13 Tech Companies That Announced The Biggest Stock Buyback Programs Last Quarter Q2 FY 2023

SAP SE Announced a New €5 Billion Stock Buyback Program and These 12 Other Companies Announced The Same Plan



Industry: Software—Infrastructure
Synopsys, Inc. is a California-based company specializing in electronic design automation software. They offer a comprehensive range of products and solutions for designing and testing integrated circuits. This includes their Fusion Design Platform for digital design implementation, Verification Continuum Platform for various verification and prototyping solutions, FPGA design products, and a wide range of intellectual property (IP) solutions for different applications. Synopsys also provides tools and services for system-on-chip infrastructure, embedded applications, security IP solutions, and optical system design. They collaborate with IBM Research's AI Hardware Center to advance chip architectures for AI chips. Since its establishment in 1986, Synopsys has been at the forefront of the electronic design industry.

Synopsys, Inc. recently made an important move in the market by authorizing a stock buyback. Synopsys has entered into an accelerated share repurchase agreement (ASR) with Mizuho Markets Americas LLC, aiming to repurchase a significant aggregate of $300 million worth of Synopsys stock. This decision reflects Synopsys' confidence in its future prospects and a strategic focus on enhancing shareholder value.

The ASR agreement outlines that Synopsys will initially receive approximately 645,000 shares, with any remaining balance to be settled on or before August 11, 2023, upon completion of the repurchases. The actual number of shares repurchased will be determined based on Synopsys' daily volume-weighted average share prices during the repurchase period, with a discount applied.


Industry: Computer Hardware
NetApp, Inc. is a global company specializing in software, systems, and services for data management and sharing across on-premises environments, private and public clouds. Their comprehensive portfolio includes cloud data services, hybrid cloud solutions, storage operating systems, backup management software, predictive analytics, and more. With a diverse customer base spanning industries such as energy, finance, government, technology, healthcare, and media, NetApp serves its clients through direct sales and a network of partners. Established in 1992 and headquartered in Sunnyvale, California, NetApp has forged a strategic partnership with Fujitsu for data management infrastructure.

NetApp recently announced its fourth-quarter and fiscal year 2023 results, reporting net revenues of $1.58 billion for the fourth quarter and $6.36 billion for the fiscal year. NetApp achieved significant innovation with the introduction of the C-series, a new family of capacity all-flash storage systems, and NetApp Advance, a portfolio of storage programs to help customers future-proof their on-premises environments. Notably, NetApp returned $1.28 billion to shareholders in fiscal year 2023, representing 116% of cash from operations and 148% of free cash flow. As a result, NetApp authorized a new share repurchase of $1 billion. Recent developments and achievements, including industry recognition and partnerships, highlight NetApp's strong position in the market. Looking ahead, NetApp is confident in its ability to drive long-term growth and deliver increasing value for customers, partners, and shareholders.

One of the significant moves by NetApp was the authorization of a new share repurchase of $1 billion. This decision was driven by NetApp's solid financial performance, including returning $1.28 billion to shareholders in fiscal year 2023, which exceeded cash from operations and free cash flow. NetApp's consistent focus on innovation and its ability to meet customer needs in areas such as hybrid and multicloud infrastructure and data management have contributed to its success. The recent introduction of the C-series and NetApp Advance further strengthens its product portfolio. Additionally, NetApp received industry recognition, including three Outperformer placements in GigaOm's annual Radar reports for storage. These positive developments have likely contributed to NetApp's decision to authorize the stock buyback, reflecting confidence in its future prospects and commitment to delivering value to shareholders.


Industry: Information Technology Services
Conduent Incorporated is a global business process services company specializing in transaction-intensive processing, analytics, and automation. With operations in the United States, Europe, and other international locations, Conduent serves clients across various industries through its Commercial Industries segment, offering customized solutions and business process services. The Government Services segment focuses on providing government-centric business process services to federal, state, local, and foreign governments, while the Transportation segment offers mission-critical mobility and payment solutions to government clients. Conduent also delivers a range of services in customer experience, healthcare, human resources, learning, payment solutions, tolling, transit, and more. Conduent is headquartered in Florham Park, New Jersey.

