Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Stock buybacks of the week: Autodesk authorizes $5 billion

Stock Markets Nov 26, 2022 21:28
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
JPM
+1.22%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ADSK
+2.43%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
AZTA
+1.35%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
ZTO
+0.21%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
VRRM
+1.63%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GOTU
+2.10%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

Here are some of the biggest share-buyback announcements from this holiday-shortened week, all first covered on InvestingPro+.

Autodesk (NASDAQ:ADSK) approved a $5 billion share-repurchase authorization as it also issued in-line Q3 earnings and under-consensus guidance for Q4.

Following the soft guidance, Mizuho downgraded ADSK to Neutral from Buy with a $210 per share price target (down from $260). "Given an increasingly uncertain operating environment, we find it difficult to continue recommending the name going into a more challenging FY24," the analyst said. Oppenheimer cut the price target to $220 from the prior $255 per share. Autodesk shares were off 8.3% for the week to $200.66.

Azenta Inc (NASDAQ:AZTA) said it had entered into a $500 million accelerated share repurchase agreement with JP Morgan Chase (NYSE:JPM), pursuant to its previously announced $1.5 billion share repurchase authorization. In addition to this, Azenta also said it intends to repurchase at least an additional $500 million in stock over the next year. Shares were off 4.3% to $57.79 for the week.

Gaotu Techedu Inc DRC (NYSE:GOTU) said it would buy back up to $30 million in shares, said CEO Larry Xiangdong Chen, "to demonstrate our management's unwavering confidence in our company's future development." He added, "I also intend to personally purchase up to US$20 million of our shares." Shares lost 3.7% to $1.05 for the week.

Verra Mobility (NASDAQ:VRRM) Corporation said it would repurchase up to $100 million of its Class A common stock over the next 18 months. CEO David Roberts said, "We remain committed to delivering value to our stockholders through a disciplined and flexible capital allocation strategy," Shares were up 1.1% to $15.86 for the week.

ZTO Express (Cayman) Inc (NYSE:ZTO) increased its share-repurchase authorization to $1.5 billion from the prior $1 billion and extended the effective time by one year, through June 30, 2024. Shares added 5.4% to $22.99 for the week.

Senad Karaahmetovic contributed to this article.

Stock buybacks of the week: Autodesk authorizes $5 billion
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email