Wix.com (NASDAQ:WIX) Stock Rating Cut to Hold at Wall Street Zen

Wall Street Zen downgraded shares of Wix.com (NASDAQ:WIX) from a buy rating to a hold rating in a research report report published on Sunday,Wall Street Zen reports.

A number of other analysts also recently issued reports on the stock. Citigroup reissued a “neutral” rating on shares of Wix.com in a report on Wednesday, August 12th. JPMorgan Chase & Co. dropped their price target on shares of Wix.com from $86.00 to $62.00 and set an “underweight” rating for the company in a research report on Thursday, June 18th. Wedbush boosted their price target on Wix.com from $55.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, August 20th. Wells Fargo & Company increased their price target on Wix.com from $46.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 5th. Finally, Morgan Stanley lowered Wix.com from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $112.00 to $60.00 in a research note on Tuesday, July 21st. Eleven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Wix.com presently has a consensus rating of “Hold” and a consensus price target of $91.29.

Wix.com Price Performance

NASDAQ:WIX opened at $72.62 on Friday. The company has a market cap of $4.23 billion, a P/E ratio of -20.51, a P/E/G ratio of 34.52 and a beta of 1.01. The firm’s fifty day moving average price is $74.39 and its two-hundred day moving average price is $66.62. Wix.com has a one year low of $40.16 and a one year high of $155.47.

Wix.com (NASDAQ:WIX) last posted its earnings results on Tuesday, August 4th. The information services provider reported $1.39 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $552.56 million. During the same quarter in the prior year, the business earned $2.28 earnings per share. The firm’s revenue for the quarter was up 14.9% on a year-over-year basis. As a group, equities research analysts expect that Wix.com will post 0.24 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Avishai Abrahami bought 654 shares of the firm’s stock in a transaction on Monday, August 31st. The shares were purchased at an average price of $59.89 per share, with a total value of $39,168.06. Following the completion of the purchase, the chief executive officer owned 486,225 shares in the company, valued at $29,120,015.25. This represents a 0.13% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Lior Shemesh purchased 456 shares of the stock in a transaction dated Monday, August 31st. The shares were bought at an average price of $59.89 per share, with a total value of $27,309.84. Following the completion of the acquisition, the chief financial officer directly owned 221,567 shares of the company’s stock, valued at approximately $13,269,647.63. This represents a 0.21% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 2,622 shares of company stock worth $157,032 over the last 90 days. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Wix.com

Hedge funds have recently modified their holdings of the company. Versant Capital Management Inc grew its position in shares of Wix.com by 537.6% in the 3rd 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 last quarter. Engineers Gate Manager LP raised its position in shares of Wix.com by 378.0% during the second quarter. Engineers Gate Manager LP now owns 34,750 shares of the information services provider’s stock worth $1,577,000 after acquiring an additional 27,480 shares during the last quarter. Readystate Asset Management LP acquired a new position in shares of Wix.com in the second quarter worth approximately $485,000. Headlands Technologies LLC acquired a new position in shares of Wix.com in the second quarter worth approximately $475,000. Finally, Quantitative Investment Management LLC bought a new stake in Wix.com in the second quarter valued at approximately $605,000. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com Company Profile

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.