Share Repurchase Program Authorized by Xero (OTCMKTS:XROLF) Board of Directors

Xero (OTCMKTS:XROLF) announced that its board has initiated a share buyback plan on Wednesday, November 11th, RTT News reports. The company plans to buy back $684.93 million in outstanding shares. This buyback authorization allows the company to buy up to 8.5% of its shares through open market purchases. Share buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Xero Price Performance

Shares of OTCMKTS:XROLF traded up $2.22 during trading on Wednesday, hitting $49.52. The company had a trading volume of 20,994 shares, compared to its average volume of 554. The company has a fifty day simple moving average of $45.19 and a two-hundred day simple moving average of $52.21. Xero has a one year low of $38.85 and a one year high of $83.08.

Analyst Ratings Changes

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

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.