Forrester Research, Inc. (Nasdaq: FORR) today announced that its board of directors has authorized a $50 million increase in the company’s stock repurchase program. The move brings the total available authorization to $100 million. The shares may be purchased from time to time in open market or privately negotiated transactions. As of September 30, 2012, Forrester had approximately 22,303,000 shares outstanding.
“The fundamentals of our business are strong, and combined with structural changes we put in place this year to ensure long-term growth, we believe our share price is undervalued based on recent performance,” said Mike Doyle, chief financial officer. “We intend to repurchase up to $100 million of our shares by the end of 2013, subject to market conditions, business opportunities, and unanticipated events. Our sizable cash reserve enables us to buy back shares and build long-term shareholder value without compromising our ability to invest in our business.”