Wix.com (NASDAQ:WIX) Lowered to “Underweight” Rating by JPMorgan Chase & Co.

Wix.com (NASDAQ:WIX) was downgraded by equities research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “underweight” rating in a note issued to investors on Friday. They currently have a $91.00 price objective on the information services provider’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 1.66% from the company’s previous close.

A number of other research analysts have also issued reports on the company. Jefferies Financial Group lowered their target price on Wix.com from $200.00 to $130.00 and set a “buy” rating on the stock in a report on Monday, February 23rd. UBS Group reissued a “buy” rating and issued a $145.00 price target on shares of Wix.com in a report on Friday, March 6th. Oppenheimer reduced their price objective on shares of Wix.com from $160.00 to $130.00 and set an “outperform” rating for the company in a research report on Monday, February 2nd. Scotiabank lowered their price objective on shares of Wix.com from $175.00 to $125.00 and set a “sector outperform” rating on the stock in a research note on Thursday, March 5th. Finally, Barclays dropped their target price on shares of Wix.com from $205.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Wix.com presently has a consensus rating of “Moderate Buy” and a consensus price target of $131.15.

Wix.com Price Performance

WIX opened at $89.51 on Friday. The business has a 50 day moving average price of $80.67 and a two-hundred day moving average price of $111.13. The company has a market capitalization of $5.22 billion, a price-to-earnings ratio of 110.51, a price-to-earnings-growth ratio of 2.92 and a beta of 1.39. Wix.com has a 1-year low of $60.22 and a 1-year high of $191.24.

Wix.com (NASDAQ:WIX) last issued its quarterly 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. 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 analysts’ expectations of $527.69 million. During the same period last year, the firm earned $2.10 EPS. The firm’s revenue for the quarter was up 13.9% on a year-over-year basis. Equities analysts expect that Wix.com will post 3.65 EPS for the current fiscal year.

Wix.com declared that its board has authorized a share 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 buy up to 40.5% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Trading of Wix.com

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ameriprise Financial Inc. boosted its holdings in shares of Wix.com by 128.3% in the third quarter. Ameriprise Financial Inc. now owns 4,637,795 shares of the information services provider’s stock worth $823,813,000 after buying an additional 2,606,204 shares during the period. Wellington Management Group LLP raised its holdings in shares of Wix.com by 90.4% during 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 during the period. Senvest Management LLC lifted its position in shares of Wix.com by 20.9% in the 4th quarter. Senvest Management LLC now owns 3,008,480 shares of the information services provider’s stock valued at $312,551,000 after acquiring an additional 519,805 shares in the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Wix.com in the 2nd quarter valued at approximately $342,485,000. Finally, Dorsal Capital Management LP boosted its stake in Wix.com by 50.0% in the 3rd quarter. Dorsal Capital Management LP now owns 1,575,000 shares of the information services provider’s stock worth $279,767,000 after purchasing an additional 525,000 shares during the period. Institutional investors and hedge funds 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.