The Needham & Company LLC Reaffirms Buy Rating for Wix.com Ltd. (WIX)

The Needham & Company LLC Reaffirms Buy Rating for Wix.com Ltd. (WIX)

Needham & Company LLC restated their buy rating on shares of Wix.com Ltd. (NASDAQ:WIX) in a research report released on Friday morning. The brokerage currently has a $55.00 target price on the stock.

Several other equities research analysts have also recently commented on the company. JPMorgan Chase & Co. cut Wix.com from an overweight rating to a neutral rating and lifted their target price for the company from $46.00 to $50.00 in a research note on Wednesday, September 21st. Royal Bank Of Canada cut Wix.com from an outperform rating to a sector perform rating and set a $45.00 price objective for the company. in a research note on Friday, September 23rd. RBC Capital Markets cut Wix.com from an outperform rating to a sector perform rating and set a $45.00 price objective for the company. in a research note on Thursday, September 22nd. They noted that the move was a valuation call. Cantor Fitzgerald started coverage on Wix.com in a research note on Tuesday, October 18th. They set a buy rating and a $52.00 price objective for the company. Finally, Zacks Investment Research cut Wix.com from a hold rating to a sell rating in a research note on Wednesday, January 11th. Five equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $45.30.

Shares of Wix.com (NASDAQ:WIX) opened at 52.50 on Friday. The stock’s market capitalization is $2.24 billion. Wix.com has a 52 week low of $14.79 and a 52 week high of $52.70. The company has a 50-day moving average price of $46.55 and a 200 day moving average price of $42.24.

Wix.com (NASDAQ:WIX) last released its earnings results on Thursday, November 10th. The company reported ($0.04) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.02. The firm earned $75.60 million during the quarter, compared to analyst estimates of $72.85 million. The firm’s quarterly revenue was up 13959.7% on a year-over-year basis. During the same period last year, the business posted ($0.15) earnings per share. Analysts forecast that Wix.com will post ($0.40) earnings per share for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Penserra Capital Management LLC raised its position in Wix.com by 33.3% in the third quarter. Penserra Capital Management LLC now owns 3,044 shares of the company’s stock valued at $132,000 after buying an additional 761 shares in the last quarter. Verition Fund Management LLC acquired a new position in Wix.com during the third quarter valued at $213,000. Clinton Group Inc. acquired a new position in Wix.com during the third quarter valued at $215,000. Oppenheimer & Co. Inc. acquired a new position in Wix.com during the third quarter valued at $233,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Wix.com by 2.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,876 shares of the company’s stock valued at $255,000 after buying an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 75.68% of the company’s stock.

Wix.com Company Profile

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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