Wix.com (NASDAQ:WIX) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reaffirmed their outperform rating on shares of Wix.com (NASDAQ:WIX) in a research report report published on Thursday morning,Benzinga reports. The brokerage currently has a $245.00 price objective on the information services provider’s stock.

A number of other equities analysts also recently issued reports on WIX. Benchmark raised their price objective on Wix.com from $250.00 to $260.00 and gave the company a “buy” rating in a research note on Thursday. Wells Fargo & Company initiated coverage on Wix.com in a research note on Monday, February 3rd. They issued an “underweight” rating and a $208.00 price objective for the company. Piper Sandler raised their price objective on Wix.com from $200.00 to $249.00 and gave the company an “overweight” rating in a research note on Thursday, November 21st. Raymond James raised Wix.com from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $225.00 to $300.00 in a research note on Tuesday, January 21st. Finally, Jefferies Financial Group raised their price objective on Wix.com from $225.00 to $260.00 and gave the company a “buy” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $245.11.

Wix.com Trading Down 6.2 %

Shares of WIX stock opened at $203.65 on Thursday. The company has a market cap of $11.16 billion, a price-to-earnings ratio of 127.28, a price-to-earnings-growth ratio of 2.54 and a beta of 1.58. The stock has a 50 day simple moving average of $226.63 and a 200-day simple moving average of $192.98. Wix.com has a 12-month low of $117.58 and a 12-month high of $247.11.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WIX. Wellington Management Group LLP boosted its holdings in Wix.com by 518.3% in the fourth quarter. Wellington Management Group LLP now owns 1,510,515 shares of the information services provider’s stock valued at $324,081,000 after acquiring an additional 1,266,202 shares during the last quarter. Durable Capital Partners LP purchased a new position in Wix.com in the fourth quarter valued at about $89,839,000. SG Americas Securities LLC raised its position in Wix.com by 558.5% in the fourth quarter. SG Americas Securities LLC now owns 471,933 shares of the information services provider’s stock valued at $101,253,000 after purchasing an additional 400,265 shares during the period. Whale Rock Capital Management LLC raised its position in Wix.com by 55.1% in 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 period. Finally, Senvest Management LLC raised its position 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 purchasing an additional 304,712 shares during the period. 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.