Wix.com Ltd. (NASDAQ: NASDAQ:WIX), a leading cloud-based development platform, has seen its stock price surge to a 52-week high, reaching a notable $210. This peak represents a significant milestone for the company, reflecting a robust year-over-year growth. Investors have shown increased confidence in Wix's business model and future prospects, as evidenced by the impressive 90.29% change in the stock price over the past year. The company's performance, particularly in expanding its user base and enhancing its platform with new features, has contributed to the bullish sentiment among shareholders and market analysts alike.
In other recent news, Wix.com Ltd. reported impressive third quarter results, surpassing analyst expectations. The company recorded adjusted earnings per share of $1.50, exceeding the anticipated $1.44. Revenue also increased by 13% year-over-year, reaching $444.7 million, slightly above the consensus of $443.97 million. Wix.com's strong performance was largely attributed to a 16% YoY surge in bookings growth, which amounted to $449.8 million, driven by the company's Studio product, AI innovations, and robust commerce activity.
Morgan Stanley (NYSE:MS) maintained its Equalweight rating on Wix.com, highlighting a strong outlook for fiscal year 2025. The firm pointed out that Wix.com's implied billings exit rate for fiscal year 2024 is anticipated to reach 18% at the high end, suggesting potential for a higher revenue growth in fiscal year 2025 than the current market expectation of 14%.
In light of these developments, Wix.com has raised its full-year 2024 revenue guidance to a range of $1.757-$1.764 billion, up from the earlier forecast of $1.747-$1.761 billion. The company's Co-founder and CEO, Avishai Abrahami, and CFO Lior Shemesh expressed confidence in the company's position and future growth potential. These recent developments underscore the company's strong performance and forward-looking strategy.
InvestingPro Insights
Wix.com's recent stock performance aligns with several key metrics and insights from InvestingPro. The company's stock is currently trading near its 52-week high, with a price that is 95.81% of its highest point over the past year. This impressive performance is reflected in the company's substantial year-to-date price total return of 49.53% and a remarkable one-year price total return of 87.15%.
InvestingPro Tips highlight that Wix has been profitable over the last twelve months, with net income expected to grow this year. This positive outlook is supported by the company's revenue growth of 12.85% over the last twelve months, reaching $1.65 billion. Additionally, Wix operates with a moderate level of debt, which may provide financial flexibility as it continues to expand its platform and user base.
For investors seeking a deeper understanding of Wix's financial health and growth prospects, InvestingPro offers 12 additional tips, providing a comprehensive analysis of the company's position in the market.
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