAQ:WIX) last issued its earnings results on Tuesday, November 10th. The information services provider reported $1.42 EPS for the quarter, beating the consensus estimate of $1.40 by $0.02. Wix.com had a negative return on equity of 1.61% and a negative net margin of 8.19%. The company had revenue of $570.17 million during the quarter, compared to the consensus estimate of $566.27 million. On average, analysts predict that Wix.com will post 0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Wix.com

In other news, CEO Avishai Abrahami bought 654 shares of the stock in a transaction dated Monday, August 31st. The stock was bought at an average price of $59.89 per share, for a total transaction of $39,168.06. Following the completion of the acquisition, the chief executive officer directly owned 486,225 shares in the company, valued at approximately $29,120,015.25. This trade represents a 0.13% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Lior Shemesh purchased 456 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average cost of $59.89 per share, for a total transaction of $27,309.84. Following the completion of the transaction, the chief financial officer directly owned 221,567 shares of the company’s stock, valued at $13,269,647.63. This represents a 0.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders purchased 2,622 shares of company stock worth $157,032. 6.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Wix.com

Several hedge funds have recently modified their holdings of the company. Senvest Management LLC boosted its stake in shares of Wix.com by 24.8% in the 1st quarter. Senvest Management LLC now owns 3,754,680 shares of the information services provider’s stock worth $338,184,000 after buying an additional 746,200 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Wix.com by 11,894.0% during the first quarter. Hsbc Holdings PLC now owns 3,529,474 shares of the information services provider’s stock valued at $318,676,000 after acquiring an additional 3,500,047 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in shares of Wix.com by 57.5% during the first quarter. Arrowstreet Capital Limited Partnership now owns 1,585,962 shares of the information services provider’s stock valued at $142,848,000 after acquiring an additional 578,729 shares during the last quarter. OMERS ADMINISTRATION Corp lifted its holdings in Wix.com by 7,102.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 695,267 shares of the information services provider’s stock worth $62,623,000 after acquiring an additional 685,614 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Wix.com by 52.1% during the first quarter. Renaissance Technologies LLC now owns 576,049 shares of the information services provider’s stock worth $51,885,000 after acquiring an additional 197,200 shares during the period. Institutional investors own 81.52% of the company’s stock.

Wix.com Company Profile

Wix.com Ltd. is a cloud-based platform that enables individuals, businesses and organizations to create and manage websites. Its tools include customizable templates, a visual website editor and hosting, allowing users to build sites without advanced coding skills or develop more customized experiences.

The company also offers services for online businesses, including e-commerce features, appointment booking, payments, marketing tools and website analytics. Its products are designed to help customers manage multiple aspects of their online presence through one platform.

Founded in 2006, Wix is headquartered in Tel Aviv, Israel, and serves customers internationally.