Wix.com (NASDAQ:WIX) Price Target Cut to $166.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has lowered its price target for Wix.com (NASDAQ:WIX) from $189.00 to $166.00, maintaining a "neutral" rating, indicating a potential upside of 29.19% from current stock prices.
• Wix.com recently reported earnings of $2.28 per share for the last quarter, exceeding estimates and showcasing a 12.4% year-over-year revenue increase, amounting to $489.93 million.
• Analysts have mixed ratings on Wix.com, with a total of 18 buy ratings, 2 hold ratings, and an average price target of $227.74 across various research firms.

Wix.com (NASDAQ:WIX - Get Free Report) had its target price dropped by investment analysts at JPMorgan Chase & Co. from $189.00 to $166.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the information services provider's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 29.19% from the stock's current price.

A number of other research analysts have also weighed in on WIX. Robert W. Baird upgraded Wix.com from a "neutral" rating to an "outperform" rating and cut their price objective for the company from $215.00 to $190.00 in a research report on Friday, May 23rd. Barclays restated an "overweight" rating and set a $240.00 price objective on shares of Wix.com in a research report on Wednesday, July 16th. B. Riley reaffirmed a "buy" rating and issued a $230.00 price target (down previously from $240.00) on shares of Wix.com in a report on Wednesday, May 28th. Wall Street Zen downgraded shares of Wix.com from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 13th. Finally, Wells Fargo & Company raised shares of Wix.com from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $173.00 to $216.00 in a report on Monday, June 16th. Two investment analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Wix.com has an average rating of "Buy" and an average price target of $227.74.

Wix.com Trading Up 0.3%

WIX stock traded up $0.40 during midday trading on Wednesday, hitting $128.49. The company's stock had a trading volume of 3,511,972 shares, compared to its average volume of 917,076. The company has a market cap of $7.21 billion, a PE ratio of 51.19, a P/E/G ratio of 2.09 and a beta of 1.27. Wix.com has a 12 month low of $126.22 and a 12 month high of $247.11. The firm's 50-day moving average is $153.26 and its 200-day moving average is $174.43.

Wix.com (NASDAQ:WIX - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 earnings per share for the quarter, beating the consensus estimate of $1.79 by $0.49. The firm had revenue of $489.93 million for the quarter, compared to analysts' expectations of $487.62 million. Wix.com had a negative return on equity of 80.80% and a net margin of 8.16%. The company's revenue was up 12.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.67 EPS. Analysts expect that Wix.com will post 3.65 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. boosted its holdings in Wix.com by 63.5% during the first quarter. Northwestern Mutual Wealth Management Co. now owns 170 shares of the information services provider's stock worth $28,000 after buying an additional 66 shares in the last quarter. Twin Tree Management LP acquired a new position in shares of Wix.com during the 1st quarter worth approximately $29,000. Geneos Wealth Management Inc. lifted its stake in shares of Wix.com by 632.4% during the first quarter. Geneos Wealth Management Inc. now owns 249 shares of the information services provider's stock valued at $41,000 after buying an additional 215 shares during the period. Blue Trust Inc. lifted its stake in shares of Wix.com by 47.8% during the second quarter. Blue Trust Inc. now owns 408 shares of the information services provider's stock valued at $65,000 after buying an additional 132 shares during the period. Finally, Penserra Capital Management LLC purchased a new position in shares of Wix.com during the second quarter valued at approximately $77,000. 81.52% of the stock is currently owned by institutional investors and hedge funds.

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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