Wix.com (NASDAQ:WIX) Rating Increased to Overweight at Piper Sandler

Wix.com (NASDAQ:WIX) was upgraded by investment analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued to clients and investors on Monday, MarketBeat Ratings reports. The firm presently has a $200.00 price target on the information services provider’s stock, up from their previous price target of $184.00. Piper Sandler’s price objective would indicate a potential upside of 21.74% from the stock’s previous close.

Other equities research analysts have also recently issued reports about the company. JMP Securities reiterated a “market outperform” rating and issued a $180.00 target price on shares of Wix.com in a report on Thursday, July 25th. Benchmark upped their price objective on Wix.com from $210.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Barclays upped their price objective on Wix.com from $184.00 to $186.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research note on Monday, August 5th. Finally, StockNews.com upgraded Wix.com from a “hold” rating to a “buy” rating in a research note on Thursday, August 15th. Three research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $190.19.

Wix.com Trading Up 0.3 %

Shares of WIX stock opened at $164.29 on Monday. Wix.com has a twelve month low of $76.90 and a twelve month high of $178.65. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 144.11, a P/E/G ratio of 3.47 and a beta of 1.47. The stock has a fifty day simple moving average of $160.38 and a two-hundred day simple moving average of $150.70.

Wix.com (NASDAQ:WIX) last issued its earnings results on Wednesday, August 7th. The information services provider reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.32 by $0.35. Wix.com had a negative return on equity of 49.05% and a net margin of 4.44%. The business had revenue of $435.70 million during the quarter, compared to analysts’ expectations of $442.88 million. During the same period in the prior year, the business earned $0.58 EPS. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. Research analysts predict that Wix.com will post 2.01 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Northwest Bank & Trust Co acquired a new position in shares of Wix.com in the fourth quarter valued at about $26,000. Fidelis Capital Partners LLC acquired a new stake in Wix.com during the first quarter worth about $37,000. Industrial Alliance Investment Management Inc. grew its holdings in Wix.com by 246.5% during the first quarter. Industrial Alliance Investment Management Inc. now owns 686 shares of the information services provider’s stock worth $94,000 after acquiring an additional 488 shares during the period. Toronto Dominion Bank boosted its position in Wix.com by 19.0% during the second quarter. Toronto Dominion Bank now owns 778 shares of the information services provider’s stock worth $124,000 after purchasing an additional 124 shares in the last quarter. Finally, First Trust Direct Indexing L.P. purchased a new position in Wix.com during the first quarter worth approximately $214,000. 81.52% of the stock is owned by institutional investors and hedge funds.

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.