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STEC Inc Authorized Additional $40M Stock Repurchase Program

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Uploaded on Aug 30, 2011

STEC Inc. (NASDAQ:STEC) authorized an additional stock repurchase program of up to $40 million of the company's common shares, which is in addition to the $15 million of common shares repurchased earlier in the month.

Manouch Moshayedi, STEC's Chairman and CEO said, "Our management and Board of Directors continue to believe in the long-term value of STEC. This $40 million stock repurchase program is in addition to the $15 million of STEC's common shares repurchased earlier this month and reflects our confidence in STEC's long-term fundamentals, growth prospects and strategy, and demonstrates our commitment to delivering shareholder value and realizing the full potential of our business and operations."

STEC has a potential upside of 28.3% based on a current price of $9.35 and an average consensus analyst price target of $12.

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