Wix.com (NASDAQ:WIX) Rating Increased to Hold at Piper Sandler

Piper Sandler upgraded shares of Wix.com (NASDAQ:WIX) to a hold rating in a research report released on Wednesday,Zacks.com reports.

Several other brokerages have also issued reports on WIX. Zacks Research upgraded Wix.com from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Robert W. Baird downgraded Wix.com from an “outperform” rating to a “neutral” rating and reduced their price target for the stock from $115.00 to $90.00 in a report on Monday, March 9th. Morgan Stanley decreased their price target on Wix.com from $181.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, January 15th. Wall Street Zen cut Wix.com from a “buy” rating to a “hold” rating in a report on Sunday, March 8th. Finally, Citigroup reduced their target price on Wix.com from $150.00 to $105.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Wix.com has a consensus rating of “Moderate Buy” and an average target price of $134.90.

Wix.com Trading Up 1.4%

Shares of WIX opened at $88.09 on Wednesday. The company’s fifty day simple moving average is $81.63 and its 200-day simple moving average is $114.38. The company has a market cap of $5.14 billion, a P/E ratio of 108.75, a P/E/G ratio of 2.79 and a beta of 1.39. Wix.com has a twelve month low of $60.22 and a twelve month high of $191.24.

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 analysts’ consensus estimates of $1.36 by $0.45. The firm had revenue of $524.27 million during the quarter, compared to analysts’ expectations of $527.69 million. Wix.com had a net margin of 2.54% and a negative return on equity of 70.04%. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.10 EPS. Analysts predict that Wix.com will post 3.65 earnings per share for the current fiscal year.

Wix.com declared that its board has approved a stock repurchase 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 purchase up to 40.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently made changes to their positions in WIX. AQR Capital Management LLC increased its stake in shares of Wix.com by 36.6% during the first quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock valued at $266,000 after buying an additional 436 shares during the period. Woodline Partners LP lifted its stake in Wix.com by 9.7% in the first quarter. Woodline Partners LP now owns 2,292 shares of the information services provider’s stock worth $374,000 after acquiring an additional 202 shares during the period. Geneos Wealth Management Inc. lifted its stake in Wix.com by 632.4% in the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after acquiring an additional 215 shares during the period. Vise Technologies Inc. bought a new position in Wix.com during the 2nd quarter worth about $257,000. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in Wix.com by 111.2% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 54,422 shares of the information services provider’s stock valued at $8,624,000 after purchasing an additional 28,654 shares during the period. Institutional investors own 81.52% of the company’s stock.

About Wix.com

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.