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

Wall Street Zen lowered shares of Wix.com (NASDAQ:WIX) from a buy rating to a hold rating in a research note published on Sunday.

WIX has been the subject of a number of other reports. UBS Group restated a “buy” rating and issued a $145.00 target price on shares of Wix.com in a research report on Friday. Zacks Research raised shares of Wix.com from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Scotiabank dropped their target price on shares of Wix.com from $175.00 to $125.00 and set a “sector outperform” rating on the stock in a report on Thursday, March 5th. Weiss Ratings lowered Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday. Finally, Morgan Stanley reduced their target price on Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, January 15th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $140.50.

Wix.com Trading Down 2.1%

NASDAQ:WIX opened at $90.09 on Friday. Wix.com has a 52 week low of $60.22 and a 52 week high of $191.24. The firm has a market capitalization of $5.25 billion, a PE ratio of 111.22, a price-to-earnings-growth ratio of 1.98 and a beta of 1.39. The stock has a 50 day moving average of $82.51 and a 200-day moving average of $115.06.

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

Wix.com declared that its board has approved a share repurchase program on Wednesday, January 28th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information services provider to buy up to 40.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Farther Finance Advisors LLC grew its position in shares of Wix.com by 122.2% in the fourth quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock valued at $25,000 after purchasing an additional 132 shares during the last quarter. Westside Investment Management Inc. raised its stake in shares of Wix.com by 100.0% in the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after acquiring an additional 77 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Wix.com during the fourth quarter worth $27,000. Geneos Wealth Management Inc. increased its stake in shares of Wix.com by 632.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after buying an additional 215 shares during the period. Finally, Employees Retirement System of Texas raised its position in shares of Wix.com by 129.9% during the fourth quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider’s stock worth $46,000 after acquiring an additional 252 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.