Wix.com (NASDAQ:WIX) Price Target Lowered to $155.00 at Barclays

Key Points

• Barclays cut its price target for Wix from $160 to $155 while maintaining an "overweight" rating, with the new target implying roughly a 114% upside from the current price.
• Analyst consensus is a Moderate Buy with an average target of $128.45, but coverage is mixed as several firms trimmed targets and ratings (e.g., Morgan Stanley, Jefferies, Weiss, Piper Sandler).
• Wix beat EPS estimates ($1.81 vs. $1.36) despite a slight revenue miss, reported 13.9% YoY revenue growth, and its board authorized a $2.00 billion buyback covering up to 40.5% of shares.

Wix.com (NASDAQ:WIX - Get Free Report) had its target price reduced by research analysts at Barclays from $160.00 to $155.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the information services provider's stock. Barclays's price objective points to a potential upside of 114.18% from the company's current price.

WIX has been the topic of several other research reports. Weiss Ratings downgraded Wix.com from a "hold (c-)" rating to a "sell (d)" rating in a research report on Friday, March 6th. Morgan Stanley decreased their price target on shares of Wix.com from $181.00 to $160.00 and set an "overweight" rating on the stock in a report on Thursday, January 15th. Citizens Jmp cut shares of Wix.com from a "market outperform" rating to a "market perform" rating in a report on Tuesday. Jefferies Financial Group decreased their price target on shares of Wix.com from $200.00 to $130.00 and set a "buy" rating on the stock in a report on Monday, February 23rd. Finally, Piper Sandler began coverage on shares of Wix.com in a report on Thursday, March 12th. They issued a "neutral" rating and a $98.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, fourteen have given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $128.45.

Wix.com Stock Performance

Shares of WIX opened at $72.37 on Thursday. The firm has a market capitalization of $4.22 billion, a P/E ratio of 89.03, a P/E/G ratio of 2.82 and a beta of 1.26. The stock has a 50 day moving average price of $80.65 and a two-hundred day moving average price of $105.18. Wix.com has a 52 week low of $60.22 and a 52 week high of $191.24.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.36 by $0.45. The firm had revenue of $524.27 million for the quarter, compared to the consensus estimate of $527.69 million. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The business's quarterly revenue was up 13.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.10 earnings per share. On average, equities analysts forecast that Wix.com will post 3.65 earnings per share for the current year.

Wix.com declared that its board has initiated a stock buyback plan on Wednesday, January 28th that allows the company to buyback $2.00 billion in shares. This buyback authorization allows the information services provider to purchase up to 40.5% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

Hedge funds have recently added to or reduced their stakes in the company. Mediolanum International Funds Ltd raised its stake in Wix.com by 65.9% during the 3rd quarter. Mediolanum International Funds Ltd now owns 55,647 shares of the information services provider's stock valued at $10,054,000 after buying an additional 22,112 shares during the last quarter. Liontrust Investment Partners LLP purchased a new stake in Wix.com during the 2nd quarter valued at $3,708,000. Massachusetts Financial Services Co. MA purchased a new stake in Wix.com during the 3rd quarter valued at $54,314,000. Principal Financial Group Inc. raised its stake in Wix.com by 2.6% during the 3rd quarter. Principal Financial Group Inc. now owns 948,263 shares of the information services provider's stock valued at $168,446,000 after buying an additional 23,836 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new stake in Wix.com during the 3rd quarter valued at $6,179,000. 81.52% of the stock is currently owned by hedge funds and other institutional investors.

Wix.com Company Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company's software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.

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