Wix.com (NASDAQ:WIX) Shares Gap Up After Analyst Upgrade

Wix.com Ltd. (NASDAQ:WIX)’s share price gapped up prior to trading on Wednesday after Bank of America raised their price target on the stock from $228.00 to $270.00. The stock had previously closed at $227.78, but opened at $234.84. Bank of America currently has a buy rating on the stock. Wix.com shares last traded at $218.50, with a volume of 525,000 shares.

Several other equities research analysts have also issued reports on WIX. StockNews.com upgraded shares of Wix.com from a “hold” rating to a “buy” rating in a research note on Saturday, November 23rd. Benchmark upped their price objective on Wix.com from $225.00 to $250.00 and gave the stock a “buy” rating in a report on Thursday, November 21st. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research report on Thursday, November 21st. B. Riley raised their price target on Wix.com from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, November 21st. Finally, Raymond James raised shares of Wix.com from an “outperform” rating to a “strong-buy” rating and lifted their price target for the company from $225.00 to $300.00 in a research report on Tuesday, January 21st. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $240.22.

Institutional Investors Weigh In On Wix.com

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIX. Blue Trust Inc. grew its stake in Wix.com by 98.0% in the 3rd quarter. Blue Trust Inc. now owns 198 shares of the information services provider’s stock valued at $31,000 after buying an additional 98 shares during the last quarter. Advisors Asset Management Inc. lifted its position in shares of Wix.com by 112.1% during the 3rd quarter. Advisors Asset Management Inc. now owns 246 shares of the information services provider’s stock worth $41,000 after purchasing an additional 130 shares during the last quarter. Avior Wealth Management LLC lifted its position in shares of Wix.com by 79.5% during the 4th quarter. Avior Wealth Management LLC now owns 201 shares of the information services provider’s stock worth $43,000 after purchasing an additional 89 shares during the last quarter. Newbridge Financial Services Group Inc. bought a new stake in Wix.com during the 4th quarter valued at approximately $43,000. Finally, Global Retirement Partners LLC grew its holdings in Wix.com by 36.0% in the 4th quarter. Global Retirement Partners LLC now owns 219 shares of the information services provider’s stock valued at $47,000 after buying an additional 58 shares during the last quarter. Hedge funds and other institutional investors own 81.52% of the company’s stock.

Wix.com Stock Performance

The company has a market capitalization of $12.01 billion, a P/E ratio of 137.25, a P/E/G ratio of 2.49 and a beta of 1.58. The company has a 50-day simple moving average of $226.72 and a 200 day simple moving average of $192.17.

Wix.com (NASDAQ:WIX) last posted its earnings results on Wednesday, February 19th. The information services provider reported $0.92 earnings per share for the quarter, missing analysts’ consensus estimates of $1.61 by ($0.69). Wix.com had a net margin of 5.47% and a negative return on equity of 52.68%. As a group, sell-side analysts forecast that Wix.com Ltd. will post 2.11 earnings per share for the current year.

Wix.com Company Profile

Wix.com Ltd., together with its subsidiaries, operates as a cloud-based web development platform for registered users and creators worldwide. The company offers Wix Editor, a drag-and-drop visual development and website editing environment platform; and Wix ADI that enables users to have the freedom of customization that the classic editor offers.