Wix.com (NASDAQ:WIX) Given New $115.00 Price Target at Needham & Company LLC

Wix.com (NASDAQ:WIXGet Free Report) had its price objective cut by equities research analysts at Needham & Company LLC from $140.00 to $115.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the information services provider’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 37.26% from the company’s current price.

A number of other analysts have also recently commented on the stock. Barclays reduced their target price on shares of Wix.com from $210.00 to $205.00 and set an “overweight” rating for the company in a report on Wednesday, January 21st. Wells Fargo & Company reduced their price objective on Wix.com from $184.00 to $176.00 and set an “overweight” rating for the company in a research note on Friday, December 19th. Morgan Stanley decreased their target price on Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, January 15th. Citigroup cut their price target on Wix.com from $197.00 to $150.00 and set a “buy” rating for the company in a report on Thursday, November 20th. Finally, Cantor Fitzgerald raised their price objective on Wix.com from $135.00 to $140.00 and gave the stock an “overweight” rating in a research note on Thursday, December 11th. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $154.10.

View Our Latest Stock Analysis on WIX

Wix.com Stock Up 12.7%

Shares of NASDAQ WIX opened at $83.78 on Thursday. The company has a 50 day moving average of $83.51 and a 200 day moving average of $116.16. Wix.com has a twelve month low of $60.22 and a twelve month high of $197.85. The firm has a market cap of $4.70 billion, a P/E ratio of 35.80, a PEG 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 analysts’ consensus estimates of $1.36 by $0.45. Wix.com had a net margin of 7.20% and a negative return on equity of 102.59%. The firm had revenue of $524.27 million for the quarter, compared to the consensus estimate of $527.69 million. During the same quarter last year, the firm posted $2.10 EPS. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. As a group, equities analysts expect that Wix.com will post 3.65 earnings per share for the current fiscal year.

Wix.com announced that its board has initiated a share buyback plan on Wednesday, January 28th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the information services provider to reacquire up to 40.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

Several institutional investors have recently modified their holdings of WIX. Ameriprise Financial Inc. raised its position in shares of Wix.com by 128.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock worth $823,813,000 after acquiring an additional 2,606,204 shares in the last quarter. Wellington Management Group LLP grew its stake in 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 purchasing an additional 1,609,989 shares during the last quarter. Senvest Management LLC grew its stake in Wix.com by 20.9% in the fourth quarter. Senvest Management LLC now owns 3,008,480 shares of the information services provider’s stock valued at $312,551,000 after purchasing an additional 519,805 shares during the last quarter. Lone Pine Capital LLC bought a new position in Wix.com in the second quarter worth about $342,485,000. Finally, Acadian Asset Management LLC lifted its position in shares of Wix.com by 0.4% during the second quarter. Acadian Asset Management LLC now owns 2,119,805 shares of the information services provider’s stock valued at $335,852,000 after buying an additional 7,729 shares during the last quarter. 81.52% of the stock is owned by institutional investors.

Wix.com News Roundup

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

Wix.com Company Profile

(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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