Wix.com (NASDAQ:WIX) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Wix.com from “hold” to “buy,” although the broader analyst consensus remains “Hold” with an average price target of $93.43.
• Wix opened at $77.07, while its latest quarterly results exceeded expectations: adjusted EPS was $1.39 versus $1.13 expected, and revenue rose 14.9% year over year to $563.06 million.
• Insiders purchased shares worth approximately $157,000 over the past 90 days, while institutional investors and hedge funds own a substantial 81.52% of Wix’s outstanding stock.

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

A number of other equities analysts have also commented on WIX. Evercore set a $95.00 price objective on shares of Wix.com in a research note on Tuesday, August 4th. Weiss Ratings raised shares of Wix.com from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, September 11th. Benchmark restated a "buy" rating on shares of Wix.com in a report on Wednesday, August 26th. Cantor Fitzgerald raised their target price on Wix.com from $80.00 to $90.00 and gave the stock an "overweight" rating in a research report on Monday, October 19th. Finally, UBS Group set a $110.00 target price on Wix.com in a research report on Monday. Eleven investment analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Wix.com currently has an average rating of "Hold" and a consensus price target of $93.43.

Wix.com Stock Down 1.3%

NASDAQ:WIX opened at $77.07 on Friday. The business's 50-day moving average price is $78.47 and its 200 day moving average price is $70.65. Wix.com has a 52-week low of $40.16 and a 52-week high of $148.33.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The information services provider reported $1.39 EPS for the quarter, topping the consensus estimate of $1.13 by $0.26. The firm had revenue of $563.06 million for the quarter, compared to analysts' expectations of $552.56 million. Wix.com had a negative net margin of 8.19% and a negative return on equity of 1.61%. Wix.com's revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the previous year, the business earned $2.28 earnings per share. On average, equities analysts expect that Wix.com will post 0.24 EPS for the current fiscal year.

Insider Buying and Selling at Wix.com

In related news, CMO Omer Shai acquired 490 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average cost 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 of the company's stock, valued at approximately $30,895,993.31. This trade represents a 0.10% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Avishai Abrahami acquired 654 shares of the stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average cost of $59.89 per share, for a total transaction of $39,168.06. Following the completion of the transaction, 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. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired a total of 2,622 shares of company stock valued at $157,032 in the last 90 days. Corporate insiders own 6.20% of the company's stock.

Hedge Funds Weigh In On Wix.com

Hedge funds have recently modified their holdings of the stock. Senvest Management LLC raised its position in Wix.com by 24.8% during the first quarter. Senvest Management LLC now owns 3,754,680 shares of the information services provider's stock valued at $338,184,000 after acquiring an additional 746,200 shares in the last quarter. Hsbc Holdings PLC grew its position in Wix.com by 11,894.0% in the first quarter. Hsbc Holdings PLC now owns 3,529,474 shares of the information services provider's stock worth $318,676,000 after acquiring an additional 3,500,047 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Wix.com by 57.5% in the first quarter. Arrowstreet Capital Limited Partnership now owns 1,585,962 shares of the information services provider's stock worth $142,848,000 after acquiring an additional 578,729 shares in the last quarter. OMERS ADMINISTRATION Corp grew its position in Wix.com by 7,102.6% in the first quarter. OMERS ADMINISTRATION Corp now owns 695,267 shares of the information services provider's stock worth $62,623,000 after acquiring an additional 685,614 shares in the last quarter. Finally, Renaissance Technologies LLC increased its stake in shares of Wix.com by 52.1% during 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 last quarter. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Company Profile

Wix.com Ltd. is a cloud-based web development and digital business platform that enables individuals, entrepreneurs and organizations to create, manage and grow an online presence. The company provides website templates, a visual drag-and-drop editor, hosting, domain registration and tools for building websites without requiring advanced coding skills.

Wix offers products and services for a range of business needs, including e-commerce, online bookings, payments, marketing, customer relationship management and business communications.

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