Royal Bank of Canada Increases Wix.com (NASDAQ:WIX) Price Target to $245.00

Wix.com (NASDAQ:WIX) had its price objective increased by investment analysts at Royal Bank of Canada from $190.00 to $245.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has an “outperform” rating on the information services provider’s stock. Royal Bank of Canada’s price target would suggest a potential upside of 12.80% from the company’s previous close.

Several other brokerages have also recently commented on WIX. Needham & Company LLC restated a “buy” rating and set a $200.00 price objective on shares of Wix.com in a research note on Wednesday. UBS Group boosted their target price on shares of Wix.com from $200.00 to $205.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Benchmark upped their price target on shares of Wix.com from $210.00 to $225.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Evercore ISI upgraded Wix.com to a “strong-buy” rating in a research note on Monday, August 5th. Finally, Piper Sandler upped their target price on Wix.com from $200.00 to $249.00 and gave the stock an “overweight” rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $210.44.

Wix.com Stock Down 0.9 %

Shares of NASDAQ:WIX opened at $217.20 on Thursday. Wix.com has a 52-week low of $95.65 and a 52-week high of $220.22. The stock has a market cap of $11.91 billion, a price-to-earnings ratio of 136.76, a PEG ratio of 3.91 and a beta of 1.47. The business has a 50-day moving average price of $169.52 and a 200-day moving average price of $162.14.

Institutional Investors Weigh In On Wix.com

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC raised its position in Wix.com by 3.2% during the third quarter. Geode Capital Management LLC now owns 461,902 shares of the information services provider’s stock worth $76,848,000 after acquiring an additional 14,340 shares during the period. Public Employees Retirement System of Ohio purchased a new stake in shares of Wix.com during the third quarter worth about $10,523,000. Nomura Asset Management Co. Ltd. raised its position in shares of Wix.com by 1.2% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 14,680 shares of the information services provider’s stock worth $2,454,000 after purchasing an additional 170 shares during the last quarter. XTX Topco Ltd raised its position in shares of Wix.com by 348.6% during the 3rd quarter. XTX Topco Ltd now owns 8,904 shares of the information services provider’s stock worth $1,488,000 after purchasing an additional 6,919 shares during the last quarter. Finally, iA Global Asset Management Inc. lifted its stake in Wix.com by 9.3% in the 3rd quarter. iA Global Asset Management Inc. now owns 20,271 shares of the information services provider’s stock valued at $3,389,000 after buying an additional 1,725 shares in 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.