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

Key Points

• Wix.com has been upgraded from a "buy" to a "strong-buy" rating by Wall Street Zen, indicating increased confidence in the company's stock performance.
• Various brokerages have issued ratings on Wix, with an average target price of $215.37 and a collective rating suggesting a strong interest among analysts.
• The company reported a quarterly EPS of $2.28, exceeding estimates and showing a revenue increase of 12.4% year-over-year, further enhancing investor sentiment.

Wix.com (NASDAQ:WIX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a report issued on Saturday.

Several other brokerages have also recently issued reports on WIX. Weiss Ratings reissued a "hold (c)" rating on shares of Wix.com in a report on Wednesday. Piper Sandler boosted their price objective on Wix.com from $206.00 to $210.00 and gave the company an "overweight" rating in a report on Friday, September 26th. UBS Group decreased their price objective on Wix.com from $230.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Raymond James Financial reissued a "strong-buy" rating on shares of Wix.com in a report on Thursday, August 7th. Finally, Cfra Research raised Wix.com from a "hold" rating to a "moderate buy" rating in a report on Tuesday, August 12th. Three research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, Wix.com has an average rating of "Buy" and an average target price of $215.37.

Wix.com Stock Performance

Shares of WIX opened at $134.15 on Friday. The stock has a 50-day moving average of $148.24 and a two-hundred day moving average of $155.38. Wix.com has a one year low of $114.89 and a one year high of $247.11. The stock has a market cap of $7.53 billion, a P/E ratio of 47.74, a P/E/G ratio of 2.59 and a beta of 1.32.

Wix.com (NASDAQ:WIX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, topping analysts' consensus estimates of $1.79 by $0.49. Wix.com had a negative return on equity of 136.43% and a net margin of 8.90%.The company had revenue of $489.93 million during the quarter, compared to analysts' expectations of $487.62 million. During the same quarter in the previous year, the firm posted $1.67 EPS. The firm's revenue was up 12.4% compared to the same quarter last year. Analysts predict that Wix.com will post 3.65 EPS for the current fiscal year.

Wix.com declared that its board has authorized a share repurchase program on Monday, August 11th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the information services provider to reacquire up to 2.9% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's management believes its stock is undervalued.

Hedge Funds Weigh In On Wix.com

Large investors have recently bought and sold shares of the business. GC Wealth Management RIA LLC acquired a new position in Wix.com in the 2nd quarter worth about $417,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Wix.com by 31.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the information services provider's stock worth $830,000 after purchasing an additional 1,204 shares during the period. Harbor Capital Advisors Inc. raised its holdings in Wix.com by 5.8% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 32,720 shares of the information services provider's stock worth $5,185,000 after purchasing an additional 1,794 shares during the period. Yousif Capital Management LLC increased its stake in Wix.com by 4.9% during the 1st quarter. Yousif Capital Management LLC now owns 1,833 shares of the information services provider's stock worth $299,000 after buying an additional 85 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in Wix.com during the 1st quarter worth approximately $5,367,000. Institutional investors and hedge funds own 81.52% of the company's stock.

About Wix.com

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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