Wix.com (NASDAQ:WIX) Coverage Initiated at Piper Sandler

Piper Sandler assumed coverage on shares of Wix.com (NASDAQ:WIX) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “neutral” rating and a $98.00 price target on the information services provider’s stock. Piper Sandler’s target price indicates a potential upside of 11.25% from the stock’s previous close.

A number of other research analysts also recently issued reports on the stock. Citizens Jmp cut their price objective on shares of Wix.com from $185.00 to $125.00 and set a “market outperform” rating on the stock in a research report on Thursday, January 22nd. UBS Group reissued a “buy” rating and set a $145.00 target price on shares of Wix.com in a research report on Friday, March 6th. 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 research note on Thursday, November 20th. Robert W. Baird lowered shares of Wix.com from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $115.00 to $90.00 in a report on Monday, March 9th. Finally, Evercore reduced their price target on Wix.com from $250.00 to $160.00 and set an “outperform” rating on the stock in a research report on Thursday, November 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.90.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $88.09 on Thursday. 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 $81.63 and a 200 day moving average price of $114.38. The stock has a market capitalization of $5.14 billion, a P/E ratio of 108.75, a price-to-earnings-growth ratio of 2.79 and a beta of 1.39.

Wix.com (NASDAQ:WIX) last posted its 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 company had revenue of $524.27 million for the quarter, compared to analyst estimates of $527.69 million. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The firm’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.10 earnings per share. As a group, equities research analysts anticipate that Wix.com will post 3.65 earnings per share for the current fiscal year.

Wix.com declared that its Board of Directors has approved a stock buyback plan on Wednesday, January 28th that authorizes the company to repurchase $2.00 billion in shares. This repurchase authorization authorizes the information services provider to repurchase up to 40.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Wix.com

Several large investors have recently bought and sold shares of WIX. Farther Finance Advisors LLC increased its stake in Wix.com by 122.2% during the 4th quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock valued at $25,000 after purchasing an additional 132 shares in the last quarter. Westside Investment Management Inc. lifted its stake in shares of Wix.com by 100.0% during the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock worth $27,000 after buying an additional 77 shares during the period. Flagship Harbor Advisors LLC purchased a new stake in shares of Wix.com during the fourth quarter valued at $27,000. Geneos Wealth Management Inc. grew its holdings in shares of Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock valued at $41,000 after buying an additional 215 shares during the last quarter. Finally, Employees Retirement System of Texas increased its position in shares of Wix.com by 129.9% in the 4th quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider’s stock valued at $46,000 after acquiring an additional 252 shares during the period. Hedge funds and other institutional investors own 81.52% of the company’s stock.

About Wix.com

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.