Wix.com (NASDAQ:WIX) Price Target Raised to $210.00

Key Points

• Piper Sandler raised Wix.com's price target from $206.00 to $210.00, indicating a potential upside of 20.97% from its current price.
• Wix.com recently reported earnings of $2.28 per share, exceeding expectations and reflecting a revenue increase of 12.4% compared to the previous year.
• The company has initiated a $200 million stock repurchase plan, suggesting the board believes its shares are undervalued.

Wix.com (NASDAQ:WIX - Get Free Report) had its price objective boosted by stock analysts at Piper Sandler from $206.00 to $210.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has an "overweight" rating on the information services provider's stock. Piper Sandler's price objective suggests a potential upside of 20.97% from the stock's current price.

Other research analysts have also recently issued research reports about the stock. Needham & Company LLC decreased their target price on shares of Wix.com from $250.00 to $200.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wall Street Zen cut shares of Wix.com from a "strong-buy" rating to a "buy" rating in a research report on Saturday, September 13th. Citigroup reaffirmed an "outperform" rating on shares of Wix.com in a research note on Tuesday. JPMorgan Chase & Co. reduced their price target 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. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $200.00 price target on shares of Wix.com in a research note on Wednesday, June 18th. Three equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $215.37.

Wix.com Stock Down 4.3%

Shares of NASDAQ:WIX opened at $173.60 on Friday. Wix.com has a fifty-two week low of $114.89 and a fifty-two week high of $247.11. The firm has a 50-day simple moving average of $147.03 and a 200 day simple moving average of $156.84. The company has a market cap of $9.74 billion, a PE ratio of 61.78, a P/E/G ratio of 3.49 and a beta of 1.30.

Wix.com (NASDAQ:WIX - Get Free Report) last announced its quarterly earnings data 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. Wix.com had a net margin of 8.90% and a negative return on equity of 136.43%. The business had revenue of $489.93 million during the quarter, compared to the consensus estimate of $487.62 million. During the same quarter in the prior year, the firm earned $1.67 EPS. The company's revenue for the quarter was up 12.4% compared to the same quarter last year. As a group, research analysts forecast that Wix.com will post 3.65 EPS for the current fiscal year.

Wix.com announced that its board has approved a stock repurchase plan on Monday, August 11th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the information services provider to purchase up to 2.9% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.

Institutional Investors Weigh In On Wix.com

A number of large investors have recently made changes to their positions in the company. Texas Permanent School Fund Corp raised its holdings in shares of Wix.com by 40.9% during the second quarter. Texas Permanent School Fund Corp now owns 50,618 shares of the information services provider's stock valued at $8,021,000 after acquiring an additional 14,705 shares during the period. Orion Porfolio Solutions LLC acquired a new stake in shares of Wix.com during the second quarter valued at approximately $884,000. Munro Partners acquired a new stake in shares of Wix.com during the second quarter valued at approximately $2,567,000. Liontrust Investment Partners LLP acquired a new stake in shares of Wix.com during the second quarter valued at approximately $3,708,000. Finally, Headlands Technologies LLC raised its holdings in shares of Wix.com by 18.2% during the second quarter. Headlands Technologies LLC now owns 4,476 shares of the information services provider's stock valued at $709,000 after acquiring an additional 689 shares during the period. Institutional investors and hedge funds own 81.52% of the company's stock.

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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