Wix.com (NASDAQ:WIX) Price Target Raised to $210.00 at Piper Sandler

Wix.com (NASDAQ:WIX) had its price objective upped by Piper Sandler from $206.00 to $210.00 in a research report released on Friday, Marketbeat.com reports. Piper Sandler currently has an overweight rating on the information services provider’s stock.

Other research analysts have also issued research reports about the stock. Citigroup reaffirmed an “outperform” rating on shares of Wix.com in a research note on Tuesday, September 23rd. JPMorgan Chase & Co. lowered their price objective on shares of Wix.com from $189.00 to $166.00 and set a “neutral” rating on the stock in a report on Wednesday, August 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $210.00 target price on shares of Wix.com in a research report on Tuesday, August 19th. Wall Street Zen lowered shares of Wix.com from a “strong-buy” rating to a “buy” rating in a research note on Saturday, September 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $200.00 price target on shares of Wix.com in a research note on Wednesday, June 18th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Wix.com presently has a consensus rating of “Buy” and a consensus price target of $215.37.

Wix.com Stock Performance

Shares of WIX opened at $177.42 on Friday. Wix.com has a twelve month low of $114.89 and a twelve month high of $247.11. The firm’s 50 day moving average price is $147.47 and its two-hundred day moving average price is $156.62. The firm has a market cap of $9.96 billion, a P/E ratio of 63.14, a PEG ratio of 3.41 and a beta of 1.30.

Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.79 by $0.49. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The firm had revenue of $489.93 million for the quarter, compared to analyst estimates of $487.62 million. During the same quarter in the previous year, the firm posted $1.67 earnings per share. The business’s revenue was up 12.4% on a year-over-year basis. On average, sell-side 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 initiated a share repurchase plan on Monday, August 11th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Institutional Trading of Wix.com

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vident Advisory LLC acquired a new stake in shares of Wix.com during the 4th quarter worth approximately $219,000. Wealth Enhancement Advisory Services LLC grew its position in shares of Wix.com by 8.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,468 shares of the information services provider’s stock worth $530,000 after buying an additional 193 shares during the period. Versant Capital Management Inc grew its position in shares of Wix.com by 676.1% during the 1st quarter. Versant Capital Management Inc now owns 714 shares of the information services provider’s stock worth $117,000 after buying an additional 622 shares during the period. GAMMA Investing LLC grew its position in shares of Wix.com by 12,771.4% during the 1st quarter. GAMMA Investing LLC now owns 69,763 shares of the information services provider’s stock worth $11,398,000 after buying an additional 69,221 shares during the period. Finally, Hennion & Walsh Asset Management Inc. grew its position in shares of Wix.com by 16.6% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 6,339 shares of the information services provider’s stock worth $1,036,000 after buying an additional 904 shares during the period. Institutional investors and hedge funds own 81.52% of the company’s stock.

About Wix.com

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.