Zegona Communications (LON:ZEG) to Repurchase 0 Outstanding Shares

Zegona Communications (LON:ZEG) declared that its Board of Directors has initiated a share repurchase plan on Friday, December 12th, RTT News reports. The company plans to buyback 0 shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Zegona Communications Stock Performance

ZEG opened at GBX 1,443.97 on Friday. Zegona Communications has a twelve month low of GBX 308 and a twelve month high of GBX 1,475. The firm’s fifty day moving average is GBX 1,290.13 and its two-hundred day moving average is GBX 1,063.96. The firm has a market cap of £10.96 billion, a PE ratio of 131.27 and a beta of 2.80.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Berenberg Bank reissued a “buy” rating and issued a GBX 1,350 price target on shares of Zegona Communications in a report on Tuesday, November 25th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a GBX 1,500 price target on shares of Zegona Communications in a research note on Wednesday, November 26th. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of GBX 1,466.67.

Zegona Communications Company Profile

Zegona is a British company investing strategically across the Europe with the objective of acquiring businesses in the European TMT sector, using a “Buy-Fix-Sell” strategy to deliver attractive shareholder returns.

The first acquisition made by Zegona was of Asturian telecommunications operator Telecable in 2015.