Wix.com Analysts Increase Their Forecasts After Strong Results

Wix.com Ltd. WIX reported better-than-expected fourth-quarter financial results and issued guidance on Wednesday.

Revenue grew 14% year-over-year to $403.8 million, beating the consensus of $402.8 million. The adjusted EPS of $1.22 beat the consensus of 95 cents, according to data from Benzinga Pro.

Avishai Abrahami, Wix Co-founder and CEO said, “In just six months, more than 500,000 agencies and freelancers have created Studio accounts, driving the number of Studio premium subscriptions to be ahead of plan. Most excitingly, nearly half of these Studio accounts were created by new Partners – a powerful indication that Studio is successfully winning a new market of large agencies who had not built on Wix before. AI was another major focus of innovation in 2023, building on nearly a decade of leading AI research and development at Wix.”

Wix.com expects first-quarter revenue of $415 million to $419 million (consensus $416.55 million), up 11%-12% Y/Y. The company expects fiscal 2024 revenue of $1.73 billion-$1.76 billion vs. the consensus of $1.75 billion. Wix.com projects 2024 bookings of $1.78 – $1.81 billion, up 12% – 14% Y/Y.

Wix.com shares gained 5.9% to close at $132.77 on Wednesday.

These analysts made changes to their price targets on Wix.com after the company reported quarterly results.

• Piper Sandler raised the price target on Wix.com from $146 to $165. Piper Sandler analyst Clarke Jeffries maintained an Overweight rating.
• Needham increased the price target on Wix.com from $150 to $160. Needham analyst Bernie McTernan maintained a Buy rating.

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