Stock buybacks of the week: Autodesk authorizes $5 billion

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Stock buybacks of the week: Autodesk authorizes $5 billion
Credit: © Reuters.

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.

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