Wix.com (NASDAQ:WIX) Stock Price Target Lowered at Wells Fargo & Company

Wix.com (NASDAQ:WIX) had its target price reduced by analysts at Wells Fargo & Company from $64.00 to $63.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the information services provider’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 8.12% from the stock’s current price.

Other research analysts have also recently issued reports about the stock. Wedbush lowered their price target on shares of Wix.com from $80.00 to $75.00 and set a “neutral” rating on the stock in a report on Tuesday. 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. Benchmark restated a “buy” rating on shares of Wix.com in a research report on Wednesday, August 26th. Bank of America downgraded Wix.com from a “buy” rating to an “underperform” rating and reduced their target price for the company from $75.00 to $68.00 in a report on Tuesday. Finally, Royal Bank Of Canada upped their price objective on Wix.com from $45.00 to $60.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 5th. Ten investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $88.43.

Wix.com Trading Up 6.5%

Shares of NASDAQ WIX traded up $4.19 during mid-day trading on Wednesday, hitting $68.57. The company had a trading volume of 101,967 shares, compared to its average volume of 1,912,176. The firm has a 50-day simple moving average of $76.88 and a two-hundred day simple moving average of $70.32. Wix.com has a one year low of $40.16 and a one year high of $135.00. The company has a market capitalization of $4.00 billion, a PE ratio of -19.24, a price-to-earnings-growth ratio of 33.15 and a beta of 1.06.

Wix.com (NASDAQ:WIX) last issued its earnings results on Tuesday, November 10th. The information services provider reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.40 by $0.02. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. The company had revenue of $570.17 million for the quarter, compared to analysts’ expectations of $566.27 million. During the same period in the prior year, the firm earned $1.80 EPS. Wix.com’s quarterly revenue was up 12.9% compared to the same quarter last year. Sell-side analysts expect that Wix.com will post 0.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CMO Omer Shai bought 490 shares of Wix.com stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average cost of $59.89 per share, for a total transaction of $29,346.10. Following the completion of the acquisition, the chief marketing officer directly owned 515,879 shares of the company’s stock, valued at approximately $30,895,993.31. The trade was a 0.10% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Avishai Abrahami acquired 654 shares of Wix.com stock in a transaction dated Monday, August 31st. The stock was purchased at an average cost of $59.89 per share, for a total transaction of $39,168.06. Following the completion of the purchase, the chief executive officer owned 486,225 shares in the company, valued at approximately $29,120,015.25. The trade was a 0.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 2,622 shares of company stock valued at $157,032 over the last 90 days. 6.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Hsbc Holdings PLC raised its holdings in shares of Wix.com by 11,894.0% during the first quarter. Hsbc Holdings PLC now owns 3,529,474 shares of the information services provider’s stock valued at $318,676,000 after purchasing an additional 3,500,047 shares during the period. Senvest Management LLC grew its stake in shares of Wix.com by 24.8% in the 1st quarter. Senvest Management LLC now owns 3,754,680 shares of the information services provider’s stock valued at $338,184,000 after buying an additional 746,200 shares during the period. OMERS ADMINISTRATION Corp grew its stake in shares of Wix.com by 7,102.6% in the 1st quarter. OMERS ADMINISTRATION Corp now owns 695,267 shares of the information services provider’s stock valued at $62,623,000 after buying an additional 685,614 shares during the period. Arrowstreet Capital Limited Partnership increased its position in Wix.com by 57.5% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,585,962 shares of the information services provider’s stock valued at $142,848,000 after buying an additional 578,729 shares in the last quarter. Finally, Renaissance Technologies LLC increased its position in Wix.com by 52.1% in the 1st quarter. Renaissance Technologies LLC now owns 576,049 shares of the information services provider’s stock valued at $51,885,000 after buying an additional 197,200 shares in the last quarter. 81.52% of the stock is owned by institutional investors.

Trending Headlines about Wix.com

These are some of the WIX headlines that stood out recently:

• Positive Sentiment: Third-quarter revenue rose 12.9% year over year to $570.17 million, while earnings of $1.42 per share topped analyst estimates. Wix tops Q3 earnings and revenue estimates
• Neutral Sentiment: Cantor Fitzgerald lowered its price target from $90 to $80 but maintained an Overweight rating, suggesting it still sees potential upside. Cantor Fitzgerald price target update
• Negative Sentiment: Bank of America downgraded WIX to Underperform from Buy and cut its target to $68 from $75. JPMorgan also lowered its target, to $59 from $62, and maintained an Underweight rating. Analyst downgrades JPMorgan lowers Wix price target

About Wix.com

Wix.com Ltd. is a cloud-based platform that enables individuals, businesses and organizations to create and manage websites. Its tools include customizable templates, a visual website editor and hosting, allowing users to build sites without advanced coding skills or develop more customized experiences. The company also offers services for online businesses, including e-commerce features, appointment booking, payments, marketing tools and website analytics. Its products are designed to help customers manage multiple aspects of their online presence through one platform.