Scotiabank Increases Wix.com (NASDAQ:WIX) Price Target to $255.00

Key Points

• Scotiabank has raised its price target for Wix.com (NASDAQ:WIX) from $250.00 to $255.00, indicating a potential upside of 91.17% from the company's previous close.
• Despite Scotiabank's optimistic outlook, other brokerages, like JPMorgan Chase, have downgraded their price targets for Wix.com, suggesting potential volatility in its stock performance.
• Wix.com reported earnings per share of $2.28 for the last quarter, exceeding analyst expectations and demonstrating a 12.4% year-over-year revenue growth.

Wix.com (NASDAQ:WIX - Get Free Report) had its price target increased by stock analysts at Scotiabank from $250.00 to $255.00 in a report released on Thursday,Benzinga reports. The firm presently has a "sector outperform" rating on the information services provider's stock. Scotiabank's price objective points to a potential upside of 91.17% from the company's previous close.

Several other brokerages have also weighed in on WIX. JPMorgan Chase & Co. dropped their price objective on shares of Wix.com from $189.00 to $166.00 and set a "neutral" rating on the stock in a report on Wednesday. Baird R W upgraded Wix.com from a "hold" rating to a "strong-buy" rating in a report on Friday, May 23rd. Royal Bank Of Canada dropped their price target on shares of Wix.com from $245.00 to $210.00 and set an "outperform" rating on the stock in a research note on Thursday, May 22nd. Cfra Research downgraded Wix.com from a "moderate buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, Morgan Stanley cut their target price on Wix.com from $276.00 to $207.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Two analysts have rated the stock with a hold rating, eighteen have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $218.26.

Wix.com Stock Performance

Shares of NASDAQ:WIX traded up $4.90 during trading hours on Thursday, reaching $133.39. The stock had a trading volume of 2,817,512 shares, compared to its average volume of 928,111. The firm's 50 day moving average is $152.79 and its 200-day moving average is $174.11. Wix.com has a 1 year low of $126.22 and a 1 year high of $247.11. The stock has a market capitalization of $7.48 billion, a price-to-earnings ratio of 53.14, a P/E/G ratio of 2.04 and a beta of 1.27.

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

Institutional Investors Weigh In On Wix.com

Institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC raised its stake in shares of Wix.com by 0.4% during the second quarter. Acadian Asset Management LLC now owns 2,119,805 shares of the information services provider's stock valued at $335,852,000 after acquiring an additional 7,729 shares during the last quarter. Dorsal Capital Management LP boosted its stake in shares of Wix.com by 1.8% during the 4th quarter. Dorsal Capital Management LP now owns 1,425,000 shares of the information services provider's stock valued at $305,734,000 after purchasing an additional 25,000 shares in the last quarter. Senvest Management LLC raised its holdings 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 worth $305,260,000 after buying an additional 304,712 shares during the last quarter. Whale Rock Capital Management LLC raised its holdings in shares of Wix.com by 55.1% during the fourth quarter. Whale Rock Capital Management LLC now owns 1,071,565 shares of the information services provider's stock valued at $229,904,000 after purchasing an additional 380,800 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its position in shares of Wix.com by 25.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 761,566 shares of the information services provider's stock valued at $124,425,000 after purchasing an additional 155,977 shares during the period. 81.52% of the stock is owned by institutional investors.

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.

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