Wix.com (NASDAQ:WIX) Upgraded at Piper Sandler

Piper Sandler upgraded shares of Wix.com (NASDAQ:WIX) to a hold rating in a report released on Wednesday,Zacks.com reports.

Several other equities analysts have also recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $130.00 target price on shares of Wix.com in a research report on Thursday, March 5th. Barclays cut their price objective on Wix.com from $205.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, March 5th. B. Riley Financial reiterated a “buy” rating and set a $200.00 target price (down from $230.00) on shares of Wix.com in a research note on Thursday, November 20th. Royal Bank Of Canada reduced their price target on shares of Wix.com from $155.00 to $112.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Finally, Bank of America dropped their target price on shares of Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Wix.com presently has an average rating of “Moderate Buy” and a consensus target price of $134.90.

Wix.com Trading Up 1.4%

Wix.com stock opened at $88.09 on Wednesday. The stock has a 50-day moving average price of $81.63 and a two-hundred day moving average price of $114.38. Wix.com has a 12 month low of $60.22 and a 12 month high of $191.24. The company has a market capitalization of $5.14 billion, a PE ratio of 108.75, a P/E/G ratio of 2.79 and a beta of 1.39.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, beating 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 company had revenue of $524.27 million during the quarter, compared to analysts’ expectations of $527.69 million. During the same quarter in the prior year, the firm posted $2.10 earnings per share. The business’s quarterly revenue was up 13.9% on a year-over-year basis. As a group, analysts predict that Wix.com will post 3.65 earnings per share for the current fiscal year.

Wix.com announced that its Board of Directors has initiated a share repurchase plan on Wednesday, January 28th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information services provider to reacquire up to 40.5% of its shares through open market purchases. Shares buyback plans are often 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 stock. AQR Capital Management LLC lifted its holdings in shares of 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 buying an additional 436 shares in the last quarter. Woodline Partners LP lifted its stake in Wix.com by 9.7% in the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after purchasing an additional 202 shares in the last quarter. Geneos Wealth Management Inc. boosted its holdings in Wix.com by 632.4% in 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 during the period. Vise Technologies Inc. purchased a new position in shares of Wix.com during the 2nd quarter valued at $257,000. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in shares of Wix.com by 111.2% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 54,422 shares of the information services provider’s stock worth $8,624,000 after buying an additional 28,654 shares in the last quarter. Hedge funds and other 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.