Wix.com (NASDAQ:WIX) Cut to “Market Perform” at Citizens Jmp

Citizens Jmp downgraded shares of Wix.com (NASDAQ:WIX) from a market outperform rating to a market perform rating in a research note released on Tuesday, MarketBeat Ratings reports.

Other equities analysts also recently issued research reports about the stock. Morgan Stanley cut their price target on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $130.00 price target on shares of Wix.com in a research note on Thursday, March 5th. Needham & Company LLC cut their price target on shares of Wix.com from $140.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Piper Sandler initiated coverage on shares of Wix.com in a research note on Thursday, March 12th. They set a “neutral” rating and a $98.00 price target on the stock. Finally, Zacks Research raised shares of Wix.com from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $128.45.

Wix.com Stock Down 9.0%

NASDAQ:WIX opened at $67.67 on Tuesday. The company has a market cap of $3.95 billion, a P/E ratio of 83.54, a P/E/G ratio of 2.56 and a beta of 1.26. Wix.com has a fifty-two week low of $60.22 and a fifty-two week high of $191.24. The firm’s 50 day moving average is $80.20 and its two-hundred day moving average is $104.92.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, topping analysts’ consensus estimates of $1.36 by $0.45. The company had revenue of $524.27 million for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same quarter last year, the firm posted $2.10 earnings per share. Research analysts forecast that Wix.com will post 3.65 earnings per share for the current fiscal year.

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

Institutional Investors Weigh In On Wix.com

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WIX. Farther Finance Advisors LLC increased its stake in Wix.com by 122.2% during the 4th quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock worth $25,000 after buying an additional 132 shares during the period. Westside Investment Management Inc. increased its stake in Wix.com by 100.0% during the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after buying an additional 77 shares during the period. Flagship Harbor Advisors LLC purchased a new stake in Wix.com during the 4th quarter worth $27,000. Geneos Wealth Management Inc. increased its stake 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 buying an additional 215 shares during the period. Finally, Employees Retirement System of Texas increased its stake in Wix.com by 129.9% during the 4th quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider’s stock worth $46,000 after buying an additional 252 shares during the period. Hedge funds and other institutional investors 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.