Starboard Value LP has built a 9% stake in website development platform Wix.com Ltd , the activist hedge fund disclosed in a regulatory filing on Friday.
The logo of website-designer firm Wix.com is seen at a high-tech park in Beersheba, southern Israel August 28, 2017. Picture taken August 28, 2017. REUTERS/Amir CohenNEW YORK, Sept 16 - Starboard Value LP has built a 9% stake in website development platform Wix.com LtdStarboard had been building the stake, and spoke to Wix about how it can improve operations, Reuters reported earlier in the day, citing sources familiar with the matter.
The fund has been discussing its ideas with Wix's management and is not seeking board seats at this time, the sources added. Details of Starboard's suggestions to Wix could not be learned. Wix, an Israel-based company whose stock is listed in the United States, has a market value of roughly $4.4 billion. Its shares have lost 54% of their value this year on concerns about clients not paying enough for its products. The company posted a loss for the three months to the end of June of $111.2 million, compared to a $37.6 million profit in the corresponding period in 2021.
Wix has announced cost cuts it projects will save $150 million a year and grow its profit margins. The company also authorized a $500-million share buyback program.
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