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- Radware Ltd. (NASDAQ: RDWR) upsized its share buyback plan to $80 million, including the remaining share repurchase plan for 2020 and the new 2021 plan. The buyback plan will expire on December 31, 2021.
- The company bought back shares worth $45 million in 2020.
- Radware reported a 2.5% year-on-year revenue growth to $69 million in the fourth quarter of FY20, just a week back, exceeding analyst estimates of $67.7 million. The growth was fueled by record cloud and subscription annual recurring revenue (ARR) growth.
- However, EPS plummeted 8.7% to $0.21 compared to consensus estimates of $0.22.
- Closing cash stood at $54.8 million, and operating cash flow rose 306% to $16.1 million.
- Radware's stock had underperformed the broader tech sector, growing 14.7% in the last year and just 0.11% during the previous six months. Based on today's price, the stock buyback could see up to 7% of the company's stock retired in less than a year.
- Price Action: RDWR shares are trading higher by 4.75% at $27.44 on the last check Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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