Stock Buyback Plan Approved by Radware (NASDAQ:RDWR) Board

Radware (NASDAQ:RDWR) announced that its board has initiated a share repurchase plan on Friday, February 13th, RTT News reports. The company plans to repurchase $80.00 million in outstanding shares. This repurchase authorization authorizes the information technology services provider to reacquire up to 7.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on RDWR shares. Wall Street Zen downgraded Radware from a “buy” rating to a “hold” rating in a research report on Saturday, January 31st. Weiss Ratings restated a “sell (d+)” rating on shares of Radware in a report on Monday, December 29th. Finally, Jefferies Financial Group set a $25.00 price target on shares of Radware in a report on Tuesday, December 16th. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Radware currently has a consensus rating of “Hold” and a consensus target price of $30.00.

Radware Stock Up 5.8%

Shares of RDWR traded up $1.53 during mid-day trading on Friday, hitting $27.92. The company had a trading volume of 350,193 shares, compared to its average volume of 248,793. Radware has a 1-year low of $18.46 and a 1-year high of $31.57. The business’s 50-day simple moving average is $24.48 and its 200-day simple moving average is $24.86. The stock has a market cap of $1.19 billion, a PE ratio of 62.05 and a beta of 0.95.

Radware (NASDAQ:RDWR) last posted its quarterly earnings results on Wednesday, February 11th. The information technology services provider reported $0.32 earnings per share (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 firm had revenue of $80.25 million during the quarter, compared to the consensus estimate of $78.65 million. During the same quarter in the previous year, the business earned $0.27 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, sell-side analysts expect that Radware will post 0.28 earnings per share for the current year.

Radware Company Profile

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.