Discover the technology stocks with the biggest stock buybacks last quarter, Q1 2023
Buybacks
June 25, 2023
DatChat, Inc. (DATS), a leading secure messaging, metaverse, and social media company, has recently announced the authorization of a Stock Repurchase Plan. The plan allows DatChat to repurchase up to $2,000,000 of its outstanding common stock, reflecting their confidence in the attractive market prices. In line with this decision, EF Hutton has been engaged as the broker to oversee the implementation of the Repurchase Plan. DatChat intends to execute the repurchases through open market transactions or other means permitted by the Exchange Act. The specific timing, quantity, and prices of the stock repurchases will be determined based on market conditions, corporate guidelines, and regulatory restrictions, including blackout periods.
Boxlight Corporation (BOXL), a leading provider of interactive technology solutions, has recently announced the authorization of a share repurchase program, allowing Boxlight to buy back up to $15 million in shares of its Class A common stock. The decision to authorize this stock buyback stems from Boxlight's anticipation of growing operating cash flows as its business matures. By strategically repurchasing its stock when trading below its intrinsic value, Boxlight aims to deliver long-term value to its shareholders. Boxlight may execute these repurchases through various methods, such as open market purchases, privately negotiated transactions, or by using trading plans that comply with relevant securities laws. The timing and extent of these repurchases will be determined based on factors such as business conditions, market trends, regulatory requirements, and prevailing stock prices. It's important to note that the authorization expires on January 26, 2027, and Boxlight is not obligated to acquire any specific amount of Class A common stock, as the program may be suspended or discontinued at any time.
The Trade Desk, a global technology platform for advertising buyers, reported strong financial results for Q4 and fiscal year 2022, with revenue growing by 24% and 32% respectively. As a testament to their performance and profitability, The Trade Desk's board of directors authorized a $700 million share repurchase program. The Trade Desk's success is attributed to its relationships with agencies and brands, leveraging fast-growing channels like Connected TV and retail media. Additionally, The Trade Desk embraces new identity tools such as UID2, enabling advertisers to maximize the value of their first-party data while ensuring privacy. Recent developments include continued share gains, strong customer retention, collaboration for UID2 support, and the launch of Galileo for seamless data onboarding and audience matching. The Trade Desk has received industry recognition and maintains positive financial guidance for the first quarter of 2023, projecting revenue of at least $363 million and approximately $78 million in adjusted EBITDA.
Skyworks Solutions, Inc. (SWKS), a leading provider of high-performance analog and mixed signal semiconductors, has recently authorized a stock buyback program of up to $2 billion of its common stock. This decision reflects Skyworks Solutions's confidence in its future prospects and a commitment to delivering value to its shareholders. The buyback program, valid until Feb. 1, 2025, allows Skyworks Solutions to repurchase shares either through open market transactions or privately negotiated deals, while adhering to applicable securities laws and legal requirements. The authorized program replaces a previous $2 billion stock repurchase initiative approved in January 2021. The timing and quantity of repurchased shares will be determined by Skyworks Solutions's management, taking into account market conditions and other relevant factors. Skyworks Solutions intends to finance the buyback using its working capital, leveraging its substantial cash and marketable securities of approximately $993 million as of Dec. 30, 2022.
Salesforce has authorized an increase in stock buybacks. Skyworks Solutions's revenue surged by 14% to $8.4 billion, surpassing estimates of 9.2% growth, while profits reached $1.68 per share, significantly exceeding the projected $1.36 per share. Moreover, Salesforce anticipates earnings of up to $7.14 per share and revenue of $34.7 billion for the 2024 fiscal year, surpassing analyst forecasts of $5.84 per share and $34 billion in revenue. This positive outlook has prompted Salesforce to raise its stock buyback program to $20 billion. Furthermore, Skyworks Solutions’s move to cut 10% of its workforce earlier this year and achieve an operating margin of 27% for fiscal 2024 reflects a renewed focus on profitability, which aligns with the priorities of activist investors like Elliott Capital Management and Starboard Value.
DigitalOcean Holdings, Inc. (DOCN), the cloud provider specializing in startups and SMBs, reported robust revenue growth and increased free cash flow margin in 2022 despite facing challenges. DigitalOcean Holdings expanded its product portfolio through the Cloudways acquisition and aims to achieve a free cash flow margin of 20% or higher in 2023, along with a stock buyback program increase of up to $500 million. The decision to authorize the stock buyback was likely influenced by DigitalOcean's positive financial performance and confidence in its cash flow generation. Recent developments include the repurchase of $600 million worth of shares in 2022, the acquisition of Cloudways, the launch of DigitalOcean Functions for serverless computing, the addition of educational content, and the opening of a data center in Sydney. Moreover, DigitalOcean Holdings implemented a restructuring plan to enhance its cost structure and accelerate free cash flow margins, resulting in an 11% reduction in its employee base.
Immersion Corporation (IMMR), a leading haptic technology developer, recently announced management changes, including the appointment of Eric Singer as President and CEO. Immersion Corporation's Board of Directors authorized a stock buyback program of up to $50.0 million for 2023, replacing the previous program that resulted in the repurchase of approximately 7.4% of shares outstanding in 2022. This decision reflects the Board's confidence in Singer's operational expertise and his ability to create long-term shareholder value. Immersion also declared a special one-time dividend of 10 cents per share, in addition to a new quarterly dividend program of 3 cents per share, demonstrating its commitment to returning value to shareholders. These initiatives come on the heels of Immersion Corporation's strong operating performance in 2022 and its focus on monetizing intellectual property through license arrangements and litigation strategies, including a recent lawsuit against Meta Platforms. The stock repurchase program, subject to market conditions, will be executed over a 12-month period.
All data was sourced from LevelFields AI
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