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

Wix.com (NASDAQ:WIX) had its price objective decreased by Morgan Stanley from $125.00 to $112.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “overweight” rating on the information services provider’s stock. Morgan Stanley’s target price would indicate a potential upside of 104.87% from the company’s previous close.

WIX has been the topic of several other research reports. Citigroup lowered shares of Wix.com from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $105.00 to $66.00 in a report on Thursday. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $100.00 target price on shares of Wix.com in a report on Wednesday, March 4th. Zacks Research raised shares of Wix.com from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Citizens Jmp lowered shares of Wix.com from a “market outperform” rating to a “market perform” rating in a report on Tuesday, April 7th. Finally, Weiss Ratings raised shares of Wix.com from a “sell (d)” rating to a “sell (d+)” rating in a report on Thursday. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Wix.com presently has a consensus rating of “Moderate Buy” and an average target price of $100.90.

Wix.com Stock Performance

Shares of NASDAQ:WIX opened at $54.67 on Monday. The company’s fifty day moving average is $79.51 and its 200-day moving average is $90.96. Wix.com has a 52 week low of $51.60 and a 52 week high of $190.93. The company has a market capitalization of $3.19 billion, a PE ratio of -70.09, a P/E/G ratio of 1.32 and a beta of 1.01.

Wix.com (NASDAQ:WIX) last posted its earnings results on Wednesday, May 13th. The information services provider reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.53). Wix.com had a negative return on equity of 33.28% and a negative net margin of 1.97%.The firm had revenue of $541.17 million during the quarter, compared to the consensus estimate of $544.04 million. During the same period in the previous year, the company posted $1.69 EPS. The firm’s revenue for the quarter was up 14.2% compared to the same quarter last year. On average, analysts forecast that Wix.com will post 1.52 EPS for the current year.

Wix.com declared that its Board of Directors has initiated a stock buyback program on Wednesday, January 28th that authorizes the company to buyback $2.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to reacquire up to 40.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Institutional Trading of Wix.com

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quantinno Capital Management LP raised its holdings in Wix.com by 155.6% during the 1st quarter. Quantinno Capital Management LP now owns 122,722 shares of the information services provider’s stock worth $11,054,000 after purchasing an additional 74,716 shares during the last quarter. OMERS ADMINISTRATION Corp raised its holdings in Wix.com by 7,102.6% during the 1st 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 last quarter. Rice Hall James & Associates LLC raised its holdings in Wix.com by 18.7% during the 1st quarter. Rice Hall James & Associates LLC now owns 296,787 shares of the information services provider’s stock worth $26,732,000 after purchasing an additional 46,703 shares during the last quarter. Lombard Odier Asset Management USA Corp bought a new stake in Wix.com during the 1st quarter worth about $210,000. Finally, Senvest Management LLC raised its holdings in Wix.com by 24.8% during the 1st 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 last quarter. 81.52% of the stock is owned by institutional investors.

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.