Wix.com (NASDAQ:WIX) Trading Up 6.4% on Analyst Upgrade

Wix.com Ltd. (NASDAQ:WIX)’s share price was up 6.4% during trading on Thursday after Needham & Company LLC raised their price target on the stock from $80.00 to $95.00. Needham & Company LLC currently has a buy rating on the stock. Wix.com traded as high as $79.87 and last traded at $81.6990. Approximately 58,455 shares changed hands during trading, a decline of 97% from the average session volume of 2,101,632 shares. The stock had previously closed at $76.80.

Several other equities analysts have also recently commented on WIX. Evercore set a $95.00 target price on shares of Wix.com in a research report on Tuesday, August 4th. Morgan Stanley cut shares of Wix.com from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $112.00 to $60.00 in a research note on Tuesday, July 21st. Wells Fargo & Company boosted their price objective on shares of Wix.com from $46.00 to $64.00 and gave the company an “equal weight” rating in a research report on Wednesday, August 5th. Benchmark restated a “buy” rating on shares of Wix.com in a research note on Wednesday, August 26th. Finally, Wedbush raised their target price on Wix.com from $55.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, August 20th. Eleven research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Wix.com has an average rating of “Hold” and an average price target of $91.29.

Insider Transactions at Wix.com

In other Wix.com news, insider Shelly B. Meyer sold 479 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $95.00, for a total transaction of $45,505.00. Following the sale, the insider owned 183,010 shares of the company’s stock, valued at approximately $17,385,950. This represents a 0.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Ron Gutler sold 5,718 shares of Wix.com stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $85.42, for a total value of $488,431.56. Following the completion of the sale, the director owned 15,631 shares of the company’s stock, valued at approximately $1,335,200.02. The trade was a 26.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have acquired 2,622 shares of company stock worth $157,032. Company insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Hsbc Holdings PLC boosted its holdings in Wix.com by 11,894.0% in the first quarter. Hsbc Holdings PLC now owns 3,529,474 shares of the information services provider’s stock worth $318,676,000 after acquiring an additional 3,500,047 shares in the last quarter. Atreides Management LP bought a new stake in shares of Wix.com during the fourth quarter valued at approximately $129,598,000. Senvest Management LLC raised its position in shares of Wix.com by 24.8% during the first quarter. Senvest Management LLC now owns 3,754,680 shares of the information services provider’s stock worth $338,184,000 after purchasing an additional 746,200 shares during the period. OMERS ADMINISTRATION Corp raised its position in shares of Wix.com by 7,102.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 695,267 shares of the information services provider’s stock worth $62,623,000 after purchasing an additional 685,614 shares during the period. Finally, Norges Bank bought a new position in shares of Wix.com in the 4th quarter worth $68,293,000. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Stock Performance

The business has a fifty day moving average of $71.35 and a 200-day moving average of $67.46. The company has a market capitalization of $4.77 billion, a P/E ratio of -23.01, a PEG ratio of 38.07 and a beta of 1.02.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Tuesday, August 4th. The information services provider reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.13 by $0.26. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. The business had revenue of $563.06 million during the quarter, compared to analyst estimates of $552.56 million. During the same quarter in the previous year, the business posted $2.28 EPS. Wix.com’s quarterly revenue was up 14.9% on a year-over-year basis. Sell-side analysts anticipate that Wix.com Ltd. will post 0.24 EPS for the current year.

About Wix.com

Wix.com Ltd. is an Israeli software company that operates a cloud-based website development platform. Its services enable individuals, entrepreneurs, small businesses and organizations to create, manage and grow websites without requiring extensive coding expertise.

The company offers customizable website templates and visual design tools, along with domain registration, web hosting, content management, search engine optimization and online marketing capabilities. Wix also provides tools for e-commerce, online payments, bookings, events, restaurants and other business operations, as well as professional development products through Wix Studio and third-party applications available through its app marketplace.

Founded in 2006 by Avishai Abrahami, Nadav Abrahami and Giora Kaplan, Wix is headquartered in Tel Aviv, Israel, and serves customers internationally.