Red Hat (RHT) Announces a Stock Buyback

Red Hat (RHT) announced today (02013.04.15) that they are going to buyback up $300 million in RHT shares. From Red Hat's press release.

"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. "Our management team and Board of Directors have a strong conviction in our long-term growth prospects and our ability to generate profits and cash flow. We believe that stock repurchases demonstrate our commitment to building shareholder value as well as confidence in achieving long-term growth."

RHT closed on 02013.04.15 at $49.26. 52-week range: $46.34 - $62.75.