Wix.com completed $200 million in share repurchases, acquiring 868,026 shares at an average price of $230.41.
Quiver AI Summary
Wix.com Ltd. announced the completion of $200 million in share repurchases, which were authorized by its Board of Directors in July 2024. The company bought back 868,026 shares, approximately 1.5% of its total outstanding shares, at an average price of $230.41 per share. Wix, founded in 2006, is a leading SaaS platform that helps users create and manage their online presence, providing performance, security, and AI capabilities, alongside a variety of business solutions and marketing tools. The company emphasizes continuous innovation to help users maintain control over their brand and customer relationships.
Potential Positives
- Wix.com Ltd. has successfully completed $200 million in share repurchases, indicating strong financial health and confidence in the company's future.
- The repurchase of approximately 1.5% of total outstanding shares demonstrates a commitment to returning value to shareholders.
- The share repurchase was conducted at a volume-weighted average price of $230.41, which reflects a strategic buyback at a favorable pricing point.
- This action may positively influence the stock price by reducing the total shares outstanding, potentially enhancing earnings per share in the future.
Potential Negatives
- The share repurchase of $200 million, while potentially positive for shareholders, may raise concerns about the company's cash flow and ability to invest in growth or innovation, especially if the repurchases are seen as an acknowledgment of limited alternatives for capital allocation.
- Repurchasing approximately 1.5% of total shares outstanding could indicate a lack of confidence in finding more productive investments to generate value, which might lead to negative perceptions among investors.
- The high average price per share of $230.41 for the repurchase raises questions about whether the company is overvalued at this price, potentially impacting investor trust and future stock performance.
FAQ
What recent financial action did Wix.com Ltd. take?
Wix.com Ltd. completed $200 million in share repurchases, acquiring 868,026 ordinary shares.
When was the share repurchase authorized?
The share repurchase was authorized by Wix's Board of Directors in July 2024.
What percentage of total shares outstanding did the repurchase represent?
The repurchase represented approximately 1.5% of Wix's total shares outstanding.
What is the average price per share for the repurchased Wix shares?
The approximate volume-weighted average price per share was $230.41.
What type of platform is Wix?
Wix is a leading SaaS website builder platform designed for creating and managing a digital presence.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$WIX Hedge Fund Activity
We have seen 188 institutional investors add shares of $WIX stock to their portfolio, and 153 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- BAILLIE GIFFORD & CO removed 726,056 shares (-10.1%) from their portfolio in Q3 2024, for an estimated $121,374,781
- FMR LLC added 462,445 shares (+21.0%) to their portfolio in Q3 2024, for an estimated $77,306,930
- CITADEL ADVISORS LLC added 400,641 shares (+226.4%) to their portfolio in Q3 2024, for an estimated $66,975,155
- SG AMERICAS SECURITIES, LLC added 400,265 shares (+558.5%) to their portfolio in Q4 2024, for an estimated $85,876,855
- WELLINGTON MANAGEMENT GROUP LLP removed 360,642 shares (-59.6%) from their portfolio in Q3 2024, for an estimated $60,288,523
- LORD, ABBETT & CO. LLC added 348,412 shares (+128.4%) to their portfolio in Q3 2024, for an estimated $58,244,034
- AMUNDI removed 282,893 shares (-40.2%) from their portfolio in Q3 2024, for an estimated $47,291,222
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
NEW YORK
– – Wix.com Ltd. (NASDAQ: WIX), today announced that it has completed $200 million in share repurchases, which were part of the authorization by its Board of Directors approved in July 2024.
The Company repurchased 868,026 outstanding Wix ordinary shares, representing approximately 1.5% of total shares outstanding, at an approximate volume-weighted average price per share of $230.41.
About Wix.com Ltd.
Wix
is the leading SaaS website builder platform
1
to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users - self-creators, agencies, enterprises, and more - with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform 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, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.
For more about Wix, please visit our
Press Room
Investor Relations Contact:
IR@wix.com
Media Relations Contact:
PR@wix.com
1
Based on number of active live sites as reported by competitors' figures, independent third-party data and internal data as of H1 2024.
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