Wix.com (NASDAQ: WIX) Downgraded to “Performing Sector” at Royal Bank of Canada


Wix.com (NASDAQ: WIX) was downgraded by the Royal Bank of Canada from an “outperformance” rating to a “sector performance” rating in a report released Thursday, The Fly reported. They currently have a price target of $ 210.00 on shares of the information service provider, down from their previous price target of $ 270.00. The Royal Bank of Canada’s price target suggests a potential rise of 6.41% from the company’s previous close.

WIX has been the subject of a number of other research reports. Needham & Company LLC reduced its target price on Wix.com stock from $ 310.00 to $ 265.00 and set a “buy” rating on the stock in a research report on Thursday, August 12. Wedbush lowered its target price on Wix.com stock from $ 340.00 to $ 250.00 and set an “outperform” rating on the stock in a research report on Thursday, August 12. Morgan Stanley reduced its price target on Wix.com shares from $ 339.00 to $ 305.00 and set an “overweight” rating on the stock in a research report released on Thursday, August 12. Oppenheimer reduced its target price on Wix.com stock from $ 300.00 to $ 275.00 and set an “outperform” rating on the stock in a research report on Thursday, August 12. Finally, JMP Securities lowered its price target on Wix.com stock from $ 350.00 to $ 282.00 and set an “outperform” rating on the stock in a research report on Thursday, August 12. Six investment analysts rated the stock with a conservation rating and fifteen issued a buy rating for the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $ 285.45.

WIX stock opened at $ 197.35 on Thursday. The company has a market cap of $ 11.06 billion, a PE ratio of -53.05 and a beta of 1.35. The company has a 50-day simple moving average of $ 208.32 and a 200-day simple moving average of $ 257.19. Wix.com has a 52 week low of $ 171.37 and a 52 week high of $ 362.07. The company has a quick ratio of 1.90, a current ratio of 1.90, and a debt ratio of 3.02.

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Wix.com (NASDAQ: WIX) last released its quarterly results on Wednesday, August 11. The news service provider reported ($ 0.28) EPS for the quarter, beating the Zacks’ consensus estimate ($ 1.02) by $ 0.74. The company posted revenue of $ 316.41 million in the quarter, compared to a consensus estimate of $ 311.48 million. Wix.com recorded a negative return on equity of 86.14% and a negative net margin of 17.58%. On average, analysts expect Wix.com to post -4.58 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently bought and sold shares in the company. Nomura Asset Management Co. Ltd. increased its position in Wix.com shares by 0.4% in the second quarter. Nomura Asset Management Co. Ltd. now owns 10,180 shares of the information service provider valued at $ 2,955,000 after acquiring 40 additional shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Wix.com by 4.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,037 shares of the information service provider valued at $ 290,000 after acquiring 45 additional shares in the last quarter. Optimum Investment Advisors increased its position in Wix.com shares by 50.0% during the second quarter. Optimum Investment Advisors now owns 150 shares of the information service provider valued at $ 44,000 after acquiring 50 additional shares in the last quarter. Raymond James Trust NA increased its position in Wix.com shares by 5.4% in the second quarter. Raymond James Trust NA now owns 1,138 shares of the information service provider valued at $ 331,000 after acquiring 58 additional shares in the last quarter. Finally, Pacer Advisors Inc. increased its position in Wix.com shares by 17.1% during the third quarter. Pacer Advisors Inc. now owns 438 shares of the information services provider valued at $ 86,000 after acquiring 64 additional shares in the last quarter. 91.39% of the shares are held by hedge funds and other institutional investors.

About Wix.com

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 email 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.

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Analyst Recommendations for Wix.com (NASDAQ: WIX)

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