Wix.com (NASDAQ:WIX) Stock Rating Raised to Buy at Wall Street Zen

Wall Street Zen upgraded shares of Wix.com (NASDAQ:WIX) from a hold rating to a buy rating in a research note published on Saturday morning,Wall Street Zen reports.

WIX has been the subject of several other reports. Cantor Fitzgerald increased their price objective on Wix.com from $65.00 to $80.00 and gave the company an “overweight” rating in a report on Wednesday, August 5th. Wedbush lifted their target price on shares of Wix.com from $55.00 to $80.00 and gave the company a “neutral” rating in a report on Thursday, August 20th. Raymond James Financial downgraded shares of Wix.com from a “strong-buy” rating to an “outperform” rating and reduced their price target for the company from $75.00 to $70.00 in a research report on Thursday, July 30th. Needham & Company LLC increased their price target on shares of Wix.com from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Wells Fargo & Company raised their price objective on shares of Wix.com from $46.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 5th. Eleven equities research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $91.29.

Wix.com Stock Performance

WIX opened at $73.79 on Friday. Wix.com has a one year low of $40.16 and a one year high of $181.11. The stock has a market capitalization of $4.30 billion, a P/E ratio of -20.84, a price-to-earnings-growth ratio of 35.07 and a beta of 1.02. The business’s 50-day simple moving average is $72.29 and its 200-day simple moving average is $67.39.

Wix.com (NASDAQ:WIX) last announced its earnings results on Tuesday, August 4th. The information services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.13 by $0.26. The firm had revenue of $563.06 million during the quarter, compared to analysts’ expectations of $552.56 million. Wix.com had a negative return on equity of 1.61% and a negative net margin of 8.19%.The business’s revenue was up 14.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.28 EPS. On average, equities research analysts forecast that Wix.com will post 0.24 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Shelly B. Meyer sold 479 shares of the stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $95.00, for a total transaction of $45,505.00. Following the completion of the sale, the insider directly owned 183,010 shares of the company’s stock, valued at $17,385,950. This trade represents a 0.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Lior Shemesh acquired 456 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average price of $59.89 per share, for a total transaction of $27,309.84. Following the completion of the transaction, the chief financial officer owned 221,567 shares in the company, valued at $13,269,647.63. The trade was a 0.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have acquired 2,622 shares of company stock valued at $157,032. 6.20% of the stock is owned by company insiders.

Institutional Trading of Wix.com

Several hedge funds have recently made changes to their positions in the company. National Pension Service purchased a new stake in shares of Wix.com in the fourth quarter valued at about $58,000. Global Retirement Partners LLC raised its holdings in Wix.com by 77.5% during the fourth quarter. Global Retirement Partners LLC now owns 1,441 shares of the information services provider’s stock worth $150,000 after purchasing an additional 629 shares in the last quarter. Lombard Odier Asset Management USA Corp purchased a new position in Wix.com during the first quarter worth about $210,000. Arkadios Wealth Advisors acquired a new stake in Wix.com in the first quarter valued at about $249,000. Finally, Independent Financial Group LLC acquired a new stake in Wix.com in the first quarter valued at about $254,000. Institutional investors and hedge funds own 81.52% of the company’s stock.

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.