Wix.com Ltd. (WIX) Receives Buy Rating from Needham & Company LLC

Wix.com Ltd. (NASDAQ:WIX)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a report issued on Thursday, May 11th, MarketBeat Ratings reports. They currently have a $86.00 price target on the information services provider’s stock, up from their prior price target of $73.00. Needham & Company LLC’s target price indicates a potential upside of 24.19% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Barclays PLC started coverage on Wix.com in a research note on Tuesday, March 28th. They set an “overweight” rating and a $80.00 price objective on the stock. Zacks Investment Research lowered Wix.com from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Stephens lowered Wix.com from an “overweight” rating to an “equal weight” rating in a research note on Thursday, April 27th. Citigroup Inc. started coverage on Wix.com in a research note on Monday, March 27th. They set a “neutral” rating and a $68.00 price objective on the stock. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of Wix.com in a research note on Thursday, April 13th. They noted that the move was a valuation call. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $65.85.

Analyst Recommendations for Wix.com (NASDAQ:WIX)

Wix.com (WIX) opened at 69.25 on Thursday. The company’s market capitalization is $3.10 billion. Wix.com has a 52-week low of $26.31 and a 52-week high of $86.15. The stock’s 50 day moving average price is $75.25 and its 200-day moving average price is $62.90.

Wix.com (NASDAQ:WIX) last released its quarterly earnings data on Wednesday, May 10th. The information services provider reported ($0.47) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.33) by $0.14. The business had revenue of $92.50 million during the quarter, compared to the consensus estimate of $90.15 million. The business’s revenue was up 50.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.30) earnings per share. Analysts predict that Wix.com will post $0.36 earnings per share for the current fiscal year.

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Institutional investors have recently made changes to their positions in the stock. Westpac Banking Corp acquired a new position in shares of Wix.com during the first quarter valued at approximately $137,000. First Mercantile Trust Co. acquired a new position in shares of Wix.com during the first quarter valued at approximately $220,000. Group One Trading L.P. acquired a new position in shares of Wix.com during the first quarter valued at approximately $228,000. Legal & General Group Plc raised its position in shares of Wix.com by 500.0% in the first quarter. Legal & General Group Plc now owns 3,600 shares of the information services provider’s stock valued at $245,000 after buying an additional 3,000 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Wix.com by 2.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,876 shares of the information services provider’s stock valued at $255,000 after buying an additional 162 shares during the period. 77.35% of the stock is currently owned by institutional investors and hedge funds.

About Wix.com

Wix.com Ltd. (Wix) is a Web development platform enabling businesses and organizations to take businesses, brands and workflow online. The Company provides solutions that business owners can use to operate various aspects of their business online, such as selling goods, taking reservations, and scheduling and confirming appointments.

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