Bank of America Cuts Wix.com (NASDAQ:WIX) Price Target to $109.00

Wix.com (NASDAQ:WIX) had its price objective cut by Bank of America from $136.00 to $109.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the information services provider’s stock.

Several other brokerages have also issued reports on WIX. Weiss Ratings lowered Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a research note on Friday, March 6th. Royal Bank Of Canada lowered their target price on Wix.com from $155.00 to $112.00 and set an “outperform” rating on the stock in a research note on Thursday, March 5th. Needham & Company LLC lowered their target price on Wix.com from $140.00 to $115.00 and set a “buy” rating on the stock in a research note on Thursday, March 5th. Morgan Stanley decreased their price objective on Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. Finally, Jefferies Financial Group reduced their target price on Wix.com from $200.00 to $130.00 and set a “buy” rating for the company in a report on Monday, February 23rd. One investment analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $125.40.

Wix.com Price Performance

Shares of WIX opened at $71.97 on Tuesday. The firm has a market cap of $4.20 billion, a PE ratio of 88.85, a PEG ratio of 2.65 and a beta of 1.26. The stock’s fifty day moving average price is $78.81 and its two-hundred day moving average price is $97.91. Wix.com has a 1 year low of $60.22 and a 1 year high of $191.24.

Wix.com (NASDAQ:WIX) last issued its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.36 by $0.45. The firm had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The business’s revenue was up 13.9% on a year-over-year basis. During the same period in the previous year, the company posted $2.10 earnings per share. Sell-side analysts anticipate that Wix.com will post 1.39 earnings per share for the current fiscal year.

Wix.com declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 28th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the information services provider to purchase up to 40.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

A number of institutional investors have recently added to or reduced their stakes in WIX. AQR Capital Management LLC increased its stake in Wix.com by 36.6% in the 1st quarter. AQR Capital Management LLC now owns 1,627 shares of the information services provider’s stock worth $266,000 after acquiring an additional 436 shares during the last quarter. Woodline Partners LP increased its stake in Wix.com by 9.7% in the 1st 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 last quarter. Geneos Wealth Management Inc. increased its stake in Wix.com by 632.4% in the 1st 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 last quarter. Cetera Investment Advisers increased its position in shares of Wix.com by 18.9% during the 2nd quarter. Cetera Investment Advisers now owns 1,853 shares of the information services provider’s stock valued at $294,000 after purchasing an additional 295 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Wix.com by 29.5% during the 2nd quarter. American Century Companies Inc. now owns 6,930 shares of the information services provider’s stock valued at $1,098,000 after purchasing an additional 1,580 shares during the last quarter. 81.52% of the stock is currently owned by institutional investors.

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.