In a report issued on July 15, Mark Mahaney from RBC Capital maintained a Buy rating on Wix (WIX), with a price target of $350.00. The company’s shares closed last Friday at $270.30, close to its 52-week high of $299.83.
According to TipRanks.com, Mahaney is a 5-star analyst with an average return of 20.0% and a 63.8% success rate. Mahaney covers the Technology sector, focusing on stocks such as Spotify Technology SA, Jumia Technologies AG, and Uber Technologies.
Currently, the analyst consensus on Wix is a Strong Buy with an average price target of $247.29, which is a -9.1% downside from current levels. In a report issued on June 30, SunTrust Robinson also assigned a Buy rating to the stock with a $290.00 price target.
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Based on Wix’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $216 million and GAAP net loss of $39.15 million. In comparison, last year the company earned revenue of $174 million and had a GAAP net loss of $30.74 million.
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Wix.com Ltd. engages in the provision of web development, design, and management solutions and applications. It provides free design templates for personal and business use, web design and layout tools, web hosting through the Wix domain, applications from the App Market, blog and social network page support, other marketing and work flow management applications and services. The company also offers eCommerce and appointment applications, and marketing tools such as Google Analytics and mailing lists. Wix.com was founded by Avishai Abrahami, Nadav Abrahami and Giora Kaplan on October 5, 2006 and is headquartered in Tel Aviv, Israel.