Conduent Incorporated recently authorized a stock buyback program of up to $75 million of its common stock over the next three years. This move reflects Conduent's confidence in its business strategy, growth opportunities, and commitment to delivering long-term value to shareholders. The decision is based on factors such as Conduent's cash flow trajectory, strong balance sheet, portfolio rationalization program, and the belief that its shares present an attractive investment opportunity.

Conduent intends to repurchase shares through open market transactions, potentially utilizing Rule 10b5-1 trading plans, while complying with relevant legal requirements and regulations set by the United States Securities and Exchange Commission. The program's three-year term does not impose any obligation on Conduent to acquire a specific number of shares and can be modified, suspended, or discontinued at its discretion.


Industry: Software—Application
Commvault Systems, Inc. is a leading provider of data protection and information management software applications and services. Operating globally, Commvault Systems offers a range of solutions including backup and recovery, hyper-scale technology for on-premises storage, automated service delivery, storage platforms with multi-protocol support, and software-as-a-service backup and recovery. Their offerings cater to diverse industries such as banking, healthcare, government, manufacturing, and more. Commvault sells its products directly and indirectly through a network of resellers, integrators, and OEMs, and has established strategic partnerships with major technology companies. Founded in 1988 and headquartered in Tinton Falls, New Jersey, Commvault continues to innovate and support businesses with its software, hardware integration, and professional services.

Commvault recently reported its financial results for the fourth quarter and fiscal year ended March 31, 2023. Despite a slight decrease in total revenues for the fourth quarter, Commvault Systems achieved significant milestones, including Metallic surpassing $100 million in ARR (Annualized Recurring Revenue) and a strong cash flow. Commvault's President and CEO, Sanjay Mirchandani, expressed confidence in Commvault Systems's momentum and its ability to meet future challenges.

The decision to authorize a stock buyback was influenced by Commvault's positive financial performance and its belief in Commvault Systems's growth prospects. During the fiscal year, Commvault repurchased approximately 2.5 million shares of its common stock, totaling $150.9 million. This move reflects Commvault Systems's commitment to maximizing shareholder value and demonstrates confidence in its own stock. The Board of Directors also recently increased the share repurchase program by authorizing an additional $250.0 million for future buybacks.

Commvault's stock buyback prospects are supported by its solid financial position, with total cash amounting to $287.8 million as of March 31, 2023. Commvault Systems's ability to generate operating cash flow, driven by the growth of its Metallic as-a-service offerings, further strengthens its position. With an expanded share repurchase program, Commvault can continue to strategically repurchase its common stock, capitalizing on market conditions and potentially enhancing shareholder returns.


Industry: Software—Application
ServiceNow, Inc. is a leading provider of enterprise cloud computing solutions, offering a comprehensive suite of services to businesses worldwide. Their platform, Now, enables organizations to streamline and automate various departments, including IT service management, customer service, human resources, security operations, and more. With a range of digital workflow products and tools, ServiceNow empowers businesses to optimize their operations, enhance collaboration, and improve efficiency. Their extensive product portfolio includes IT service management, IT operations management, IT asset management, and enterprise development operations solutions, among others. ServiceNow serves a diverse range of industries, including government, finance, healthcare, telecommunications, and manufacturing, providing professional services, training, and customer support. Headquartered in Santa Clara, California, ServiceNow was founded in 2004 and has established itself as a trusted leader in the industry.

ServiceNow has recently authorized its first-ever share repurchase program. The program allows for the purchase of up to $1.5 billion in common stock and aims to manage the dilution resulting from future employee equity grants and stock purchase programs. The decision to implement this program reflects ServiceNow's commitment to driving exceptional shareholder value and their confidence in the trajectory of their business.

According to ServiceNow CFO Gina Mastantuono, ServiceNow remains focused on sustainable growth and continuous innovation. With a strong cash flow generation and favorable market conditions, utilizing a portion of their free cash flow to manage dilution is seen as a strategic capital allocation. The share repurchase program offers flexibility in repurchasing shares through various methods, including open market purchases and privately negotiated transactions.

It is important to note that the program has no fixed expiration date and can be suspended or discontinued at any time. The timing, manner, price, and amount of repurchases will be determined at the discretion of ServiceNow, taking into account several factors such as business performance, economic conditions, prevailing stock prices, and regulatory requirements.


