Citigroup Issues Pessimistic Forecast for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIX) had its price objective reduced by stock analysts at Citigroup from $72.00 to $71.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “neutral” rating on the information services provider’s stock. Citigroup‘s price objective points to a potential upside of 3.06% from the company’s current price.

Several other equities research analysts also recently commented on WIX. Benchmark reissued a “buy” rating on shares of Wix.com in a research report on Wednesday, August 26th. UBS Group set a $110.00 price target on shares of Wix.com in a research report on Monday, October 26th. Jefferies Financial Group reiterated a “buy” rating and set a $85.00 price target on shares of Wix.com in a research note on Tuesday. Wall Street Zen raised Wix.com from a “hold” rating to a “buy” rating in a report on Saturday, October 31st. Finally, JPMorgan Chase & Co. lowered their price objective on Wix.com from $62.00 to $59.00 and set an “underweight” rating for the company in a research note on Tuesday. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Wix.com currently has a consensus rating of “Hold” and an average target price of $89.52.

Wix.com Stock Up 7.0%

WIX stock traded up $4.51 during midday trading on Wednesday, reaching $68.89. 578,813 shares of the company’s stock traded hands, compared to its average volume of 1,914,630. The company has a market cap of $4.02 billion, a price-to-earnings ratio of -19.51, a P/E/G ratio of 33.15 and a beta of 1.06. The firm’s fifty day moving average price is $76.88 and its 200-day moving average price is $70.32. Wix.com has a 52 week low of $40.16 and a 52 week high of $135.00.

Wix.com (NASDAQ:WIX) last released its quarterly earnings data on Tuesday, November 10th. The information services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. The firm had revenue of $570.17 million for the quarter, compared to the consensus estimate of $566.27 million. During the same quarter in the prior year, the company posted $1.80 earnings per share. The business’s revenue was up 12.9% on a year-over-year basis. Analysts forecast that Wix.com will post 0.24 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Avishai Abrahami purchased 654 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average cost of $59.89 per share, for a total transaction of $39,168.06. Following the completion of the acquisition, the chief executive officer owned 486,225 shares in the company, valued at $29,120,015.25. This trade represents a 0.13% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Lior Shemesh acquired 456 shares of Wix.com stock in a transaction on Monday, August 31st. The stock was purchased at an average cost of $59.89 per share, with a total value of $27,309.84. Following the completion of the transaction, the chief financial officer directly owned 221,567 shares in the company, valued at $13,269,647.63. This represents a 0.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 2,622 shares of company stock valued at $157,032 over the last 90 days. 6.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Senvest Management LLC grew its holdings in shares of Wix.com by 24.8% in the first quarter. Senvest Management LLC now owns 3,754,680 shares of the information services provider’s stock valued at $338,184,000 after acquiring an additional 746,200 shares in 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 lifted its holdings in 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 worth $142,848,000 after acquiring an additional 578,729 shares during the period. 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 boosted its position in Wix.com by 52.1% in the first 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 last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Top Wix.com Stories

Investors following WIX have been watching these stories:

• Positive Sentiment: Wix reported third-quarter revenue of $570.17 million and adjusted earnings of $1.42 per share, topping consensus estimates; revenue grew 12.9% year over year. Its AI-focused Base44 business also showed traction, with annual recurring revenue nearing $250 million and gross margin close to 60%. Wix Q3 results Base44 takeaways
• Neutral Sentiment: Morgan Stanley raised its price target to $73 from $65 but maintained an Equal Weight rating. Cantor Fitzgerald lowered its target to $80 from $90 while keeping an Overweight rating, reflecting continued disagreement on the shares’ outlook. Morgan Stanley rating
• Negative Sentiment: The company lowered its cash-flow margin outlook as it increases spending on marketing and AI. Investors may also be concerned about slower growth in Wix’s core business. Several firms cut targets, including RBC to $58, Wells Fargo to $63, JPMorgan to $59, and Bank of America, which downgraded the stock to Underperform. Cash-flow outlook RBC rating

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.