Wix.com (NASDAQ:WIX) Rating Increased to Hold at Zacks Research

Wix.com (NASDAQ:WIX) was upgraded by equities researchers at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

WIX has been the topic of a number of other reports. B. Riley reaffirmed a “buy” rating and issued a $230.00 price objective (down from $240.00) on shares of Wix.com in a research note on Wednesday, May 28th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 price target on shares of Wix.com in a report on Wednesday, June 18th. UBS Group dropped their price objective on Wix.com from $230.00 to $200.00 and set a “buy” rating on the stock in a research note on Thursday, August 7th. Wells Fargo & Company upgraded Wix.com from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $173.00 to $216.00 in a report on Monday, June 16th. Finally, Baird R W upgraded shares of Wix.com from a “hold” rating to a “strong-buy” rating in a research note on Friday, May 23rd. Three research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $215.63.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $126.80 on Wednesday. The company has a 50 day simple moving average of $146.42 and a 200 day simple moving average of $165.44. Wix.com has a 1 year low of $114.89 and a 1 year high of $247.11. The firm has a market cap of $7.11 billion, a PE ratio of 45.12, a price-to-earnings-growth ratio of 2.44 and a beta of 1.27.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.79 by $0.49. The firm had revenue of $489.93 million during the quarter, compared to analysts’ expectations of $487.62 million. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The company’s revenue was up 12.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.67 EPS. As a group, research analysts anticipate 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 program on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to repurchase up to 2.9% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

A number of hedge funds have recently added to or reduced their stakes in the stock. Liontrust Investment Partners LLP purchased a new stake in shares of Wix.com in the second quarter worth approximately $3,708,000. Headlands Technologies LLC raised its position in Wix.com by 18.2% in the 2nd quarter. Headlands Technologies LLC now owns 4,476 shares of the information services provider’s stock valued at $709,000 after buying an additional 689 shares during the last quarter. Tower Research Capital LLC TRC raised its position in Wix.com by 508.6% in the 2nd quarter. Tower Research Capital LLC TRC now owns 779 shares of the information services provider’s stock valued at $123,000 after buying an additional 651 shares during the last quarter. Corient Private Wealth LLC lifted its stake in Wix.com by 99.4% during the 2nd quarter. Corient Private Wealth LLC now owns 9,120 shares of the information services provider’s stock valued at $1,445,000 after acquiring an additional 4,546 shares in the last quarter. Finally, Captrust Financial Advisors lifted its stake in Wix.com by 31.8% during the 2nd quarter. Captrust Financial Advisors now owns 431,721 shares of the information services provider’s stock valued at $68,411,000 after acquiring an additional 104,120 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.