Wix.com (NASDAQ:WIX) Cut to Hold at Wall Street Zen

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

Several other research analysts also recently weighed in on the stock. Evercore set a $95.00 target price on shares of Wix.com in a report on Tuesday, August 4th. Benchmark reissued a “buy” rating on shares of Wix.com in a report on Wednesday, August 26th. Cantor Fitzgerald boosted their price objective on Wix.com from $65.00 to $80.00 and gave the company an “overweight” rating in a research report on Wednesday, August 5th. Raymond James Financial lowered Wix.com from a “strong-buy” rating to an “outperform” rating and dropped their price objective for the stock from $75.00 to $70.00 in a research note on Thursday, July 30th. Finally, JPMorgan Chase & Co. cut their target price 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. Eleven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $91.29.

Wix.com Price Performance

Shares of NASDAQ:WIX opened at $73.91 on Friday. Wix.com has a 1-year low of $40.16 and a 1-year high of $148.33. The company has a market capitalization of $4.31 billion, a P/E ratio of -20.88, a P/E/G ratio of 35.20 and a beta of 1.01. The firm’s 50 day simple moving average is $75.05 and its two-hundred day simple moving average is $66.40.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings results on Tuesday, August 4th. The information services provider reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.13 by $0.26. The business had revenue of $563.06 million during the quarter, compared to analyst estimates of $552.56 million. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. The company’s revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the business posted $2.28 earnings per share. On average, sell-side analysts anticipate that Wix.com will post 0.24 earnings per share for the current fiscal year.

Insider Buying and Selling at Wix.com

In other news, CMO Omer Shai bought 490 shares of Wix.com stock in a transaction dated Monday, August 31st. The shares were purchased at an average cost of $59.89 per share, with a total value of $29,346.10. Following the completion of the acquisition, the chief marketing officer owned 515,879 shares of the company’s stock, valued at $30,895,993.31. This trade represents a 0.10% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Lior Shemesh bought 456 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average price of $59.89 per share, for a total transaction of $27,309.84. Following the completion of the transaction, the chief financial officer directly owned 221,567 shares of the company’s stock, 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. Over the last three months, insiders have purchased 2,622 shares of company stock worth $157,032. Insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Wix.com

Several institutional investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc raised its holdings in shares of Wix.com by 537.6% during the 3rd quarter. Versant Capital Management Inc now owns 542 shares of the information services provider’s stock worth $39,000 after acquiring an additional 457 shares in the last quarter. Lombard Odier Asset Management USA Corp bought a new stake in Wix.com in the first quarter worth $210,000. Arkadios Wealth Advisors bought a new stake in Wix.com in the first quarter worth $249,000. Independent Financial Group LLC bought a new stake in Wix.com in the first quarter worth $254,000. Finally, Rockefeller Capital Management L.P. raised its stake in Wix.com by 17.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 2,741 shares of the information services provider’s stock valued at $285,000 after purchasing an additional 410 shares in the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Company Profile

Wix.com Ltd. is a cloud-based web development and digital services company that enables individuals, entrepreneurs and businesses to create, manage and grow an online presence. Its platform provides no-code and low-code tools, professionally designed templates, drag-and-drop editing, artificial intelligence features, website hosting, domain registration and related business solutions.

In addition to its core website builder, Wix offers tools for e-commerce, online payments, bookings, events, restaurants, marketing, customer relationship management and business analytics.