Wix.com (NASDAQ:WIX) Given New $90.00 Price Target at Cantor Fitzgerald

Key Points

• Cantor Fitzgerald raised Wix.com’s price target from $80 to $90 and maintained an “overweight” rating, implying approximately 20% upside from the prior close.
• Analyst sentiment remains mixed: Wix has an average “Hold” rating and a consensus price target of $91.76, based on 11 Buy, 10 Hold, and 2 Sell ratings.
• Wix exceeded quarterly expectations, reporting EPS of $1.39 versus the $1.13 consensus and revenue of $563.06 million, up 14.9% year over year, despite a negative net margin.

Wix.com (NASDAQ:WIX - Get Free Report) had its target price hoisted by equities researchers at Cantor Fitzgerald from $80.00 to $90.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has an "overweight" rating on the information services provider's stock. Cantor Fitzgerald's target price indicates a potential upside of 19.98% from the stock's previous close.

Several other research firms also recently weighed in on WIX. Needham & Company LLC lifted their target price on Wix.com from $80.00 to $95.00 and gave the company a "buy" rating in a research report on Wednesday, September 23rd. Morgan Stanley cut Wix.com from an "overweight" rating to an "equal weight" rating and reduced their price target for the stock from $112.00 to $60.00 in a research report on Tuesday, July 21st. Benchmark restated a "buy" rating on shares of Wix.com in a research report on Wednesday, August 26th. Citigroup reaffirmed a "neutral" rating on shares of Wix.com in a research note on Wednesday, August 12th. Finally, Wells Fargo & Company raised their price objective on Wix.com from $46.00 to $64.00 and gave the stock an "equal weight" rating in a research note on Wednesday, August 5th. Eleven investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $91.76.

Wix.com Price Performance

Shares of Wix.com stock opened at $75.01 on Monday. The company's fifty day simple moving average is $77.41 and its 200-day simple moving average is $65.63. The stock has a market capitalization of $4.37 billion, a PE ratio of -21.19, a P/E/G ratio of 35.65 and a beta of 1.01. Wix.com has a 1-year low of $40.16 and a 1-year high of $148.33.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The information services provider reported $1.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.13 by $0.26. The firm had revenue of $563.06 million during the quarter, compared to the consensus estimate of $552.56 million. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. The company's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.28 EPS. As a group, research analysts anticipate that Wix.com will post 0.24 EPS for the current year.

Insider Activity

In other news, CFO Lior Shemesh bought 456 shares of the company's stock in a transaction that occurred on Monday, August 31st. The stock was bought at an average price of $59.89 per share, with a total value of $27,309.84. Following the acquisition, the chief financial officer owned 221,567 shares of the company's stock, valued at approximately $13,269,647.63. This represents a 0.21% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Shelly B. Meyer sold 479 shares of the company's stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $95.00, for a total transaction of $45,505.00. Following the completion of the transaction, the insider directly owned 183,010 shares of the company's stock, valued at $17,385,950. This represents a 0.26% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders purchased 2,622 shares of company stock worth $157,032. 6.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Wix.com

Institutional investors and hedge funds have recently bought and sold shares of the business. Engineers Gate Manager LP grew its position in shares of Wix.com by 378.0% during the second quarter. Engineers Gate Manager LP now owns 34,750 shares of the information services provider's stock worth $1,577,000 after purchasing an additional 27,480 shares in the last quarter. Empowered Funds LLC purchased a new position in Wix.com in the 1st quarter worth approximately $2,381,000. Renaissance Technologies LLC boosted its stake in Wix.com by 52.1% in the 1st quarter. Renaissance Technologies LLC now owns 576,049 shares of the information services provider's stock worth $51,885,000 after purchasing an additional 197,200 shares during the period. Quantinno Capital Management LP boosted its stake in Wix.com by 155.6% in the 1st quarter. Quantinno Capital Management LP now owns 122,722 shares of the information services provider's stock worth $11,054,000 after purchasing an additional 74,716 shares during the period. Finally, Quantitative Investment Management LLC purchased a new stake in Wix.com during the 2nd quarter valued at approximately $605,000. 81.52% of the stock is owned by institutional investors.

Wix.com Company Profile

Wix.com Ltd. is a cloud-based web development and digital services company that enables individuals, entrepreneurs and businesses to create, manage and grow an online presence. Its platform provides no-code and low-code tools, professionally designed templates, drag-and-drop editing, artificial intelligence features, website hosting, domain registration and related business solutions.

In addition to its core website builder, Wix offers tools for e-commerce, online payments, bookings, events, restaurants, marketing, customer relationship management and business analytics.

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