Industry: Software—Application
Aspen Technology, Inc. is a global provider of asset optimization solutions for various industries. With a focus on asset design, operations, and maintenance lifecycle, Aspen Technology offers integrated software suites such as aspenONE Engineering, aspenONE Manufacturing and Supply Chain, and aspenONE Asset Performance. These applications enable end users to design manufacturing environments, monitor performance, predict reliability, and manage planning and scheduling activities. Aspen Technology serves customers in energy, chemicals, engineering, construction, pharmaceuticals, transportation, power, metals and mining, pulp and paper, and consumer packaged goods sectors. Founded in 1981 and headquartered in Bedford, Massachusetts, Aspen Technology also offers software maintenance, support, professional, and training services.

Aspen Technology, Inc. recently authorized a stock buyback program for up to $100 million of its outstanding shares of common stock in fiscal years 2023 and 2024. The decision reflects Aspen Technology's commitment to its capital allocation strategy while maintaining a focus on long-term strategic growth.

Under the program, AspenTech has entered into an accelerated share repurchase agreement with JPMorgan Chase Bank, National Association, to repurchase the common stock. The final settlement of the transactions is expected to occur in the first quarter of fiscal year 2024, subject to early acceleration by JPMorgan.

According to Antonio Pietri, President and CEO of AspenTech, Aspen Technology's main priority for capital allocation remains acquiring assets that support its long-term strategic growth. However, the strong balance sheet and recurring cash flows have provided the opportunity to implement the buyback program, aligning with Aspen Technology's capital allocation strategy.


Industry: Communication Equipment
Silicom Ltd., together with its subsidiaries, designs, manufactures, markets, and supports networking and data infrastructure solutions for a range of servers, server based systems, and communications devices in North America, Europe, and the Asia Pacific. Silicom offers server network interface cards; and smart Card products include smart server adapters, such as redirector and switching cards, encryption and data compression hardware acceleration cards, and field programmable gate array based packet processing cards. Silicom also offers virtualized and universal customer premise equipment edge networking devices for SD-WAN and NFV deployments; networking targeted appliances; and bypass switches and intelligent bypass switches. It serves original equipment manufacturing, cloud, telco, and service provider customers. Silicom was founded in 1987 and is headquartered in Kfar Sava, Israel.

Silicom Ltd. recently announced its financial results for the first quarter of 2023. Silicom reported a 16% increase in revenues compared to the same period last year, reaching $37.2 million. On a GAAP basis, net income for the quarter was $3.5 million, reflecting a 63% growth. Additionally, on a non-GAAP basis, net income totaled $4.2 million, a 38% increase. Silicom's management projects further growth, estimating revenues between $38 million and $39 million for the second quarter of 2023.

In light of Silicom's strong performance and positive outlook, Silicom's Board of Directors has authorized a new one-year share repurchase plan. The plan allows Silicom to invest up to $15 million in repurchasing its ordinary shares. The decision to authorize the stock buyback highlights the management's confidence in Silicom's business strategy and commitment to creating shareholder value. The specific timing and number of shares repurchased will depend on various factors, including the current share price, market conditions, and legal requirements. The share repurchase plan is not obligated to repurchase any specific number of shares and may be suspended or terminated at management's discretion.


Industry: Software—Application
Calix, Inc. is a global provider of cloud and software platforms, systems, and services for unified access networks. With operations across multiple regions, including the United States, the Middle East, Canada, Europe, and the Caribbean, Calix enables communication service providers (CSPs) to deliver a wide range of services, from basic voice and data to advanced broadband solutions. Calix's offerings empower CSPs to navigate the complexities of smart and connected homes, providing differentiated subscriber experiences. They provide analytics and intelligence through their Calix Cloud platform, catering to specific roles within CSPs, such as marketing and customer support teams. Additionally, their Experience eXtensible Operating System and Access eXtensible Operating System support residential, business, and mobile subscribers. Calix serves its customers through direct sales and reseller channels and was established in 1999, with headquarters in San Jose, California.

Calix, Inc. recently confirmed its second quarter 2023 guidance, maintaining the revenue and gross margin range previously provided in April 2023. Calix's revenue is projected to be between $255 million and $261 million, with a gross margin of 51.0% to 53.0% on a non-GAAP basis.

