Needham & Company LLC Lowers Wix.com (NASDAQ:WIX) Price Target to $200.00

Key Points

• Needham & Company LLC has reduced its price target for Wix.com from $250.00 to $200.00, maintaining a "buy" rating, which indicates a potential upside of 55.65% from the current stock price.
• Despite the price target reduction, Wix.com has received positive ratings from other research analysts, with a majority assigning "buy" or "strong buy" ratings.
• Wix.com reported a quarterly earnings increase with an EPS of $2.28, surpassing estimates, and its revenue grew by 12.4% year-over-year, reflecting strong performance in the information services sector.

Wix.com (NASDAQ:WIX - Get Free Report) had its target price lowered by Needham & Company LLC from $250.00 to $200.00 in a report released on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the information services provider's stock. Needham & Company LLC's price objective points to a potential upside of 55.65% from the company's current price.

A number of other equities research analysts also recently weighed in on WIX. Baird R W raised shares of Wix.com from a "hold" rating to a "strong-buy" rating in a research note on Friday, May 23rd. JMP Securities reissued a "market outperform" rating and issued a $250.00 price objective on shares of Wix.com in a report on Friday, June 20th. Morgan Stanley lowered their price objective on Wix.com from $276.00 to $207.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Bank of America reduced their price objective on shares of Wix.com from $270.00 to $230.00 and set a "buy" rating on the stock in a research report on Wednesday, May 21st. Finally, JPMorgan Chase & Co. lowered their price target on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating for the company in a report on Wednesday. Two equities research analysts have rated the stock with a hold rating, eighteen have given a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $225.11.

Wix.com Trading Up 0.3%

WIX opened at $128.49 on Wednesday. The company has a market cap of $7.21 billion, a P/E ratio of 51.19, a price-to-earnings-growth ratio of 2.04 and a beta of 1.27. Wix.com has a 1-year low of $126.22 and a 1-year high of $247.11. The company has a fifty day moving average price of $152.79 and a two-hundred day moving average price of $174.11.

Wix.com (NASDAQ:WIX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The information services provider reported $2.28 EPS for the quarter, beating the consensus estimate of $1.79 by $0.49. The business had revenue of $489.93 million for the quarter, compared to the consensus estimate of $487.62 million. Wix.com had a negative return on equity of 80.80% and a net margin of 8.16%. Wix.com's revenue for the quarter was up 12.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.67 earnings per share. On average, research analysts forecast that Wix.com will post 3.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Wix.com

Hedge funds and other institutional investors have recently bought and sold shares of the business. Durable Capital Partners LP acquired a new position in Wix.com during the 4th quarter worth $89,839,000. Whale Rock Capital Management LLC grew its position in Wix.com by 55.1% in the 4th quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock worth $229,904,000 after purchasing an additional 380,800 shares during the last quarter. Assenagon Asset Management S.A. grew its holdings in shares of Wix.com by 1,209.4% during the first quarter. Assenagon Asset Management S.A. now owns 344,713 shares of the information services provider's stock valued at $56,319,000 after buying an additional 318,387 shares in the last quarter. Senvest Management LLC lifted its stake in Wix.com by 27.3% in the fourth quarter. Senvest Management LLC now owns 1,422,793 shares of the information services provider's stock valued at $305,260,000 after acquiring an additional 304,712 shares during the last quarter. Finally, Alliancebernstein L.P. increased its stake in shares of Wix.com by 115.8% during the 1st quarter. Alliancebernstein L.P. now owns 560,214 shares of the information services provider's stock worth $91,528,000 after purchasing an additional 300,565 shares during the last quarter. Institutional investors and hedge funds own 81.52% of the company's stock.

About Wix.com

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.

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