Xero (OTCMKTS:XROLF) Board Announces Share Buyback Plan

Xero (OTCMKTS:XROLF) declared that its board has authorized a stock buyback plan on Wednesday, November 11th, RTT News reports. The company plans to repurchase $684.93 million in outstanding shares. This repurchase authorization authorizes the company to repurchase up to 8.5% of its shares through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

Separately, Royal Bank Of Canada lowered shares of Xero from an “outperform” rating to a “sector perform” rating in a report on Monday, July 27th. One research analyst has rated the stock with a Hold rating. According to data from MarketBeat.com, Xero presently has an average rating of “Hold”.

Xero Price Performance

XROLF stock opened at $50.00 on Friday. The business has a 50-day moving average of $44.85 and a 200-day moving average of $52.06. Xero has a fifty-two week low of $38.85 and a fifty-two week high of $83.08.

About Xero

Xero Limited is a New Zealand technology company that provides cloud-based accounting and business-management software, primarily for small businesses and the accountants and bookkeepers who support them. Founded in Wellington in 2006 by Rod Drury, the company has grown from a New Zealand software provider into an international business. Xero’s platform helps customers manage tasks such as invoicing, bank reconciliation, expense tracking, payroll, payments and financial reporting. It also connects with a range of third-party business applications, allowing customers to tailor the software to their needs.