In a recent development, Calix's Board of Directors authorized an amendment to their stock repurchase program. The original program, approved in July 2022 with a scheduled end date of July 15, 2023, has now been extended indefinitely. This change allows Calix to continue repurchasing its common stock until the program is suspended or discontinued, providing greater flexibility. It's important to note that the program doesn't impose any obligation on Calix to acquire a specific amount of stock, and Calix can suspend or discontinue the program at its discretion.

Since the initiation of the stock repurchase program, Calix has already repurchased $10 million worth of its common stock, averaging $44.53 per share. This move signals Calix's confidence in its future prospects and its commitment to enhancing shareholder value. Investors and analysts will closely monitor Calix's stock buyback program and assess its impact on Calix's overall financial performance and stock price moving forward.


Industry: Software—Application
Cadence Design Systems, Inc. is a global company specializing in software, hardware, and services for integrated circuit (IC) design. Their comprehensive product portfolio includes functional verification services, digital and physical IC design tools, signoff products, custom IC design and simulation products, system interconnect design solutions, and intellectual property (IP) products. They also offer services such as methodology, education, hosted design solutions, and technical support. Founded in 1988 and headquartered in San Jose, California, Cadence Design Systems is a leader in the industry.

Cadence Design Systems, Inc. recently made a strategic move by authorizing a stock buyback program. Cadence Design Systems has entered into an accelerated share repurchase (ASR) agreement with HSBC Bank USA, National Association, with the aim to repurchase $200 million of Cadence common stock.

This decision reflects Cadence's confidence in its financial position and growth prospects. By repurchasing its own shares, Cadence Design Systems demonstrates its belief that the stock is undervalued, providing an opportunity to enhance shareholder value. The ASR agreement allows Cadence to receive an initial delivery of approximately 600,000 shares, and the remaining shares, if any, will be settled in the third quarter of 2023 upon completion of the repurchases. The final number of shares repurchased will be determined based on Cadence's daily volume-weighted average share prices during the ASR agreement, after applying a discount.


Industry: Computer Hardware
Logitech International S.A. is a leading company specializing in the design, manufacture, and marketing of products that facilitate seamless digital and cloud experiences. Their extensive range of offerings includes wireless and corded pointing devices, keyboards for various devices, PC webcams, gaming peripherals like headsets and simulation products, video conferencing solutions, portable speakers, headphones, and smart home entertainment controllers. Under popular brands like Logitech, Logitech G, ASTRO Gaming, Streamlabs, Ultimate Ears, Jaybird, and Blue Microphones, Logitech distributes its products through a vast network of distributors, retailers, and e-tailers worldwide. Established in 1981 and headquartered in Lausanne, Switzerland, Logitech continues to innovate and connect people through their cutting-edge accessories.

Logitech International has recently announced the authorization of a new three-year share buyback program. The board of directors has approved this program, allowing Logitech to allocate up to $1 billion for the repurchase of its shares. The 2023 share buyback program is expected to commence in July 2023, pending approval from the Swiss Takeover Board and following the expiration of Logitech's 2020 share buyback program.

In addition to the share buyback program, Logitech's board of directors has also given their approval for a proposal to increase the Fiscal Year 2023 cash dividend. Shareholders will have the opportunity to vote on this proposal at the upcoming 2023 Annual General Meeting, and if approved, it will result in an approximate increase from CHF 0.10 to CHF 1.06 per share. This decision further underscores Logitech's ongoing commitment to consistently provide returns to its shareholders.


Industry: Software—Application
ePlus Inc. is a leading IT solutions provider in the United States, offering a range of services and products to help organizations optimize their IT environment and supply chain processes. Operating through its Technology and Financing segments, ePlus provides hardware, software, maintenance, professional and managed services, and consulting expertise. The Financing segment specializes in leasing and financing arrangements for various equipment types. With a diverse client base including commercial entities, government agencies, contractors, and educational institutions, ePlus has been a trusted partner since its establishment in 1990, with headquarters in Herndon, Virginia.

ePlus Inc. recently announced that its board of directors has approved a stock buyback program, authorizing the repurchase of up to 1,000,000 shares of ePlus's outstanding common stock within a 12-month period, starting from May 28, 2023. This move comes as ePlus's current repurchase plan is set to expire on May 27, 2023. With approximately 26.9 million shares of common stock outstanding as of April 3, 2023, this buyback represents a significant portion of ePlus's shares.

