Wix.com (NASDAQ:WIX – Free Report) had its target price lifted by Needham & Company LLC from $80.00 to $95.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a buy rating on the information services provider’s stock.
A number of other research analysts have also recently commented on WIX. JPMorgan Chase & Co. decreased their price objective on Wix.com from $86.00 to $62.00 and set an “underweight” rating on the stock in a report on Thursday, June 18th. Raymond James Financial cut Wix.com from a “strong-buy” rating to an “outperform” rating and cut their target price for the stock from $75.00 to $70.00 in a research note on Thursday, July 30th. Evercore set a $95.00 target price on Wix.com in a research report on Tuesday, August 4th. Scotiabank reaffirmed an “outperform” rating on shares of Wix.com in a research note on Tuesday, June 9th. Finally, Morgan Stanley cut Wix.com from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $112.00 to $60.00 in a report on Tuesday, July 21st. Eleven analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $91.29.
Get Our Latest Research Report on WIX
Wix.com Trading Down 4.8%
Wix.com (NASDAQ:WIX – Get Free Report) last issued its earnings results on Tuesday, August 4th. The information services provider reported $1.39 EPS for the quarter, topping analysts’ consensus estimates of $1.13 by $0.26. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. The company had revenue of $563.06 million for the quarter, compared to the consensus estimate of $552.56 million. During the same period in the previous year, the firm earned $2.28 earnings per share. Wix.com’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities research analysts predict that Wix.com will post 0.24 earnings per share for the current fiscal year.
Insider Activity at Wix.com
In other Wix.com news, CEO Avishai Abrahami acquired 654 shares of the stock in a transaction dated Monday, August 31st. The stock was acquired 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Lior Shemesh bought 456 shares of Wix.com stock in a transaction on Monday, August 31st. The shares were acquired at an average price of $59.89 per share, for a total transaction of $27,309.84. Following the completion of the acquisition, the chief financial officer owned 221,567 shares in the company, valued at $13,269,647.63. This represents a 0.21% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 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 added to or reduced their stakes in WIX. Employees Retirement System of Texas lifted its holdings in Wix.com by 129.9% during the 4th quarter. Employees Retirement System of Texas now owns 446 shares of the information services provider’s stock worth $46,000 after buying an additional 252 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of Wix.com by 17.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 2,741 shares of the information services provider’s stock valued at $285,000 after acquiring an additional 410 shares during the last quarter. State of Wyoming increased its holdings in shares of Wix.com by 12.9% in the 4th quarter. State of Wyoming now owns 4,210 shares of the information services provider’s stock valued at $437,000 after acquiring an additional 480 shares during the last quarter. National Pension Service acquired a new stake in shares of Wix.com during the 4th quarter worth about $58,000. Finally, USS Investment Management Ltd raised its position in shares of Wix.com by 4.8% during the 1st quarter. USS Investment Management Ltd now owns 12,902 shares of the information services provider’s stock worth $1,162,000 after acquiring an additional 591 shares in the last quarter. 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.
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