Wix.com (NASDAQ:WIX) Cut to “Underweight” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Wix.com (NASDAQ:WIX) from a neutral rating to an underweight rating in a research report released on Friday, Marketbeat Ratings reports. The brokerage currently has $91.00 price target on the information services provider’s stock, down from their previous price target of $114.00.

WIX has been the subject of a number of other research reports. Royal Bank Of Canada reduced their price target on Wix.com from $155.00 to $112.00 and set an “outperform” rating for the company in a research report on Thursday, March 5th. Weiss Ratings lowered shares of Wix.com from a “hold (c-)” rating to a “sell (d)” rating in a research report on Friday, March 6th. Raymond James Financial restated a “strong-buy” rating and set a $100.00 target price on shares of Wix.com in a report on Wednesday, March 4th. Citizens Jmp decreased their target price on shares of Wix.com from $185.00 to $125.00 and set a “market outperform” rating for the company in a research report on Thursday, January 22nd. Finally, Morgan Stanley lowered their price target on shares of Wix.com from $181.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, January 15th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $131.15.

Wix.com Stock Performance

Shares of NASDAQ WIX opened at $87.14 on Friday. The firm has a market cap of $5.08 billion, a PE ratio of 107.58, a PEG ratio of 2.86 and a beta of 1.40. Wix.com has a 1-year low of $60.22 and a 1-year high of $191.24. The company has a fifty day moving average price of $80.81 and a 200 day moving average price of $109.90.

Wix.com (NASDAQ:WIX) last released its earnings results on Wednesday, March 4th. The information services provider reported $1.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.36 by $0.45. Wix.com had a negative return on equity of 70.04% and a net margin of 2.54%.The firm had revenue of $524.27 million during the quarter, compared to analysts’ expectations of $527.69 million. During the same quarter in the prior year, the company earned $2.10 EPS. The company’s revenue was up 13.9% on a year-over-year basis. Equities research analysts forecast that Wix.com will post 3.65 EPS for the current year.

Wix.com announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 28th that permits the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization permits the information services provider to purchase up to 40.5% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Westside Investment Management Inc. raised its stake in Wix.com by 100.0% in the third quarter. Westside Investment Management Inc. now owns 154 shares of the information services provider’s stock valued at $27,000 after buying an additional 77 shares during the period. Wealth Enhancement Advisory Services LLC boosted its stake in shares of Wix.com by 7.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 1,707 shares of the information services provider’s stock worth $172,000 after acquiring an additional 120 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Wix.com by 122.2% during the 4th quarter. Farther Finance Advisors LLC now owns 240 shares of the information services provider’s stock worth $25,000 after acquiring an additional 132 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in shares of Wix.com by 2.2% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 6,666 shares of the information services provider’s stock worth $693,000 after acquiring an additional 142 shares during the last quarter. Finally, TD Private Client Wealth LLC raised its stake in Wix.com by 18.7% in the 4th quarter. TD Private Client Wealth LLC now owns 940 shares of the information services provider’s stock valued at $98,000 after acquiring an additional 148 shares during the period. Institutional investors own 81.52% of the company’s stock.

About Wix.com

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.