Wix (WIX) Received its Third Buy in a Row

After Guggenheim and Jefferies gave Wix (NASDAQ: WIX) a Buy rating last month, the company received another Buy, this time from Needham. Analyst Bernie McTernan assigned a Buy rating to Wix today and set a price target of $340.00. The company’s shares closed last Tuesday at $289.90.

According to TipRanks.com, McTernan is a 4-star analyst with an average return of 11.3% and a 57.0% success rate. McTernan covers the Services sector, focusing on stocks such as Penn National Gaming, Peloton Interactive, and Discovery.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Wix with a $360.42 average price target, a 33.5% upside from current levels. In a report issued on May 10, Guggenheim also maintained a Buy rating on the stock.

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Wix’s market cap is currently $16.35B and has a P/E ratio of -92.90. The company has a Price to Book ratio of 61.52.

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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.

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