Wix.com Ltd. (WIX) Lowered to Sector Perform at RBC Capital Markets
Wix.com Ltd. (NASDAQ:WIX) was downgraded by stock analysts at RBC Capital Markets from an “outperform” rating to a “sector perform” rating in a research report issued on Thursday. They presently have a $45.00 price target on the stock. RBC Capital Markets’ target price points to a potential upside of 2.04% from the company’s previous close. The analysts noted that the move was a valuation call.
Several other research analysts have also recently commented on WIX. JPMorgan Chase & Co. cut Wix.com from an “overweight” rating to a “neutral” rating and raised their target price for the stock from $46.00 to $50.00 in a research report on Wednesday, September 21st. Summit Redstone started coverage on Wix.com in a research report on Wednesday, September 7th. They issued a “buy” rating and a $48.00 target price for the company. Zacks Investment Research cut Wix.com from a “buy” rating to a “hold” rating in a research report on Tuesday, August 9th. Stephens started coverage on Wix.com in a research report on Tuesday, August 2nd. They issued an “overweight” rating for the company. Finally, Oppenheimer Holdings Inc. raised their target price on Wix.com from $37.00 to $44.00 and gave the stock an “outperform” rating in a research report on Thursday, July 28th. Four analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $40.09.
Wix.com (NASDAQ:WIX) traded down 0.25% during trading on Thursday, hitting $43.99. 351,589 shares of the stock traded hands. The company has a 50-day moving average price of $41.63 and a 200 day moving average price of $30.53. The stock’s market cap is $1.81 billion. Wix.com has a one year low of $14.79 and a one year high of $49.49.
Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.03. Wix.com had a negative return on equity of 1,997.56% and a negative net margin of 22.58%. The company had revenue of $68.70 million for the quarter, compared to the consensus estimate of $66.69 million. During the same quarter last year, the company posted ($0.21) earnings per share. The company’s revenue for the quarter was up 41.4% compared to the same quarter last year. Analysts expect that Wix.com will post ($0.47) earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Granite Investment Partners LLC boosted its position in shares of Wix.com by 0.9% in the first quarter. Granite Investment Partners LLC now owns 272,957 shares of the company’s stock worth $5,533,000 after buying an additional 2,340 shares during the last quarter. Ayalon Holdings Ltd. boosted its position in shares of Wix.com by 23.8% in the first quarter. Ayalon Holdings Ltd. now owns 57,142 shares of the company’s stock worth $1,144,000 after buying an additional 11,000 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Wix.com by 2.1% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 219,072 shares of the company’s stock worth $4,441,000 after buying an additional 4,479 shares during the last quarter. Menta Capital LLC boosted its position in shares of Wix.com by 51.1% in the first quarter. Menta Capital LLC now owns 170,214 shares of the company’s stock worth $3,450,000 after buying an additional 57,565 shares during the last quarter. Finally, potrero capital research llc boosted its position in shares of Wix.com by 1,121.2% in the first quarter. potrero capital research llc now owns 138,755 shares of the company’s stock worth $2,813,000 after buying an additional 127,393 shares during the last quarter. 65.11% of the stock is owned by institutional investors.
Wix is a leading global software platform for small businesses to operate online with millions of registered users in 190 countries. Wix was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix’s powerful technology empowers millions of businesses, organizations, professionals and individuals to take their businesses, brands and workflow online.
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