Acme Packet, Inc (NASDAQ:APKT), which had $401.3 million at March end in cash and equivalents, reported that it would repurchase $200 million of its shares over the coming twelve months.
Network gear maker Acme Packet stock, which fell 78% over the previous year, moved up 8% in extended trading.
The corporation could buyback almost 12.8 million of its common shares based on the company’s Thursday ending price of $15.61 on the NASDAQ.
Acme Packet had almost 68.3 million shares outstanding as of March 31 and the company has a market value of $1.05 billion.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Sonus Networks, Inc. (NASDAQ:SONS) fell -3.26% to settle at $1.78, Riverbed Technology, Inc. (NASDAQ:RVBD) moved up +1.32% to end at $13.86 while Cisco Systems, Inc. (NASDAQ:CSCO) plunged -2.44% to finish on Thursday at $15.98.
Acme Packet, Inc. (NASDAQ:APKT) on July 12, 2012 increased +1.56% to the closing price of $15.61. The overall volume in the last trading session was 3.42 million shares. Its fifty two week range was $14.92-$15.83. The total market capitalization remained $1.07 billion.
APKT is ahead its 52 week low with 4.62% and going forward from its 52 week high price with -77.54%. APKT last month stock price volatility remained 4.91%. In its share capital APKT has 68.36 million outstanding shares among them 58.27 million shares have been floated in market exchange. APKT stock institutional ownership remained 98.25% while insider ownership included 10.89%.
The stock price of APKT is moving down from its 20 days moving average with -17.63% and remote negatively from 50 days moving average with -29.54%. APKT current year earnings per share experienced a downfall of -1.27% while its current quarter performance remained -44.37%. Company’s beta coefficient included 1.42. Beta factors measures the amount of market risk associated with market trade.
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