Fiverr International (NYSE:FVRR) to Repurchase $100.00 million in Outstanding Stock

Fiverr International (NYSE:FVRR) declared that its Board of Directors has initiated a share buyback plan on Tuesday, March 11th, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to buy up to 10.6% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Fiverr International Stock Performance

NYSE FVRR traded up $1.63 during mid-day trading on Tuesday, reaching $26.39. 924,396 shares of the stock were exchanged, compared to its average volume of 781,836. The business’s 50 day moving average is $30.35 and its 200-day moving average is $28.84. Fiverr International has a 1 year low of $18.83 and a 1 year high of $36.11. The company has a market capitalization of $946.03 million, a P/E ratio of 56.16 and a beta of 1.93. The company has a debt-to-equity ratio of 0.06, a quick ratio of 2.99 and a current ratio of 1.10.

Wall Street Analyst Weigh In

Several research firms have recently commented on FVRR. Needham & Company LLC reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Fiverr International in a report on Wednesday, February 19th. JMP Securities downgraded shares of Fiverr International from an “outperform” rating to a “market perform” rating in a report on Thursday, February 20th. UBS Group upped their price objective on shares of Fiverr International from $31.00 to $32.00 and gave the company a “neutral” rating in a report on Tuesday, December 3rd. Citizens Jmp downgraded shares of Fiverr International from a “strong-buy” rating to a “hold” rating in a report on Thursday, February 20th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $35.00 price objective on shares of Fiverr International in a report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Fiverr International presently has a consensus rating of “Hold” and a consensus price target of $34.63.

About Fiverr International

Fiverr International Ltd. operates an online marketplace worldwide. Its platform enables sellers to sell their services and buyers to buy them. The company's platform includes various categories in ten verticals, including graphic and design, digital marketing, writing and translation, video and animation, music and audio, programming and tech, business, data, lifestyle, and photography.