Red Hat To Buy Back Up To $1 Bln Shares

(RTTNews) - Red Hat, Inc. (RHT), a provider of open source solutions, announced Thursday that its Board of Directors has authorized the repurchase of up to $1 billion of the Company's common stock.

The new program would replace the previous $1 billion repurchase program that will expire on June 30.

From its commencement on July 1, 2016 through June 20, 2018, the Company repurchased approximately 8.2 million shares of its common stock for $751 million under the previous program.

As of May 31, 2018, the Company had cash and investments of approximately $2.5 billion, and approximately 177.5 million shares of common stock outstanding.