Wix.com (NASDAQ:WIX) Stock Price Up 6.4% – Time to Buy?

Shares of Wix.com Ltd. (NASDAQ:WIX) were up 6.4% on Monday . The stock traded as high as $82.29 and last traded at $81.5060. 161,284 shares traded hands during trading, a decline of 92% from the average session volume of 2,144,673 shares. The stock had previously closed at $76.58.

Analysts Set New Price Targets

WIX has been the subject of a number of recent research reports. Wells Fargo & Company boosted their target price on shares of Wix.com from $46.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 5th. Benchmark reaffirmed a “buy” rating on shares of Wix.com in a research report on Wednesday, August 26th. Needham & Company LLC reiterated a “buy” rating and issued a $80.00 price objective on shares of Wix.com in a research note on Wednesday, August 5th. Weiss Ratings raised shares of Wix.com from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday. Finally, Cantor Fitzgerald increased their target price on shares of Wix.com from $65.00 to $80.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Wix.com currently has a consensus rating of “Hold” and an average price target of $90.57.

Wix.com Trading Up 9.7%

The stock has a market capitalization of $4.90 billion, a P/E ratio of -23.84, a P/E/G ratio of 36.40 and a beta of 1.02. The business has a 50-day moving average price of $66.56 and a two-hundred day moving average price of $67.12.

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

Insider Transactions at Wix.com

In other news, CEO Avishai Abrahami bought 654 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was bought at an average cost of $59.89 per share, for a total transaction of $39,168.06. Following the transaction, the chief executive officer owned 486,225 shares of the company’s stock, valued at $29,120,015.25. This represents a 0.13% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Lior Shemesh purchased 456 shares of the business’s 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 $27,309.84. Following the acquisition, the chief financial officer owned 221,567 shares in the company, valued at $13,269,647.63. This trade represents a 0.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders purchased 2,622 shares of company stock worth $157,032. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Wix.com

Several institutional investors and hedge funds have recently added to or reduced their stakes in WIX. 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 purchasing an additional 215 shares during the last quarter. Employees Retirement System of Texas lifted its position in shares of 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 last quarter. Banque Cantonale Vaudoise boosted its stake in Wix.com by 464.8% in the fourth quarter. Banque Cantonale Vaudoise now owns 497 shares of the information services provider’s stock valued at $52,000 after buying an additional 409 shares in the last quarter. National Bank of Canada FI acquired a new stake in Wix.com in the third quarter valued at about $54,000. Finally, National Pension Service bought a new position in Wix.com in the fourth quarter valued at about $58,000. 81.52% of the stock is currently owned by institutional investors.

Wix.com Company Profile

Wix.com Ltd. is an Israeli software company that operates a cloud-based website development platform. Its services enable individuals, entrepreneurs, small businesses and organizations to create, manage and grow websites without requiring extensive coding expertise.

The company offers customizable website templates and visual design tools, along with domain registration, web hosting, content management, search engine optimization and online marketing capabilities. Wix also provides tools for e-commerce, online payments, bookings, events, restaurants and other business operations, as well as professional development products through Wix Studio and third-party applications available through its app marketplace.

Founded in 2006 by Avishai Abrahami, Nadav Abrahami and Giora Kaplan, Wix is headquartered in Tel Aviv, Israel, and serves customers internationally.