Wix.com WIX has announced that its board of directors have authorized a stock repurchase program of up to $300 million.The quantity and timing of share repurchases under the program will be decided by the company based on market conditions and corporate needs. Repurchases under the program may be undertaken in the open market, in privately negotiated transactions, or in other ways.In September 2021, the company completed its $200 million share repurchase program authorized by the Board of Directors. The company had repurchased about 895,136 outstanding shares at a volume-weighted average price of $223.41 per share.The objective behind the company’s share repurchase program aims to prevent dilution caused by stock-based compensation, reduce outstanding share count and increase shareholder value. The company anticipates using both current and future cash earned from operations to pay for further share repurchases.Wix has a strong balance sheet, which enables the company to return money to shareholders in the form of share repurchases and invest enough capital in research and development to launch new products and improve existing product lines.As of Jun 30, 2022, Wix's cash and cash equivalents stood at $1.5 billion compared with long-term debt of $565 million. The strong cash balance is likely to help the company pursue strategic acquisitions and other investments as part of its growth initiatives.Headquartered in Israel, Wix is a cloud-based web development platform. The company offers solutions that enable businesses, organizations, professionals and individuals to develop customized websites and application platforms.The company’s performance benefits from the continued momentum seen in annualized recurring revenues from Creative subscriptions and the robust uptake of Wix Payments and other new e-commerce applications.For the third quarter, the Zacks Consensus Estimate for revenues stands at $343.3 million, up 7% year over year. Also, the consensus mark for earnings is pegged at a loss of 7 cents per share. The company had reported loss of 21 cents in the third quarter of 2021.For third-quarter 2022, the company expects revenue between $341 million and $345 million, suggesting 7-8% growth from the prior-year quarter's reported figure.A Look at Share Buyback Plans of Other CompaniesOn Sep 29, 2022, Guidewire GWRE announced that it has entered into an accelerated share repurchase (ASR) agreement with Morgan Stanley & Co. LLC to buy back an aggregate of $200 million worth of its common stock.Per the ASR agreement, Guidewire is expected to receive an initial delivery of approximately 2,581,478 shares. The remaining shares are expected to be settled in the third quarter of fiscal 2023.Also, on Sep 22, 2022, the company announced that its board of directors authorized a share repurchase program of up to $400 million. The quantity and timing of share repurchases under the program will be decided by the company based on business, economic and market conditions as well as the prevailing stock price.On Jun 21, 2022, Cadence CDNS entered into an ASR agreement with the Royal Bank of Canada to buy back an aggregate of $100 million worth of its common stock.Per the ASR agreement, Cadence received an initial share delivery of approximately 489,000 shares.On Aug 15, 2022, Paycom Software PAYC announced that its board of directors authorized an additional share buyback plan of $550 million. The company’s existing buyback program had approximately $550 million left before the increase. With the new authorization, the repurchase fund value jumps to almost $1.1 billion.Paycom’s latest stock buyback program indicates its commitment to delivering long-term shareholder value and reflects its confidence in its financial position and ability to generate sufficient cash flows. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cadence Design Systems, Inc. (CDNS): Free Stock Analysis Report Guidewire Software, Inc. (GWRE): Free Stock Analysis Report Paycom Software, Inc. (PAYC): Free Stock Analysis Report Wix.com Ltd. (WIX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research