Wix.com (NASDAQ:WIX) Given New $245.00 Price Target at Royal Bank of Canada

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

A number of other analysts also recently commented on the stock. Benchmark increased their price objective 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. StockNews.com cut Wix.com from a “buy” rating to a “hold” rating in a report on Friday, November 15th. Bank of America upped their target price on Wix.com from $190.00 to $228.00 and gave the company a “buy” rating in a report on Wednesday. Cantor Fitzgerald raised their target price on Wix.com from $200.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday. Finally, Piper Sandler lifted their price target on Wix.com from $200.00 to $249.00 and gave the stock an “overweight” rating in a report on Thursday. Four analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Wix.com currently has an average rating of “Moderate Buy” and a consensus price target of $210.44.

Wix.com Stock Down 0.9 %

Wix.com stock opened at $217.20 on Thursday. The company has a fifty day simple moving average of $169.52 and a 200-day simple moving average of $162.14. The firm has a market capitalization of $11.91 billion, a price-to-earnings ratio of 136.76, a PEG ratio of 3.91 and a beta of 1.47. Wix.com has a 52-week low of $95.65 and a 52-week high of $220.22.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Dorsal Capital Management LP boosted its stake in shares of Wix.com by 23.8% in the second quarter. Dorsal Capital Management LP now owns 1,300,000 shares of the information services provider’s stock valued at $206,791,000 after purchasing an additional 250,000 shares during the period. Clearbridge Investments LLC boosted its position in Wix.com by 2.9% in the 2nd quarter. Clearbridge Investments LLC now owns 1,197,474 shares of the information services provider’s stock valued at $190,482,000 after buying an additional 33,338 shares during the period. Senvest Management LLC grew its stake in shares of Wix.com by 4.7% in the third quarter. Senvest Management LLC now owns 1,118,081 shares of the information services provider’s stock worth $186,910,000 after acquiring an additional 50,482 shares in the last quarter. Renaissance Technologies LLC grew its stake in shares of Wix.com by 27.9% in the second quarter. Renaissance Technologies LLC now owns 785,649 shares of the information services provider’s stock worth $124,973,000 after acquiring an additional 171,500 shares in the last quarter. Finally, Whale Rock Capital Management LLC increased its position in shares of Wix.com by 31.6% during the third quarter. Whale Rock Capital Management LLC now owns 690,765 shares of the information services provider’s stock worth $115,475,000 after acquiring an additional 165,810 shares during the period. 81.52% of the stock is currently owned by hedge funds and other 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.