The buyback program provides ePlus with the flexibility to acquire shares either through open market purchases or privately negotiated transactions, depending on availability. The repurchased shares will be classified as treasury shares and can be utilized for general corporate purposes as and when required. It's important to note that ePlus is not obligated to repurchase shares under this authorization, and the timing and quantity of repurchased shares will be at the discretion of management, taking into consideration various factors including the price of ePlus's common stock. ePlus reserves the right to suspend or discontinue repurchases at any time.


Industry: Semiconductor Equipment & Materials
IPG Photonics Corporation is a global leader in the development and manufacturing of high-performance fiber lasers, amplifiers, and diode lasers. Their cutting-edge laser products cater to a wide range of applications, particularly in materials processing worldwide. From high-power lasers to specialized fiber laser systems, IPG Photonics offers a comprehensive portfolio of laser solutions. They also provide integrated communications systems and optical transceiver modules for various networking applications. IPG Photonics serves original equipment manufacturers, system integrators, and end users through direct sales channels and partnerships with independent representatives and distributors. Founded in 1990 and based in Oxford, Massachusetts, IPG Photonics continues to revolutionize industries such as materials processing, advanced communications, and medical applications.

IPG Photonics Corporation reported its financial results for the first quarter ended March 31, 2023. Despite a 6% decrease in revenue compared to the previous year, IPG Photonics's management highlighted strong results in welding, driven by record sales in EV battery applications and their handheld welder, LightWELD. They also noted increased demand in e-mobility and solar cell manufacturing, as well as higher sales in cleaning applications due to investments in sustainable energy solutions. While general industrial activity was muted, IPG's diversification efforts and revenue from emerging growth products helped offset the soft demand in applications like cutting and marking.

Recent developments and news contributed to IPG Photonics' decision to authorize a new stock buyback program. After completing a $300 million share repurchase program in the first quarter of 2023, the Board of Directors approved a new program to buy back up to $200 million of IPG common stock. IPG Photonics has been actively repurchasing its stock, having already bought back over $600 million since the beginning of 2022. The stock buyback program allows IPG to invest in its own shares, which may indicate confidence in IPG Photonics's prospects and potentially enhance shareholder value.


Industry: Software—Application
SAP SE is a global enterprise software company specializing in applications, analytics, and business intelligence. With three main segments—Applications, Technology & Services; SAP Business Network; and Customer Experience— SAP SE offers a range of solutions such as SAP HANA for real-time data processing, SAP Cloud Platform for enterprise platform-as-a-service, and SAP Leonardo for intelligent business processes. They also provide tools like SAP Analytics Cloud, SAP S/4HANA, and SAP SuccessFactors, catering to various business needs. Founded in 1972 and headquartered in Walldorf, Germany, SAP SE supports organizations in optimizing their operations, workforce, and supply chain through innovative technologies.

SAP SE recently announced an update to its mid-term financial plan, Ambition 2025, along with a new share repurchase program. The updated plan reflects SAP's strong cloud momentum and includes a cloud revenue ambition of over €21.5 billion. It also anticipates divestiture of Qualtrics, a subsidiary of SAP. SAP SE expects significant growth in cloud revenue, total revenue, non-IFRS cloud gross profit, and non-IFRS operating profit by 2025. The updated plan is based on factors such as rapid cloud revenue growth, recurring revenues, the value of support and services, and a favorable currency environment. Additionally, SAP has authorized a new share repurchase program with a volume of up to €5 billion, which is expected to be executed by the end of 2025. This decision reflects SAP SE's strong business momentum and the expected divestiture of Qualtrics. The program will be implemented in compliance with the authorization granted by the Annual General Meeting of SAP SE in May 2023.

These recent developments highlight SAP's commitment to its shareholders and its focus on delivering strong financial results. By updating its Ambition 2025 plan and implementing a new share repurchase program, SAP aims to accelerate growth and increase shareholder value. SAP SE's cloud momentum and anticipated divestiture of Qualtrics contribute to the decision to authorize a stock buyback. With these initiatives in place, SAP is well-positioned to achieve double-digit operating profit and free cash flow growth in the coming years, while setting the stage for sustainable growth beyond 2025.

All data was sourced from LevelFields AI

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