Bank of America Corporation Increases Wix.com Ltd. (WIX) Price Target to $97.00

Wix.com Ltd. (NASDAQ:WIX) had its price target boosted by equities research analysts at Bank of America Corporation from $70.00 to $97.00 in a research note issued to investors on Friday, May 12th. The brokerage presently has a “buy” rating on the information services provider’s stock. Bank of America Corporation’s price objective would suggest a potential upside of 40.07% from the stock’s current price.

WIX has been the subject of several other reports. Stephens lowered Wix.com from an “overweight” rating to an “equal weight” rating in a report on Thursday, April 27th. Needham & Company LLC reaffirmed a “buy” rating and issued a $86.00 target price (up from $73.00) on shares of Wix.com in a report on Thursday, May 11th. Cantor Fitzgerald downgraded Wix.com from an “overweight” rating to a “neutral” rating and upped their price objective for the company from $65.00 to $80.00 in a research note on Tuesday, April 11th. Zacks Investment Research downgraded Wix.com from a “hold” rating to a “sell” rating in a research note on Tuesday, May 9th. Finally, Raymond James Financial, Inc. reiterated 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 analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $65.85.

Analyst Recommendations for Wix.com (NASDAQ:WIX)

Wix.com (NASDAQ WIX) traded up 0.51% during trading on Friday, reaching $69.25. The company’s stock had a trading volume of 399,903 shares. The stock’s 50 day moving average is $75.25 and its 200-day moving average is $62.90. The firm’s market cap is $3.10 billion. Wix.com has a 52 week low of $26.31 and a 52 week high of $86.15.

Wix.com (NASDAQ:WIX) last issued its quarterly earnings data on Wednesday, May 10th. The information services provider reported ($0.47) EPS for the quarter, missing analysts’ consensus estimates of ($0.33) by $0.14. The business had revenue of $92.50 million during the quarter, compared to analysts’ expectations of $90.15 million. The business’s quarterly revenue was up 50.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.30) earnings per share. On average, equities research analysts forecast that Wix.com will post $0.36 earnings per share for the current fiscal year.

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Hedge funds have recently bought and sold shares of the company. Wells Fargo & Company MN raised its stake in Wix.com by 1,485.6% in the third quarter. Wells Fargo & Company MN now owns 6,263 shares of the information services provider’s stock worth $272,000 after buying an additional 5,868 shares in the last quarter. New York State Common Retirement Fund raised its stake in shares of Wix.com by 34.8% in the third quarter. New York State Common Retirement Fund now owns 67,284 shares of the information services provider’s stock valued at $2,922,000 after buying an additional 17,371 shares during the period. Granite Point Capital Management L.P. bought a new stake in shares of Wix.com during the third quarter valued at approximately $977,000. Jetstream Capital LLC bought a new stake in shares of Wix.com during the third quarter valued at approximately $608,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake 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. Institutional investors own 77.35% of the company’s stock.

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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