Piper Sandler Begins Coverage on Wix.com (NASDAQ:WIX)

Investment analysts at Piper Sandler assumed coverage on shares of Wix.com (NASDAQ:WIX) in a research note issued on Thursday. The firm set a “neutral” rating and a $98.00 price target on the information services provider’s stock. Piper Sandler’s target price points to a potential upside of 9.31% from the stock’s current price.

A number of other research analysts have also recently weighed in on the stock. Raymond James Financial restated a “strong-buy” rating and issued a $100.00 price objective on shares of Wix.com in a report on Wednesday, March 4th. Cantor Fitzgerald restated an “overweight” rating and issued a $130.00 price target on shares of Wix.com in a research note on Thursday, March 5th. Oppenheimer cut their target price on Wix.com from $160.00 to $130.00 and set an “outperform” rating on the stock in a research report on Monday, February 2nd. Royal Bank Of Canada dropped their price target on shares of Wix.com from $155.00 to $112.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Finally, Wall Street Zen downgraded shares of Wix.com from a “buy” rating to a “hold” rating in a research report on Sunday. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Wix.com has an average rating of “Moderate Buy” and a consensus target price of $134.90.

Wix.com Price Performance

WIX traded down $0.26 on Thursday, reaching $89.66. 231,101 shares of the company’s stock were exchanged, compared to its average volume of 2,401,396. Wix.com has a twelve month low of $60.22 and a twelve month high of $191.24. The stock has a market cap of $5.23 billion, a PE ratio of 111.10, a P/E/G ratio of 1.93 and a beta of 1.39. The stock’s fifty day moving average price is $82.23 and its 200-day moving average price is $114.89.

Wix.com (NASDAQ:WIX) last released its quarterly earnings data on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.45. The firm had revenue of $524.27 million during the quarter, compared to analysts’ expectations of $527.69 million. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. Wix.com’s revenue was up 13.9% compared to the same quarter last year. During the same period last year, the business earned $2.10 earnings per share. As a group, research analysts predict that Wix.com will post 3.65 earnings per share for the current fiscal year.

Wix.com announced that its board has approved a stock repurchase plan on Wednesday, January 28th that allows the company to repurchase $2.00 billion in shares. This repurchase authorization allows the information services provider to reacquire up to 40.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC boosted its stake in shares of Wix.com by 36.6% during 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 during the period. Woodline Partners LP raised its stake in Wix.com by 9.7% during the 1st quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock valued at $374,000 after acquiring an additional 202 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after acquiring an additional 215 shares during the period. Penserra Capital Management LLC acquired a new stake in Wix.com during the 2nd quarter worth approximately $77,000. Finally, Metis Global Partners LLC purchased a new position in shares of Wix.com in the 2nd quarter valued at approximately $228,000. 81.52% of the stock is owned by hedge funds and other institutional investors.

Wix.com Company Profile

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.