Wix.com (NASDAQ:WIX) Upgraded by Piper Sandler to “Overweight”

Wix.com (NASDAQ:WIX) was upgraded by equities research analysts at Piper Sandler from a “neutral” rating to an “overweight” rating in a research report issued on Monday, Benzinga reports. The firm presently has a $200.00 target price on the information services provider’s stock, up from their previous target price of $184.00. Piper Sandler’s price target points to a potential upside of 24.50% from the stock’s previous close.

WIX has been the topic of a number of other reports. UBS Group lifted their price objective on Wix.com from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. JPMorgan Chase & Co. raised their price objective on shares of Wix.com from $148.00 to $195.00 and gave the company a “neutral” rating in a research report on Wednesday, May 29th. Benchmark increased their price target on Wix.com from $210.00 to $225.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. JMP Securities restated a “market outperform” rating and issued a $180.00 price objective on shares of Wix.com in a research report on Thursday, July 25th. Finally, KeyCorp initiated coverage on Wix.com in a research report on Thursday, July 25th. They set a “sector weight” rating for the company. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $190.19.

Wix.com Stock Performance

WIX stock opened at $160.64 on Monday. The company has a market cap of $9.18 billion, a price-to-earnings ratio of 140.91, a P/E/G ratio of 3.47 and a beta of 1.47. The business’s 50-day moving average is $160.48 and its two-hundred day moving average is $150.37. Wix.com has a fifty-two week low of $76.90 and a fifty-two week high of $178.65.

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

Institutional Investors Weigh In On Wix.com

Hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in Wix.com during the 4th quarter valued at about $34,554,000. Dorsal Capital Management LP grew its stake in shares of Wix.com by 23.8% during the second quarter. Dorsal Capital Management LP now owns 1,300,000 shares of the information services provider’s stock valued at $206,791,000 after buying an additional 250,000 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Wix.com by 27.9% in the second quarter. Renaissance Technologies LLC now owns 785,649 shares of the information services provider’s stock worth $124,973,000 after buying an additional 171,500 shares during the period. Capital Fund Management S.A. lifted its stake in shares of Wix.com by 1,378.7% during the 4th quarter. Capital Fund Management S.A. now owns 160,456 shares of the information services provider’s stock worth $19,739,000 after acquiring an additional 149,605 shares during the last quarter. Finally, Clal Insurance Enterprises Holdings Ltd boosted its holdings in Wix.com by 328.5% during the 4th quarter. Clal Insurance Enterprises Holdings Ltd now owns 180,000 shares of the information services provider’s stock valued at $22,144,000 after acquiring an additional 137,991 shares during the period. Hedge funds and other institutional investors 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.