RTTNews | Sep 9, 2021 02:05AM EDT

02:05 Thursday, September 9, 2021 (RTTNews.com) - Tel Aviv-headquartered Wix.com Ltd, a cloud-based website development platform on Thursday announced that it has completed the $200 million share repurchase program authorized in May this year.

The buyback was undertaken as the company felt that the Wix shares were trading below what they felt as the company's intrinsic valuation.

"Today's announcement reflects our confidence in the continued strength of our business and our ability to successfully execute on our long-term strategy," Lior Shemesh, CFO said in a statement.

The company has repurchased 895,136 ordinary shares, or1.6 percent of total shares outstanding, for about $223.41 per share.

WIX closed trading on Wednesday at $224.27, down $6.06 or 2.63 percent from previous close.

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