Wix.com (NASDAQ:WIX) Upgraded to “Outperform” by Royal Bank of Canada

Wix.com (NASDAQ:WIX – Get Rating) was upgraded by stock analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a research report issued on Thursday, Marketbeat reports. The brokerage currently has a $100.00 target price on the information services provider’s stock, up from their previous target price of $80.00. Royal Bank of Canada’s price target indicates a potential upside of 20.34% from the company’s previous close.

Several other equities analysts have also issued reports on WIX. Oppenheimer upgraded Wix.com from a “market perform” rating to an “outperform” rating and set a $110.00 price objective for the company in a research report on Thursday, September 29th. Citigroup started coverage on Wix.com in a research report on Tuesday, December 13th. They issued a “buy” rating and a $101.00 price objective for the company. Piper Sandler boosted their price objective on Wix.com from $78.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, November 11th. JPMorgan Chase & Co. started coverage on Wix.com in a research report on Friday, November 11th. They issued a “neutral” rating and a $84.00 price objective for the company. Finally, Needham & Company LLC boosted their price objective on Wix.com from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, November 11th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Wix.com has a consensus rating of “Moderate Buy” and an average price target of $111.50.

Wix.com Trading Up 1.7 %

Wix.com stock opened at $83.10 on Thursday. The firm has a market capitalization of $4.76 billion, a P/E ratio of -9.64 and a beta of 1.14. Wix.com has a 1 year low of $53.12 and a 1 year high of $142.34. The business has a 50-day moving average of $81.09 and a 200-day moving average of $74.76.

Wix.com (NASDAQ:WIX – Get Rating) last posted its earnings results on Thursday, November 10th. The information services provider reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.96) by $0.15. The company had revenue of $345.81 million during the quarter, compared to analyst estimates of $343.17 million. Wix.com had a negative return on equity of 333.40% and a negative net margin of 36.51%. Research analysts anticipate that Wix.com will post -4.67 EPS for the current fiscal year.

Institutional Investors Weigh In On Wix.com

A number of institutional investors and hedge funds have recently made changes to their positions in WIX. Prudential Financial Inc. increased its holdings in shares of Wix.com by 5.0% during the 3rd quarter. Prudential Financial Inc. now owns 3,237 shares of the information services provider’s stock worth $221,000 after acquiring an additional 153 shares during the last quarter. TD Asset Management Inc. grew its holdings in shares of Wix.com by 1.0% during the 2nd quarter. TD Asset Management Inc. now owns 15,863 shares of the information services provider’s stock worth $1,040,000 after purchasing an additional 155 shares in the last quarter. First Republic Investment Management Inc. grew its holdings in shares of Wix.com by 2.7% during the 2nd quarter. First Republic Investment Management Inc. now owns 6,310 shares of the information services provider’s stock worth $414,000 after purchasing an additional 167 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in shares of Wix.com by 1.7% during the 3rd quarter. Teacher Retirement System of Texas now owns 10,122 shares of the information services provider’s stock worth $792,000 after purchasing an additional 169 shares in the last quarter. Finally, Amalgamated Bank lifted its position in shares of Wix.com by 1.5% during the 3rd quarter. Amalgamated Bank now owns 11,656 shares of the information services provider’s stock worth $912,000 after buying an additional 169 shares during the last quarter. Institutional investors own 91.90% of the company’s stock.

About Wix.com

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Wix.com Ltd., together with its subsidiaries, develops and markets a cloud-based platform that enables anyone to create a website or web application in North America, Europe, Latin America, Asia, and internationally. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; Wix ADI that enables users to create a website for their specific needs; and Corvid by Wix to create websites and web applications.