SunTrust Robinson analyst Naved Khan maintained a Buy rating on Wix.com Ltd (WIX) today and set a price target of $154. The company’s shares closed yesterday at $145.59, close to its 52-week high of $149.59.
Khan noted:
“We believe that Wix’s decision to spend greater ad dollars into channels such as LinkedIn and Twitter and away from TV largely reflects its early success with these digital channels, particularly in reaching the target demographic of design professionals. Additionally, we believe the recent acqui-hire of the Gefen Team will provide a meaningful boost to Wix’s branding/product positioning efforts as it sharpens focus on the upper-end market. Overall, these changes reflect Wix’s nimble approach to marketing and should be a net positive for product monetization (particularly Corvid), in our view.”
According to TipRanks.com, Khan is a 5-star analyst with an average return of 21.4% and a 74.7% success rate. Khan covers the Technology sector, focusing on stocks such as Endurance International, trivago NV, and Yext Inc.
Currently, the analyst consensus on Wix.com Ltd is a Moderate Buy with an average price target of $149.
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Based on Wix.com Ltd’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $30.74 million. In comparison, last year the company had a GAAP net loss of $5.64 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, and 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.
