Wix.com (NASDAQ:WIX) Earns Buy Rating from Needham & Company LLC

Wix.com (NASDAQ:WIX)‘s stock had its “buy” rating reissued by equities research analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They currently have a $80.00 target price on the information services provider’s stock. Needham & Company LLC’s price target points to a potential upside of 74.25% from the company’s current price.

A number of other research analysts have also weighed in on the company. UBS Group decreased their price objective on Wix.com from $68.00 to $58.00 and set a “neutral” rating on the stock in a report on Wednesday. Jefferies Financial Group dropped their target price on shares of Wix.com from $200.00 to $130.00 and set a “buy” rating for the company in a report on Monday, February 23rd. Piper Sandler started coverage on shares of Wix.com in a research report on Thursday, March 12th. They issued a “neutral” rating and a $98.00 target price for the company. Wall Street Zen downgraded shares of Wix.com from a “buy” rating to a “hold” rating in a research note on Sunday, March 8th. Finally, Scotiabank restated an “outperform” rating on shares of Wix.com in a research report on Tuesday, June 9th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $97.95.

Wix.com Stock Performance

NASDAQ:WIX opened at $45.91 on Monday. The stock has a 50 day moving average of $64.81 and a two-hundred day moving average of $80.50. Wix.com has a 12 month low of $42.66 and a 12 month high of $190.93. The firm has a market cap of $2.68 billion, a P/E ratio of -58.86 and a beta of 0.92.

Wix.com (NASDAQ:WIX) last released its earnings results on Wednesday, May 13th. The information services provider reported $0.68 earnings per share for the quarter, missing the consensus estimate of $1.21 by ($0.53). The firm had revenue of $541.17 million during the quarter, compared to analysts’ expectations of $544.04 million. Wix.com had a negative net margin of 1.97% and a negative return on equity of 33.28%. The business’s revenue was up 14.2% compared to the same quarter last year. During the same quarter last year, the business earned $1.69 EPS. On average, research analysts forecast that Wix.com will post -0.27 earnings per share for the current year.

Institutional Trading of Wix.com

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Arkadios Wealth Advisors purchased a new position in shares of Wix.com during the 1st quarter worth $249,000. California State Teachers Retirement System grew its holdings in shares of Wix.com by 6.0% in the first quarter. California State Teachers Retirement System now owns 59,243 shares of the information services provider’s stock valued at $5,336,000 after purchasing an additional 3,343 shares during the period. Empowered Funds LLC acquired a new stake in Wix.com during the first quarter worth about $2,381,000. Quantinno Capital Management LP increased its position in Wix.com by 155.6% during the first quarter. Quantinno Capital Management LP now owns 122,722 shares of the information services provider’s stock worth $11,054,000 after purchasing an additional 74,716 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp raised its stake in Wix.com by 7,102.6% during the first quarter. OMERS ADMINISTRATION Corp now owns 695,267 shares of the information services provider’s stock worth $62,623,000 after purchasing an additional 685,614 shares during the period. 81.52% of the stock is owned by institutional investors and hedge funds.

Wix.com Company Profile

Wix.com Ltd. operates a cloud-based platform that enables individuals and businesses to create, manage and develop professional web presences through an intuitive drag-and-drop interface. The company’s software-as-a-service model provides hosting, customizable templates and a range of design tools, eliminating the need for coding expertise. Users can choose from a variety of premium plans to access custom domains, enhanced storage, and advanced performance features tailored to personal projects, small businesses and online storefronts.

Beyond its core website builder, Wix offers a suite of complementary services designed to support digital growth and marketing.