These 5 Stocks are Gaining After Announcing Share Buybacks

4. F5, Inc. (NASDAQ:FFIV)

Number of Hedge Fund Holders: 29

F5, Inc. (NASDAQ:FFIV) was incorporated in 1996 and is headquartered in Seattle, Washington. The company provides on-demand application security and delivery solutions for the security, optimized performance, and availability of network applications and storage systems. The stock jumped 14% on July 25 when the company announced a $1 billion share repurchase program, which is incremental to the $272 million remaining in the prior buyback authorization. 

On July 26, Cowen analyst Paul Silverstein maintained an Outperform rating on F5, Inc. (NASDAQ:FFIV) and lowered the price target on the stock to $208 from $212. The analyst slashed his revenue estimates only to allow for potential macro effect but corresponding operating expenditure reductions drive higher FY22-24 EPS estimates.

According to Insider Monkey’s data, 29 hedge funds were long F5, Inc. (NASDAQ:FFIV) at the end of Q1 2022, up from 26 funds in the last quarter. Jim Simons’ Renaissance Technologies is the leading shareholder of the company, with 1.25 million shares worth $262.5 million.