Wix.com (NASDAQ:WIX) Rating Increased to Strong-Buy at Wall Street Zen

Wall Street Zen upgraded shares of Wix.com (NASDAQ:WIX) from a buy rating to a strong-buy rating in a research note issued to investors on Saturday morning.

A number of other equities analysts also recently commented on WIX. Citigroup reaffirmed an “outperform” rating on shares of Wix.com in a report on Tuesday, September 23rd. Needham & Company LLC decreased their price objective on shares of Wix.com from $250.00 to $200.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. JPMorgan Chase & Co. decreased their price objective on shares of Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. JMP Securities reaffirmed a “market outperform” rating and issued a $210.00 price objective on shares of Wix.com in a report on Friday, October 3rd. Finally, Barclays set a $235.00 price target on shares of Wix.com and gave the company an “overweight” rating in a report on Thursday, August 7th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $215.37.

Wix.com Stock Down 3.3%

NASDAQ WIX opened at $134.15 on Friday. The stock has a market cap of $7.53 billion, a PE ratio of 47.74, a P/E/G ratio of 2.50 and a beta of 1.32. Wix.com has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The business has a 50 day moving average price of $148.24 and a two-hundred day moving average price of $155.29.

Wix.com (NASDAQ:WIX) last announced its earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.79 by $0.49. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The company had revenue of $489.93 million for the quarter, compared to analyst estimates of $487.62 million. During the same period in the prior year, the company posted $1.67 EPS. Wix.com’s quarterly revenue was up 12.4% on a year-over-year basis. Sell-side analysts anticipate that Wix.com will post 3.65 EPS for the current fiscal year.

Wix.com announced that its board has authorized a share buyback program on Monday, August 11th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in WIX. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after acquiring an additional 66 shares during the period. Twin Tree Management LP bought a new position in shares of Wix.com during the first quarter valued at $29,000. Geneos Wealth Management Inc. lifted 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 during the period. Blue Trust Inc. raised its holdings in shares of Wix.com by 47.8% in the second quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock valued at $65,000 after buying an additional 132 shares during the last quarter. Finally, Penserra Capital Management LLC bought a new position in shares of Wix.com in the second quarter valued at about $77,000. 81.52% of the stock is owned by institutional investors.

Wix.com Company Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.