Aruba Networks Launches New $100 Million Share Buyback Program
Aruba Networks is following closely on the heels of a recent share repurchase initiative with a new one. The company announced that its board of directors has authorized a fresh buyback plan for up to $100 million of its common stock, which replaces a recently expired initiative of the same amount. The spent program was approved in June 2012 and essentially completed -- following a $100 million expansion -- this past July.
The company said it will fund the new program from available working capital. At the end of its most recently reported quarter, it had almost $145 million in cash and equivalents.
At the moment, Aruba Networks has a little more than 115 million shares outstanding, and its stock most recently closed at $19.38 per share.
The article Aruba Networks Launches New $100 Million Share Buyback Program originally appeared on Fool.com.Fool contributor Eric Volkman has no position in Aruba Networks, and neither does The Motley Fool. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.