Wix.com Ltd. (WIX) Stock Rating Lowered by Royal Bank Of Canada
Wix.com Ltd. (NASDAQ:WIX) was downgraded by investment analysts at Royal Bank Of Canada from an “outperform” rating to a “sector perform” rating in a report released on Friday. They presently have a $45.00 price target on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 2.04% from the stock’s previous close.
A number of other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Wix.com from an “overweight” rating to a “neutral” rating and raised their price objective for the stock from $46.00 to $50.00 in a report on Wednesday, September 21st. Summit Redstone assumed coverage on shares of Wix.com in a report on Wednesday, September 7th. They set a “buy” rating and a $48.00 price objective on the stock. Needham & Company LLC raised their price objective on shares of Wix.com from $30.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, July 28th. Zacks Investment Research cut shares of Wix.com from a “buy” rating to a “hold” rating in a report on Tuesday, August 9th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $33.00 price objective on shares of Wix.com in a report on Thursday, June 9th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $40.09.
Shares of Wix.com (NASDAQ:WIX) traded down 0.20% during mid-day trading on Friday, reaching $44.01. 348,971 shares of the company were exchanged. The stock has a 50 day moving average price of $41.63 and a 200-day moving average price of $30.53. Wix.com has a 12 month low of $14.79 and a 12 month high of $49.49. The stock’s market capitalization is $1.81 billion.
Wix.com (NASDAQ:WIX) last issued its earnings results on Wednesday, July 27th. The company reported ($0.09) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.12) by $0.03. The firm had revenue of $68.70 million for the quarter, compared to analysts’ expectations of $66.69 million. Wix.com had a negative net margin of 22.58% and a negative return on equity of 1,997.56%. The firm’s revenue was up 41.4% compared to the same quarter last year. During the same quarter last year, the company earned ($0.21) earnings per share. Analysts predict that Wix.com will post ($0.47) earnings per share for the current year.
Several institutional investors have recently made changes to their positions in WIX. Numeric Investors LLC acquired a new position in shares of Wix.com during the second quarter worth approximately $352,000. Grandeur Peak Global Advisors LLC boosted its position in shares of Wix.com by 75.4% in the second quarter. Grandeur Peak Global Advisors LLC now owns 362,175 shares of the company’s stock worth $10,992,000 after buying an additional 155,675 shares during the last quarter. Paloma Partners Management Co acquired a new position in shares of Wix.com during the second quarter worth approximately $2,121,000. Marshall Wace LLP acquired a new position in shares of Wix.com during the second quarter worth approximately $339,000. Finally, Parametric Portfolio Associates LLC boosted its position in shares of Wix.com by 20.3% in the second quarter. Parametric Portfolio Associates LLC now owns 15,612 shares of the company’s stock worth $474,000 after buying an additional 2,636 shares during the last quarter. 65.11% of the stock is currently owned by institutional investors and hedge funds.
Wix.com Company Profile
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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