Wix.com (NASDAQ:WIX) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Wix.com (NASDAQ:WIX) from a hold rating to a buy rating in a research report sent to investors on Saturday,Wall Street Zen reports.

Other equities research analysts have also recently issued reports about the company. Wedbush increased their target price on Wix.com from $55.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, August 20th. Morgan Stanley cut Wix.com from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $112.00 to $60.00 in a research note on Tuesday, July 21st. JPMorgan Chase & Co. lowered their price objective on Wix.com from $86.00 to $62.00 and set an “underweight” rating for the company in a research report on Thursday, June 18th. Citigroup reiterated a “neutral” rating on shares of Wix.com in a research report on Wednesday, August 12th. Finally, Raymond James Financial lowered Wix.com from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the company from $75.00 to $70.00 in a research note on Thursday, July 30th. Eleven equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $91.29.

Wix.com Stock Down 5.7%

Wix.com stock opened at $69.60 on Friday. The firm has a fifty day simple moving average of $72.61 and a two-hundred day simple moving average of $67.07. Wix.com has a twelve month low of $40.16 and a twelve month high of $181.11. The company has a market capitalization of $4.06 billion, a PE ratio of -19.66, a P/E/G ratio of 35.07 and a beta of 1.02.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings data on Tuesday, August 4th. The information services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.26. The firm had revenue of $563.06 million for the quarter, compared to analysts’ expectations of $552.56 million. Wix.com had a negative return on equity of 1.61% and a negative net margin of 8.19%.The company’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period last year, the firm earned $2.28 earnings per share. As a group, equities analysts expect that Wix.com will post 0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Wix.com news, insider Shelly B. Meyer sold 479 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $95.00, for a total transaction of $45,505.00. Following the completion of the transaction, the insider owned 183,010 shares of the company’s stock, valued at $17,385,950. This represents a 0.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Avishai Abrahami acquired 654 shares of the company’s stock in a transaction on Monday, August 31st. The stock was acquired at an average price of $59.89 per share, with a total value of $39,168.06. Following the acquisition, the chief executive officer 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 disclosure for this purchase is available in the SEC filing. Insiders purchased 2,622 shares of company stock valued at $157,032 over the last ninety days. Corporate insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Wix.com

Several hedge funds have recently made changes to their positions in the business. Empowered Funds LLC purchased a new position in Wix.com during the 1st quarter valued at $2,381,000. Temasek Holdings Private Ltd raised its holdings in Wix.com by 82.4% in the 4th quarter. Temasek Holdings Private Ltd now owns 756,866 shares of the information services provider’s stock worth $78,631,000 after purchasing an additional 341,869 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Wix.com by 52.1% in the 1st quarter. Renaissance Technologies LLC now owns 576,049 shares of the information services provider’s stock worth $51,885,000 after purchasing an additional 197,200 shares during the period. Engineers Gate Manager LP lifted its position in shares of Wix.com by 378.0% in the 2nd quarter. Engineers Gate Manager LP now owns 34,750 shares of the information services provider’s stock worth $1,577,000 after purchasing an additional 27,480 shares during the period. Finally, Quantinno Capital Management LP boosted its stake in shares of Wix.com by 155.6% during the 1st quarter. Quantinno Capital Management LP now owns 122,722 shares of the information services provider’s stock valued at $11,054,000 after purchasing an additional 74,716 shares in the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

About Wix.com

Wix.com Ltd. is an Israeli software company that operates a cloud-based website development platform. Its services enable individuals, entrepreneurs, small businesses and organizations to create, manage and grow websites without requiring extensive coding expertise.

The company offers customizable website templates and visual design tools, along with domain registration, web hosting, content management, search engine optimization and online marketing capabilities. Wix also provides tools for e-commerce, online payments, bookings, events, restaurants and other business operations, as well as professional development products through Wix Studio and third-party applications available through its app marketplace.

Founded in 2006 by Avishai Abrahami, Nadav Abrahami and Giora Kaplan, Wix is headquartered in Tel Aviv, Israel, and serves customers internationally.