Wix.com (NASDAQ:WIX) Price Target Cut to $120.00 by Analysts at Needham & Company LLC

Wix.com (NASDAQ:WIX – Get Rating) had its target price trimmed by Needham & Company LLC from $125.00 to $120.00 in a research note published on Monday morning, The Fly reports.

Several other research analysts have also recently issued reports on the company. Royal Bank of Canada increased their price objective on Wix.com from $100.00 to $115.00 and gave the stock an outperform rating in a research note on Thursday, February 23rd. Robert W. Baird initiated coverage on Wix.com in a research report on Tuesday, April 11th. They issued a neutral rating and a $105.00 price objective for the company. Piper Sandler raised Wix.com from a neutral rating to an overweight rating and raised their price objective for the stock from $99.00 to $120.00 in a research report on Tuesday, March 21st. Credit Suisse Group restated an outperform rating and issued a $105.00 target price on shares of Wix.com in a research note on Thursday, February 23rd. Finally, Barclays raised their target price on Wix.com from $87.00 to $90.00 in a research note on Thursday, May 18th. Five equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Wix.com presently has an average rating of Moderate Buy and a consensus price target of $105.14.

Wix.com Trading Down 1.6 %

Shares of Wix.com stock opened at $77.00 on Monday. The stock has a 50 day moving average of $87.38 and a 200 day moving average of $85.42. Wix.com has a 12 month low of $53.12 and a 12 month high of $101.55. The firm has a market cap of $4.37 billion, a PE ratio of -21.51 and a beta of 1.24.

Wix.com (NASDAQ:WIX – Get Rating) last issued its quarterly earnings data on Wednesday, February 22nd. The information services provider reported ($0.42) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.81) by $0.39. The company had revenue of $355.04 million for the quarter, compared to analysts’ expectations of $351.69 million. As a group, equities research analysts forecast that Wix.com will post -2.43 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Ameriprise Financial Inc. boosted its holdings in shares of Wix.com by 29.0% during the 1st quarter. Ameriprise Financial Inc. now owns 16,217 shares of the information services provider’s stock worth $1,618,000 after purchasing an additional 3,647 shares during the last quarter. New York State Common Retirement Fund raised its position in shares of Wix.com by 60.8% during the 1st quarter. New York State Common Retirement Fund now owns 89,539 shares of the information services provider’s stock valued at $8,936,000 after buying an additional 33,850 shares during the period. Advisory Services Network LLC raised its position in shares of Wix.com by 124.5% during the 1st quarter. Advisory Services Network LLC now owns 1,082 shares of the information services provider’s stock valued at $108,000 after buying an additional 600 shares during the period. Thrivent Financial for Lutherans purchased a new stake in shares of Wix.com during the 1st quarter valued at approximately $2,905,000. Finally, Castleark Management LLC raised its position in shares of Wix.com by 73.0% during the 1st quarter. Castleark Management LLC now owns 67,520 shares of the information services provider’s stock valued at $6,738,000 after buying an additional 28,480 shares during the period. 91.90% of the stock is currently owned by institutional investors and hedge funds.

Wix.com Company Profile

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Wix.com Ltd. operates a cloud-based website design and development platform. It offers web templates, web editor, web builder, search engine optimization tools, logo maker, web hosting, and electronic mail marketing services. The company was founded by Avishai Abrahami, Nadav Abrahami, and Giora Kaplan on October 5, 2006 and is headquartered in Tel Aviv, Israel.