Wix Announces Completion of $225 Million Share Repurchase Program

Wix (Nasdaq: WIX) announced the completion of a $225 million share repurchase program authorized by its Board of Directors in August 2023.

Rhea-AI Summary

Wix (Nasdaq: WIX) announced the completion of a $225 million share repurchase program authorized by its Board of Directors in August 2023. The company repurchased 1,676,623 outstanding shares, approximately 3% of total shares, at an average price of $134.20 per share.

Wix, a leading SaaS website builder, offers a comprehensive platform for creating, managing, and growing a digital presence with advanced SEO, marketing tools, and secure infrastructure.

The repurchase indicates Wix's confidence in its financial health and commitment to enhancing shareholder value.

Positive

• Completion of a $225 million share repurchase program.
• Repurchased 1,676,623 shares, representing 3% of total shares.
• Average repurchase price of $134.20 per share, reflecting confidence in stock valuation.
• Share repurchase indicates strong financial position.
• Enhanced shareholder value by reducing outstanding shares.

Negative

• Potential short-term reduction in cash reserves due to the $225 million expenditure.
• Repurchased shares might not significantly impact stock price if market sentiment is poor.

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News Market Reaction – WIX

The recorded move for WIX in the trading session of this news was -2.91%.

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NEW YORK, May 28, 2024 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX), today announced that it has completed $225 million in share repurchases, which were part of the authorization by its Board of Directors approved in August 2023.

The Company repurchased 1,676,623 outstanding Wix ordinary shares, representing approximately 3% of total shares outstanding, at an approximate volume-weighted average price per share of $134.20.

About Wix.com Ltd.
Wix is the leading SaaS website builder platform globally¹ to create, manage and grow a digital presence. What began as a website builder in 2006 is now a complete platform providing users with enterprise-grade performance, security and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, Wix enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, anyone can build a powerful digital presence to fulfill their dreams on Wix.

¹ Based on the number of active live sites as reported by key competitors' figures, independent third-party-data and internal data as of Q4 2023.

For more about Wix, please visit our Press Room

Investor Relations:
ir@wix.com

Media Relations:
pr@wix.com

 

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SOURCE Wix.com Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What recent share repurchase program did Wix complete?

Wix completed a $225 million share repurchase program.

How many shares did Wix repurchase in its recent program?

Wix repurchased 1,676,623 outstanding shares.

What percentage of shares did Wix repurchase in its recent program?

Wix repurchased approximately 3% of its total outstanding shares.

What was the average price per share for Wix's recent repurchase?

The average price per share for Wix's recent repurchase was $134.20.

When did Wix's Board of Directors authorize the share repurchase program?

Wix's Board of Directors authorized the share repurchase program in August 2023.