JMP Securities Reiterates Market Outperform Rating for Wix.com (NASDAQ:WIX)

JMP Securities reissued their market outperform rating on shares of Wix.com (NASDAQ:WIX) in a report issued on Friday,Benzinga reports. JMP Securities currently has a $210.00 price target on the information services provider’s stock.

WIX has been the subject of a number of other research reports. JPMorgan Chase & Co. dropped their price objective on shares of Wix.com from $189.00 to $166.00 and set a “neutral” rating for the company in a report on Wednesday, August 6th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $210.00 price objective on shares of Wix.com in a report on Tuesday, August 19th. Wells Fargo & Company upgraded shares of Wix.com from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $173.00 to $216.00 in a report on Monday, June 16th. Barclays set a $235.00 price objective on shares of Wix.com and gave the company an “overweight” rating in a report on Thursday, August 7th. Finally, UBS Group dropped their price objective on shares of Wix.com from $230.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, August 7th. Three analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $215.37.

Wix.com Trading Down 1.2%

WIX opened at $151.77 on Friday. The company’s 50 day moving average is $148.46 and its 200-day moving average is $156.34. Wix.com has a 1-year low of $114.89 and a 1-year high of $247.11. The company has a market cap of $8.52 billion, a P/E ratio of 54.01, a PEG ratio of 2.92 and a beta of 1.32.

Wix.com (NASDAQ:WIX) last posted 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 company had revenue of $489.93 million for the quarter, compared to the consensus estimate of $487.62 million. During the same period last year, the company posted $1.67 EPS. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. On average, equities analysts forecast that Wix.com will post 3.65 EPS for the current year.

Wix.com declared that its board has initiated a stock repurchase program on Monday, August 11th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the information services provider to reacquire up to 2.9% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its holdings in Wix.com by 63.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider’s stock worth $28,000 after purchasing an additional 66 shares during the last quarter. Twin Tree Management LP acquired a new stake in shares of Wix.com during the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. grew its position in shares of Wix.com by 632.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider’s stock worth $41,000 after buying an additional 215 shares during the period. Blue Trust Inc. grew its position in shares of Wix.com by 47.8% during the 2nd quarter. Blue Trust Inc. now owns 408 shares of the information services provider’s stock worth $65,000 after buying an additional 132 shares during the period. Finally, Penserra Capital Management LLC acquired a new stake in shares of Wix.com during the 2nd quarter worth approximately $77,000. Institutional investors own 81.52% of the company’s stock.

Wix.com Company Profile

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.