JMP Securities Raises Wix.com (NASDAQ:WIX) Price Target to $210.00

Key Points

• JMP Securities has raised its price target for Wix.com from $200.00 to $210.00, indicating a potential upside of 13.98% from its previous close.
• Multiple analysts have varying ratings on Wix.com, with a consensus average price target of $216.16 and three analysts rating it as a Strong Buy.
• Wix.com recently announced a $200 million share buyback program, suggesting the board believes the stock is undervalued.

Wix.com (NASDAQ:WIX - Get Free Report) had its price target upped by research analysts at JMP Securities from $200.00 to $210.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a "market outperform" rating on the information services provider's stock. JMP Securities' target price points to a potential upside of 13.98% from the stock's previous close.

Other analysts also recently issued research reports about the company. Wells Fargo & Company raised shares of Wix.com from an "equal weight" rating to an "overweight" rating and lifted their price objective for the stock from $173.00 to $216.00 in a research note on Monday, June 16th. JPMorgan Chase & Co. decreased their price objective on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a research note on Wednesday, August 6th. Wall Street Zen lowered Wix.com from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 13th. Cfra Research upgraded Wix.com from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 12th. Finally, Needham & Company LLC reduced their price objective on Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Buy" and an average target price of $216.16.

Wix.com Price Performance

Shares of NASDAQ WIX opened at $184.24 on Tuesday. The firm's 50-day moving average is $145.46 and its two-hundred day moving average is $156.50. Wix.com has a 12-month low of $114.89 and a 12-month high of $247.11. The company has a market capitalization of $10.34 billion, a PE ratio of 65.57, a price-to-earnings-growth ratio of 3.50 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating analysts' consensus estimates of $1.79 by $0.49. The company had revenue of $489.93 million for the quarter, compared to analyst estimates of $487.62 million. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. Wix.com's revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter last year, the business earned $1.67 EPS. On average, analysts forecast that Wix.com will post 3.65 EPS for the current fiscal year.

Wix.com declared that its Board of Directors has initiated a share buyback program on Monday, August 11th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the information services provider to buy up to 2.9% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Wix.com

Hedge funds have recently added to or reduced their stakes in the stock. Vident Advisory LLC bought a new position in shares of Wix.com in the 4th quarter worth approximately $219,000. Mackenzie Financial Corp raised its position in Wix.com by 211.0% in the fourth quarter. Mackenzie Financial Corp now owns 29,395 shares of the information services provider's stock worth $6,307,000 after acquiring an additional 19,943 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Wix.com by 8.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 2,468 shares of the information services provider's stock worth $530,000 after acquiring an additional 193 shares during the last quarter. Versant Capital Management Inc grew its position in shares of Wix.com by 676.1% during the 1st quarter. Versant Capital Management Inc now owns 714 shares of the information services provider's stock valued at $117,000 after acquiring an additional 622 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Wix.com by 12,771.4% in the 1st quarter. GAMMA Investing LLC now owns 69,763 shares of the information services provider's stock worth $11,398,000 after purchasing an additional 69,221 shares in the last quarter. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

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.

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