Wix.com (NASDAQ:WIX) Given New $86.00 Price Target at JPMorgan Chase & Co.

Wix.com (NASDAQ:WIX) had its price objective cut by equities research analysts at JPMorgan Chase & Co. from $91.00 to $86.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has an “underweight” rating on the information services provider’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 62.02% from the company’s previous close.

A number of other research analysts have also recently issued reports on WIX. Barclays reduced their price objective on Wix.com from $160.00 to $155.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. Piper Sandler started coverage on Wix.com in a research note on Thursday, March 12th. They set a “neutral” rating and a $98.00 price objective on the stock. Citigroup reduced their price objective on Wix.com from $150.00 to $105.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Bank of America dropped their target price on shares of Wix.com from $136.00 to $109.00 and set a “buy” rating for the company in a report on Tuesday, April 21st. Finally, Wall Street Zen cut shares of Wix.com from a “buy” rating to a “hold” rating in a research report on Sunday, March 8th. One investment 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 company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $124.40.

Wix.com Stock Performance

WIX traded down $22.80 during trading on Wednesday, reaching $53.08. The stock had a trading volume of 5,527,208 shares, compared to its average volume of 2,490,238. The stock has a market cap of $3.10 billion, a PE ratio of 65.81, a PEG ratio of 2.34 and a beta of 1.01. Wix.com has a one year low of $51.60 and a one year high of $191.24. The business has a 50-day moving average of $80.87 and a 200-day moving average of $92.77.

Wix.com (NASDAQ:WIX) last released its earnings results on Wednesday, March 4th. The information services provider reported $1.81 EPS for the quarter, beating analysts’ consensus estimates of $1.36 by $0.45. The business had revenue of $524.27 million for the quarter, compared to analysts’ expectations of $527.69 million. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The firm’s revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.10 earnings per share. Equities research analysts forecast that Wix.com will post 1.63 EPS for the current fiscal year.

Wix.com declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the information services provider to repurchase up to 40.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

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

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.