KeyCorp began coverage on shares of Wix.com Ltd. (NASDAQ:WIX) in a research note issued to investors on Sunday, July 23rd, Marketbeat Ratings reports. The firm issued an overweight rating and a $88.00 price objective on the information services provider’s stock.
“We see an opportunity for conversion to benefit from the more robust functionality and retention to lift as applications built on top of the platform would increase stickiness. The product is not, however, incorporated into guidance or our estimates and could therefore yield upside when officially rolled out.”,” the firm’s analyst wrote.
A number of other brokerages have also recently commented on WIX. Stephens cut Wix.com from an overweight rating to an equal weight rating in a research note on Thursday, April 27th. CIBC lifted their price target on Wix.com from $70.00 to $88.00 and gave the stock an outperform rating in a research note on Monday, May 15th. Needham & Company LLC reaffirmed a buy rating and issued a $86.00 price target (up from $73.00) on shares of Wix.com in a research note on Thursday, May 11th. Zacks Investment Research raised Wix.com from a sell rating to a hold rating in a research note on Wednesday, May 17th. Finally, Cantor Fitzgerald cut Wix.com from an overweight rating to a neutral rating and boosted their target price for the company from $65.00 to $80.00 in a research note on Tuesday, April 11th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and ten have given a buy rating to the stock. Wix.com has an average rating of Hold and an average target price of $71.68.
Shares of Wix.com (WIX) traded up 0.59% during mid-day trading on Friday, reaching $60.15. The company had a trading volume of 603,010 shares. The firm’s market capitalization is $2.73 billion. The stock has a 50 day moving average price of $66.98 and a 200 day moving average price of $68.95. Wix.com has a 12-month low of $37.94 and a 12-month high of $86.15.
Wix.com (NASDAQ:WIX) last announced its quarterly earnings results on Thursday, July 27th. The information services provider reported ($0.26) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.10) by $0.16. The business had revenue of $103.50 million during the quarter, compared to analyst estimates of $101.93 million. Wix.com’s revenue for the quarter was up 50.7% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.09) earnings per share. On average, equities analysts forecast that Wix.com will post $0.25 earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in WIX. Westpac Banking Corp purchased a new stake in Wix.com during the first quarter valued at $137,000. BT Investment Management Ltd purchased a new stake in Wix.com during the second quarter valued at $141,000. Eqis Capital Management Inc. purchased a new stake in Wix.com during the second quarter valued at $207,000. Advisor Group Inc. raised its stake in Wix.com by 196.5% in the second quarter. Advisor Group Inc. now owns 2,965 shares of the information services provider’s stock valued at $207,000 after buying an additional 1,965 shares in the last quarter. Finally, First Mercantile Trust Co. purchased a new stake in Wix.com during the first quarter valued at $220,000. Institutional investors own 79.12% of the company’s stock.
Wix.com Ltd. (Wix) is a Web development platform enabling businesses and organizations to take businesses, brands and workflow online. The Company provides solutions that business owners can use to operate various aspects of their business online, such as selling goods, taking reservations, and scheduling and confirming appointments.
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