Wix.com (NASDAQ:WIX) Stock Price Target Cut by Wells Fargo & Company

Wix.com (NASDAQ:WIX) had its price objective decreased by Wells Fargo & Company from $64.00 to $63.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the information services provider’s stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 8.12% from the stock’s previous close.

Other research analysts also recently issued research reports about the company. Wedbush cut their price target on Wix.com from $80.00 to $75.00 and set a “neutral” rating for the company in a research note on Tuesday. Needham & Company LLC increased their price objective on Wix.com from $80.00 to $95.00 and gave the stock a “buy” rating in a research report on Wednesday, September 23rd. Cantor Fitzgerald cut their price target on shares of Wix.com from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday. Benchmark reiterated a “buy” rating on shares of Wix.com in a research report on Wednesday, August 26th. Finally, Morgan Stanley lowered Wix.com from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $112.00 to $60.00 in a research note on Tuesday, July 21st. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, Wix.com currently has a consensus rating of “Hold” and a consensus target price of $88.43.

Wix.com Stock Performance

NASDAQ:WIX traded up $4.19 on Wednesday, hitting $68.57. The stock had a trading volume of 101,967 shares, compared to its average volume of 1,912,176. The firm’s fifty day simple moving average is $76.88 and its two-hundred day simple moving average is $70.32. The stock has a market cap of $4.00 billion, a P/E ratio of -19.24, a price-to-earnings-growth ratio of 33.15 and a beta of 1.06. Wix.com has a 1 year low of $40.16 and a 1 year high of $135.00.

Wix.com (NASDAQ:WIX) last posted its quarterly earnings data on Tuesday, November 10th. The information services provider reported $1.42 earnings per share for the quarter, topping the consensus estimate of $1.40 by $0.02. The business had revenue of $570.17 million for the quarter, compared to analysts’ expectations of $566.27 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 12.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.80 earnings per share. Equities research analysts predict that Wix.com will post 0.24 EPS for the current year.

Insider Transactions at Wix.com

In related news, CEO Avishai Abrahami acquired 654 shares of the company’s stock in a transaction dated Monday, August 31st. The stock was purchased at an average price of $59.89 per share, with a total value of $39,168.06. Following the completion of the purchase, the chief executive officer owned 486,225 shares in the company, valued at $29,120,015.25. This trade represents a 0.13% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ron Gutler sold 5,718 shares of the stock in a transaction on Thursday, August 27th. The shares were sold at an average price of $85.42, for a total transaction of $488,431.56. Following the sale, the director directly owned 15,631 shares of the company’s stock, valued at $1,335,200.02. The trade was a 26.78% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have purchased 2,622 shares of company stock valued at $157,032. Insiders own 6.20% of the company’s stock.

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of WIX. Farther Finance Advisors LLC increased its position in Wix.com by 74.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 416 shares of the information services provider’s stock valued at $30,000 after buying an additional 177 shares in the last quarter. Quadrant Capital Group LLC grew its stake in shares of Wix.com by 1.6% during the 3rd quarter. Quadrant Capital Group LLC now owns 12,882 shares of the information services provider’s stock valued at $924,000 after purchasing an additional 198 shares during the period. Versant Capital Management Inc increased its holdings in Wix.com by 537.6% during the third quarter. Versant Capital Management Inc now owns 542 shares of the information services provider’s stock valued at $39,000 after buying an additional 457 shares during the last quarter. Sei Investments Co. lifted its position in Wix.com by 0.8% during the first quarter. Sei Investments Co. now owns 167,565 shares of the information services provider’s stock valued at $15,092,000 after purchasing an additional 1,259 shares in the last quarter. Finally, Signaturefd LLC increased its position in Wix.com by 78.9% in the third quarter. Signaturefd LLC now owns 2,877 shares of the information services provider’s stock worth $208,000 after buying an additional 1,269 shares in the last quarter. 81.52% of the stock is owned by hedge funds and other institutional investors.

More Wix.com News

Investors following WIX have been watching these news items:

• Positive Sentiment: Third-quarter revenue rose 12.9% year over year to $570.17 million, while earnings of $1.42 per share topped analyst estimates. Wix tops Q3 earnings and revenue estimates
• Neutral Sentiment: Cantor Fitzgerald lowered its price target from $90 to $80 but maintained an Overweight rating, suggesting it still sees potential upside. Cantor Fitzgerald price target update
• Negative Sentiment: Wix cut its cash-flow margin outlook as it plans greater investment in AI and marketing. Reports also point to slower sales growth in its core business, tempering the positive quarterly results. Wix increases AI spending and cuts cash-flow outlook Base44 growth and slower core sales

Wix.com Company Profile

Wix.com Ltd. is a cloud-based platform that enables individuals, businesses and organizations to create and manage websites. Its tools include customizable templates, a visual website editor and hosting, allowing users to build sites without advanced coding skills or develop more customized experiences. The company also offers services for online businesses, including e-commerce features, appointment booking, payments, marketing tools and website analytics. Its products are designed to help customers manage multiple aspects of their online presence through one platform.