Scotiabank Issues Pessimistic Forecast for Wix.com (NASDAQ:WIX) Stock Price

Wix.com (NASDAQ:WIXGet Free Report) had its target price reduced by analysts at Scotiabank from $175.00 to $125.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “sector outperform” rating on the information services provider’s stock. Scotiabank’s target price indicates a potential upside of 37.12% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Wells Fargo & Company cut their target price on Wix.com from $184.00 to $176.00 and set an “overweight” rating on the stock in a report on Friday, December 19th. Bank of America cut their price objective on Wix.com from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. Needham & Company LLC lowered their price target on shares of Wix.com from $140.00 to $115.00 and set a “buy” rating for the company in a report on Thursday. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $100.00 price objective on shares of Wix.com in a research note on Wednesday. Finally, B. Riley Financial restated a “buy” rating and issued a $200.00 target price (down from $230.00) on shares of Wix.com in a report on Thursday, November 20th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $151.45.

Read Our Latest Research Report on Wix.com

Wix.com Price Performance

NASDAQ WIX traded up $7.38 during trading hours on Thursday, reaching $91.16. The company’s stock had a trading volume of 2,144,581 shares, compared to its average volume of 2,341,057. The firm has a fifty day simple moving average of $83.51 and a 200-day simple moving average of $116.16. Wix.com has a 52 week low of $60.22 and a 52 week high of $195.15. The stock has a market cap of $5.11 billion, a P/E ratio of 39.00, a P/E/G ratio of 2.31 and a beta of 1.39.

Wix.com (NASDAQ:WIXGet Free Report) last announced its quarterly 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 during the quarter, compared to analysts’ expectations of $527.69 million. Wix.com had a net margin of 7.20% and a negative return on equity of 102.59%. The company’s revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company posted $2.10 EPS. On average, research analysts expect that Wix.com will post 3.65 earnings per share for the current year.

Wix.com declared that its board has authorized a share 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 repurchase up to 40.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

A number of hedge funds have recently added to or reduced their stakes in WIX. Westside Investment Management Inc. lifted its holdings in shares of Wix.com by 100.0% in the 3rd quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after purchasing an additional 77 shares in the last quarter. Farther Finance Advisors LLC increased its position in shares of Wix.com by 122.2% during the fourth quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock worth $25,000 after acquiring an additional 132 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in shares of 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. Flagship Harbor Advisors LLC acquired a new stake in shares of Wix.com in the 4th quarter worth about $27,000. Finally, National Bank of Canada FI bought a new position in Wix.com in the 3rd quarter valued at about $54,000. Institutional investors and hedge funds own 81.52% of the company’s stock.

Wix.com News Roundup

Here are the key news stories impacting Wix.com this week:

About Wix.com

(Get Free Report)

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.

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Analyst Recommendations for Wix.com (NASDAQ:WIX)

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