Wix.com (NASDAQ:WIX) Stock Dropped to "Hold" by Wall Street Zen

Key Points

• Wall Street Zen downgraded Wix.com from “buy” to “hold.” Analysts overall are split: 10 rate the stock Buy, 10 Hold and 3 Sell, with an average price target of $89.52.
• Wix reported quarterly EPS of $1.42, slightly above the $1.40 consensus, and revenue of $570.17 million, also topping estimates. Revenue rose 12.9% year over year.
• CEO Avishai Abrahami and CMO Omer Shai made stock purchases in August; insiders acquired 2,622 shares worth about $157,000 during the last quarter.

Wix.com (NASDAQ:WIX - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

A number of other brokerages have also issued reports on WIX. Royal Bank Of Canada dropped their target price on Wix.com from $60.00 to $58.00 and set a "sector perform" rating on the stock in a research report on Wednesday. Needham & Company LLC upped their price target on Wix.com from $80.00 to $95.00 and gave the stock a "buy" rating in a research report on Wednesday, September 23rd. Citigroup reduced their price target on Wix.com from $72.00 to $71.00 and set a "neutral" rating for the company in a research report on Wednesday. Wells Fargo & Company decreased their price target on shares of Wix.com from $64.00 to $63.00 and set an "equal weight" rating for the company in a research note on Wednesday. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $85.00 price objective on shares of Wix.com in a report on Tuesday. Ten equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $89.52.

Wix.com Stock Up 1.9%

Shares of NASDAQ WIX opened at $67.17 on Friday. Wix.com has a 1-year low of $40.16 and a 1-year high of $129.40. The company has a fifty day moving average price of $75.79 and a 200 day moving average price of $70.00.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly earnings results on Tuesday, November 10th. The information services provider reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.40 by $0.02. The firm had revenue of $570.17 million for the quarter, compared to the consensus estimate of $566.27 million. Wix.com had a negative return on equity of 1.61% and a negative net margin of 8.54%. The company's revenue for the quarter was up 12.9% on a year-over-year basis. During the same quarter last year, the business posted $1.80 EPS. As a group, sell-side analysts forecast that Wix.com will post 0.24 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CMO Omer Shai bought 490 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average price of $59.89 per share, with a total value of $29,346.10. Following the completion of the transaction, the chief marketing officer owned 515,879 shares in the company, valued at $30,895,993.31. The trade was a 0.10% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Avishai Abrahami bought 654 shares of the company's stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average price of $59.89 per share, for a total transaction of $39,168.06. Following the acquisition, the chief executive officer directly owned 486,225 shares of the company's stock, valued at $29,120,015.25. This represents a 0.13% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have acquired 2,622 shares of company stock valued at $157,032 in the last quarter. 6.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Wix.com

A number of institutional investors and hedge funds have recently made changes to their positions in WIX. Marshall Wace LLP acquired a new stake in shares of Wix.com in the 3rd quarter valued at approximately $1,661,000. Advisors Asset Management Inc. bought a new position in shares of Wix.com in the third quarter valued at $53,000. Proem Advisors LLC grew its stake in shares of Wix.com by 23.7% in the third quarter. Proem Advisors LLC now owns 117,500 shares of the information services provider's stock valued at $8,475,000 after buying an additional 22,500 shares in the last quarter. Landscape Capital Management L.L.C. bought a new position in shares of Wix.com in the third quarter valued at $3,743,000. Finally, Virtus Advisers LLC acquired a new position in Wix.com during the third quarter worth $1,328,000. Institutional investors own 81.52% of the company's stock.

Wix.com Company Profile

Wix.com Ltd. is a cloud-based platform that enables individuals, businesses and organizations to create and manage websites. Its tools include customizable templates, a visual website editor and hosting, allowing users to build sites without advanced coding skills or develop more customized experiences. The company also offers services for online businesses, including e-commerce features, appointment booking, payments, marketing tools and website analytics. Its products are designed to help customers manage multiple aspects of their online presence through one platform.

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