Shahid Burki Purchases 4,000 Shares of NetSol Technologies Inc. (NTWK) Stock
NetSol Technologies Inc. (NASDAQ:NTWK) Director Shahid Burki purchased 4,000 shares of the stock in a transaction dated 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 completion of the transaction, the director now owns 79,967 shares of the company’s stock, valued at approximately $283,083.18. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.
Shares of NetSol Technologies Inc. (NASDAQ:NTWK) opened at 3.70 on Thursday. NetSol Technologies Inc. has a 12 month low of $3.30 and a 12 month high of $6.65. The stock has a 50 day moving average price of $4.14 and a 200 day moving average price of $4.37. The firm has a market capitalization of $41.06 million, a P/E ratio of 168.18 and a beta of 0.56.
NetSol Technologies (NASDAQ:NTWK) last announced its quarterly 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). NetSol Technologies had a negative net margin of 7.95% and a negative return on equity of 6.58%. The company had revenue of $14.48 million during the quarter. On average, analysts expect that NetSol Technologies Inc. will post ($0.19) earnings per share for the current year.
NetSol Technologies declared that its Board of Directors has initiated a share buyback program on Tuesday, July 18th that allows the company to buyback 500,000 outstanding shares. This buyback authorization allows the software maker to buy shares of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
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An institutional investor recently raised its position in NetSol Technologies stock. Municipal Employees Retirement System of Michigan lifted its position in shares of NetSol Technologies Inc. (NASDAQ:NTWK) by 25.3% in the second 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 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 21.31% of the company’s stock.
Separately, TheStreet downgraded NetSol Technologies from a “c-” rating to a “d” rating in a research report on Thursday, September 28th.
NetSol Technologies Company Profile
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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