Oppenheimer’s Favorite Stocks For Next 12 Months: Top 32 Stock Picks

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17. Wix.com Ltd. (NASDAQ:WIX)

Share Price Upside: 14%

Number of Hedge Fund Investors In Q2 2024: 42

Average Analyst Share Price Target: $191.78

Wix.com Ltd. (NASDAQ:WIX) is an Israeli software company that enables web development, payment collection, logo generation, website management, and web application buying and selling on an online marketplace. A SaaS company, Wix.com Ltd. (NASDAQ:WIX)’s valuation is dependent on its customer growth, revenue growth, and cost control as evident through free cash flow (FCF) generation. Additionally, since it’s a mid sized SaaS company, Wix.com Ltd. (NASDAQ:WIX) has to ensure bookings growth as well as introduce new products to ensure that larger SaaS businesses do not eat its market share. On the latter front, the firm has launched a new product called the Wix Studio which is an end to end website development platform that could see rising popularity with a growing number of businesses worldwide that are searching for convenient ways to set up their websites. Oppenheimer is impressed with the continued launch of new products, the company has evolved into a small to medium-sized business Cloud/SaaS platform.’s new products as it shares that through its ” continued launch of new products, the company has evolved into a small to medium-sized business Cloud/SaaS platform.”

Wix.com Ltd. (NASDAQ:WIX)’s management commented on Wix Studio’s adoption during the Q2 2024 earnings call:

“The number of Studio accounts and rate of new partners joining the Wix platform through Studio continue to outperform expectations. We also saw an acceleration in the pace of Studio subscription purchases. This, along with strong retention of existing subscriptions and the ramping of partners purchasing their second, third, and fourth Studio packages, drove quarter-over-quarter Studio bookings growth of 20%. Our platform is increasingly resonating with the professional community, as we continue to deliver best-in-class innovations and grow our partner ecosystem. Second, we continue to build up our suite of AI capabilities as a result of the numerous AI initiatives and work streams across weeks. Last quarter, we introduced our plan to embed AI assistance across our platform and products.”

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