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

Wix.com (NASDAQ:WIX) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a report released on Sunday, Wall Street Zen reports.

WIX has been the subject of several other research reports. Citigroup reaffirmed a “neutral” rating on shares of Wix.com in a report on Wednesday, August 12th. UBS Group increased their price objective on shares of Wix.com from $66.00 to $75.00 and gave the company a “neutral” rating in a research report on Monday, September 21st. Needham & Company LLC raised their target price on shares of Wix.com from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, September 23rd. Weiss Ratings raised shares of Wix.com from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, September 11th. Finally, Morgan Stanley lowered shares of Wix.com from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $112.00 to $60.00 in a research note on Tuesday, July 21st. Eleven equities research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Wix.com presently has a consensus rating of “Hold” and a consensus target price of $91.29.

Wix.com Stock Up 2.0%

Shares of NASDAQ WIX opened at $74.06 on Friday. The business’s 50 day moving average price is $74.75 and its two-hundred day moving average price is $66.51. The company has a market cap of $4.32 billion, a PE ratio of -20.92, a price-to-earnings-growth ratio of 34.52 and a beta of 1.01. Wix.com has a twelve month low of $40.16 and a twelve month high of $153.50.

Wix.com (NASDAQ:WIX) last released its quarterly earnings data on Tuesday, August 4th. The information services provider reported $1.39 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $552.56 million. During the same period last year, the firm posted $2.28 earnings per share. The business’s revenue was up 14.9% on a year-over-year basis. As a group, research analysts anticipate that Wix.com will post 0.24 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Shelly B. Meyer sold 479 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $95.00, for a total transaction of $45,505.00. Following the transaction, the insider directly owned 183,010 shares of the company’s stock, valued at approximately $17,385,950. This trade represents a 0.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Lior Shemesh acquired 456 shares of the company’s stock in a transaction on Monday, August 31st. The stock was acquired at an average price of $59.89 per share, with a total value of $27,309.84. Following the purchase, the chief financial officer directly owned 221,567 shares in the company, valued at approximately $13,269,647.63. This represents a 0.21% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have purchased a total of 2,622 shares of company stock valued at $157,032 in the last 90 days. 6.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Versant Capital Management Inc boosted its stake in shares of Wix.com by 537.6% in the third quarter. Versant Capital Management Inc now owns 542 shares of the information services provider’s stock valued at $39,000 after buying an additional 457 shares during the period. Lombard Odier Asset Management USA Corp acquired a new stake in Wix.com during the first quarter worth approximately $210,000. Arkadios Wealth Advisors bought a new position in Wix.com during the 1st quarter worth $249,000. Independent Financial Group LLC bought a new position in Wix.com during the 1st quarter worth $254,000. Finally, Rockefeller Capital Management L.P. raised its holdings in Wix.com by 17.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,741 shares of the information services provider’s stock valued at $285,000 after acquiring an additional 410 shares in the last quarter. Institutional investors and hedge funds own 81.52% of the company’s stock.

About Wix.com

Wix.com Ltd. is a cloud-based web development and digital services company that enables individuals, entrepreneurs and businesses to create, manage and grow an online presence. Its platform provides no-code and low-code tools, professionally designed templates, drag-and-drop editing, artificial intelligence features, website hosting, domain registration and related business solutions.

In addition to its core website builder, Wix offers tools for e-commerce, online payments, bookings, events, restaurants, marketing, customer relationship management and business analytics.