Radware (NASDAQ:RDWR) to Buyback $80.00 million in Stock

Radware (NASDAQ:RDWR) declared that its board has authorized a stock buyback program on Friday, February 13th, RTT News reports. The company plans to repurchase $80.00 million in outstanding shares. This repurchase authorization allows the information technology services provider to repurchase up to 7.1% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Radware Price Performance

Shares of NASDAQ RDWR opened at $27.92 on Friday. The business has a 50-day moving average of $24.48 and a two-hundred day moving average of $24.86. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of 62.05 and a beta of 0.95. Radware has a 1 year low of $18.46 and a 1 year high of $31.57.

Radware (NASDAQ:RDWR) last released its quarterly earnings data on Wednesday, February 11th. The information technology services provider reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.30 by $0.02. Radware had a return on equity of 7.21% and a net margin of 6.71%.The business had revenue of $80.25 million for the quarter, compared to the consensus estimate of $78.65 million. During the same quarter in the prior year, the business posted $0.27 EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. As a group, equities research analysts expect that Radware will post 0.28 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Wall Street Zen lowered shares of Radware from a “buy” rating to a “hold” rating in a research note on Saturday, January 31st. Jefferies Financial Group set a $25.00 price target on Radware in a research note on Tuesday, December 16th. Finally, Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Radware in a research report on Monday, December 29th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Radware currently has an average rating of “Hold” and an average price target of $30.00.

About Radware

Radware Ltd. provides cybersecurity and application delivery solutions designed to ensure the availability, performance and security of mission‐critical applications. Its product portfolio includes on‐premises and cloud‐based offerings such as Alteon application delivery controllers, DefensePro network behavior analysis for DDoS mitigation and AppWall web application firewall. The company’s platforms use real‐time behavioral analysis, machine learning and automation to protect against distributed denial‐of‐service attacks, application layer threats and network intrusions.

Founded in 1997, Radware is co-headquartered in Tel Aviv, Israel, with a principal U.S.