Red Hat Announces Another $300 Million Stock Buyback Program

Posted on Apr 16 2013 - 4:42am by Editorial Staff

RedHat

Red Hat today announced that its Board of Directors has authorized the repurchase of up to $300 million of Red Hat’s common stock from time to time in its latest stock buyback program. The new program will replaced the previous $300 million repurchase program, the final $179 million of which was completed since Feb. 28, 2013 at an average price of $49.15 per share.

“Over the last 13 months we have repurchased $300 million or 5.9 million shares of Red Hat common stock under the current program, equivalent to 3% of our shares outstanding as of February 28, 2013,” stated Charlie Peters, Executive Vice President and Chief Financial Officer of Red Hat. “We believe that stock repurchases demonstrate our commitment to building shareholder value as well as confidence in achieving long-term growth.”

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