Wix.com Ltd (NASDAQ:WIX) reported better-than-expected fiscal third-quarter 2024 results on Wednesday.
Revenue grew 13% year over year to $444.7 million, beating the analyst consensus estimate of $444.0 million. Adjusted EPS of $1.50 beat the analyst consensus estimate of $1.43.
Wix.com expects fiscal 2024 revenue of $1.757 billion—$1.764 billion(prior $1.747 billion—$1.761 billion) vs. the consensus of $1.76 billion. Wix.com projects 2024 bookings of $1.822 billion—$1.832 billion(prior$1.802 billion—$1.822 billion).
The company expects to generate free cash flow, excluding headquarters costs, of $483 million—$488 million(prior view $460 million—$470 million). Wix.com expects fourth-quarter revenue of $457 million—$464 million versus consensus $457.08 million.
Wix.com shares gained 3.6% to trade at $217.76 on Thursday.
These analysts made changes to their price targets on Wix.com following earnings announcement.
- Piper Sandler analyst Clarke Jeffries maintained Wix.com with an Overweight rating and raised the price target from $200 to $249.
- Cantor Fitzgerald analyst Deepak Mathivanan maintained the stock with an Overweight and raised the price target from $200 to $240.
- RBC Capital analyst Brad Erickson maintained Wix.com with an Outperform and raised the price target from $190 to $245.
- Benchmark analyst Mark Zgutowicz maintained the stock with a Buy and raised the price target from $225 to $250.
- B. Riley Securities analyst Naved Khan maintained Wix.com with a Buy and raised the price target from $190 to $220.
Considering buying WIX stock? Here's what analysts think:
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