Shahid Burki Acquires 4,000 Shares of NetSol Technologies Inc. (NTWK) Stock
NetSol Technologies Inc. (NASDAQ:NTWK) Director Shahid Burki acquired 4,000 shares of the company’s stock in a transaction that occurred on Monday, October 2nd. The stock was acquired at an average cost of $3.54 per share, for a total transaction of $14,160.00. Following the acquisition, the director now owns 79,967 shares of the company’s stock, valued at approximately $283,083.18. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.
Shares of NetSol Technologies Inc. (NASDAQ:NTWK) traded up 2.78% during midday trading on Tuesday, hitting $3.70. 92,627 shares of the stock were exchanged. NetSol Technologies Inc. has a 12 month low of $3.30 and a 12 month high of $6.65. The firm’s 50-day moving average is $4.17 and its 200-day moving average is $4.38. The stock has a market cap of $41.06 million, a price-to-earnings ratio of 168.18 and a beta of 0.56.
NetSol Technologies (NASDAQ:NTWK) last released its earnings results on Wednesday, September 27th. The software maker reported ($0.28) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.26). The firm had revenue of $14.48 million for the quarter. NetSol Technologies had a negative return on equity of 6.58% and a negative net margin of 7.95%. Equities research analysts predict that NetSol Technologies Inc. will post ($0.19) earnings per share for the current year.
NetSol Technologies declared that its board has initiated a share repurchase program on Tuesday, July 18th that allows the company to buyback 500,000 shares. This buyback authorization allows the software maker to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
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A hedge fund recently raised its stake in NetSol Technologies stock. Municipal Employees Retirement System of Michigan raised its holdings in shares of NetSol Technologies Inc. (NASDAQ:NTWK) by 25.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 76,250 shares of the software maker’s stock after acquiring an additional 15,380 shares during the period. Municipal Employees Retirement System of Michigan owned approximately 0.69% of NetSol Technologies worth $301,000 at the end of the most recent quarter. 21.31% of the stock is currently owned by institutional investors and hedge funds.
Separately, TheStreet cut shares of NetSol Technologies from a “c-” rating to a “d” rating in a report on Thursday, September 28th.
About NetSol Technologies
NetSol Technologies, Inc is a provider of information technology (IT) and enterprise software solutions. The Company is engaged in the licensing, customization, enhancement and maintenance of its suite of financial applications under the brand names, NetSol Financial Suite (NFS) and NFS Ascent, for businesses in the lease and finance industry.
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