Wix.com (NASDAQ:WIX) Now Covered by Piper Sandler

Piper Sandler began coverage on shares of Wix.com (NASDAQ:WIX) in a research note issued on Thursday. The firm set a “neutral” rating and a $98.00 price target on the information services provider’s stock. Piper Sandler’s price objective indicates a potential upside of 9.31% from the company’s previous close.

Several other research firms have also recently issued reports on WIX. Wells Fargo & Company cut their price objective on Wix.com from $176.00 to $137.00 and set an “overweight” rating for the company in a research report on Thursday, March 5th. UBS Group reiterated a “buy” rating and issued a $145.00 price target on shares of Wix.com in a report on Friday, March 6th. Benchmark decreased their price objective on shares of Wix.com from $185.00 to $140.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Jefferies Financial Group lowered their target price on shares of Wix.com from $200.00 to $130.00 and set a “buy” rating on the stock in a research report on Monday, February 23rd. Finally, Citizens Jmp reduced their price target on shares of Wix.com from $185.00 to $125.00 and set a “market outperform” rating for the company in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Wix.com presently has an average rating of “Moderate Buy” and a consensus price target of $134.90.

Wix.com Trading Down 0.3%

Shares of Wix.com stock traded down $0.26 on Thursday, reaching $89.66. 231,101 shares of the stock were exchanged, compared to its average volume of 2,401,396. The firm has a market capitalization of $5.23 billion, a PE ratio of 111.10, a PEG ratio of 1.93 and a beta of 1.39. Wix.com has a 1-year low of $60.22 and a 1-year high of $191.24. The business has a fifty day moving average price of $82.23 and a two-hundred day moving average price of $114.89.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings data on Wednesday, March 4th. The information services provider reported $1.81 earnings per share for the quarter, beating analysts’ consensus estimates of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The company had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. During the same quarter in the previous year, the company earned $2.10 EPS. The firm’s revenue for the quarter was up 13.9% compared to the same quarter last year. Research analysts expect that Wix.com will post 3.65 EPS for the current year.

Wix.com announced that its Board of Directors has approved a share buyback plan 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 repurchase up to 40.5% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Institutional Trading of Wix.com

Several large investors have recently modified their holdings of WIX. Ameriprise Financial Inc. raised its position in shares of Wix.com by 128.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock worth $823,813,000 after purchasing an additional 2,606,204 shares during the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Wix.com in the second quarter valued at $342,485,000. Wellington Management Group LLP lifted its position in shares of Wix.com by 90.4% in the third quarter. Wellington Management Group LLP now owns 3,390,589 shares of the information services provider’s stock valued at $602,270,000 after acquiring an additional 1,609,989 shares in the last quarter. Diamond Hill Capital Management Inc. acquired a new stake in shares of Wix.com during the fourth quarter valued at $150,622,000. Finally, Atreides Management LP purchased a new stake in Wix.com during the 4th quarter worth about $129,598,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Company Profile

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.