Wix.com (NASDAQ:WIX) Price Target Raised to $200.00

Wix.com (NASDAQ:WIX) had its price target lifted by JMP Securities from $160.00 to $200.00 in a research note issued to investors on Monday,Benzinga reports. The firm currently has a market outperform rating on the information services provider’s stock.

Several other equities analysts have also recently commented on the company. JPMorgan Chase & Co. cut their price target on Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Robert W. Baird upgraded Wix.com from a “neutral” rating to an “outperform” rating and decreased their target price for the stock from $215.00 to $190.00 in a report on Friday, May 23rd. Citigroup reiterated an “outperform” rating on shares of Wix.com in a research report on Monday. Cfra Research raised shares of Wix.com from a “hold” rating to a “moderate buy” rating in a research note on Tuesday, August 12th. Finally, Scotiabank set a $255.00 price objective on shares of Wix.com and gave the stock a “sector outperform” rating in a research note on Thursday, August 7th. Three analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, Wix.com currently has a consensus rating of “Buy” and a consensus price target of $215.63.

Wix.com Price Performance

Wix.com stock opened at $126.92 on Monday. Wix.com has a 12-month low of $114.89 and a 12-month high of $247.11. The firm’s 50-day moving average is $146.98 and its two-hundred day moving average is $166.16. The stock has a market capitalization of $7.12 billion, a P/E ratio of 45.17, a P/E/G ratio of 2.43 and a beta of 1.27.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings data 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. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The firm had revenue of $489.93 million for the quarter, compared to analysts’ expectations of $487.62 million. During the same quarter in the prior year, the firm posted $1.67 earnings per share. Wix.com’s revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, analysts forecast that Wix.com will post 3.65 EPS for the current year.

Wix.com announced that its board has authorized a share repurchase plan on Monday, August 11th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Several large investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. boosted its position in shares of Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock valued at $28,000 after buying an additional 66 shares during the last quarter. Procyon Advisors LLC increased its stake in Wix.com by 5.1% in the 1st quarter. Procyon Advisors LLC now owns 1,385 shares of the information services provider’s stock worth $226,000 after buying an additional 67 shares in the last quarter. Smartleaf Asset Management LLC lifted its stake in Wix.com by 8.9% in the 1st quarter. Smartleaf Asset Management LLC now owns 966 shares of the information services provider’s stock worth $161,000 after purchasing an additional 79 shares in the last quarter. Yousif Capital Management LLC lifted its stake in Wix.com by 4.9% in the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider’s stock worth $299,000 after purchasing an additional 85 shares in the last quarter. Finally, Nissay Asset Management Corp Japan ADV grew its stake in shares of Wix.com by 1.5% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 6,424 shares of the information services provider’s stock worth $1,402,000 after buying an additional 96 shares in the last quarter. 81.52% of the stock is currently owned by institutional investors.

About Wix.com

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.