Rightmove (LON:RMV) to Buyback 0 Shares

Key Points

• Rightmove announced a share-repurchase authorization, but the report lists the planned buyback as zero shares, suggesting no effective repurchase amount was disclosed.
• Analyst sentiment remains mixed: MarketBeat’s consensus rating is “Hold”, with a consensus price target of GBX 607.14, while several firms recently maintained neutral or underperform ratings.
• Rightmove shares rose 1.7% to GBX 464.60, while the company reported quarterly earnings of GBX 15.60 per share and a 51.06% net margin.

Rightmove (LON:RMV - Get Free Report) announced that its Board of Directors has initiated a stock repurchase plan on Friday, July 31st, RTT News reports. The company plans to buyback 0 outstanding shares. This buyback authorization authorizes the company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. UBS Group reiterated a "neutral" rating and issued a GBX 481 price target on shares of Rightmove in a report on Tuesday, May 5th. JPMorgan Chase & Co. dropped their price objective on Rightmove from GBX 489 to GBX 404 and set an "underweight" rating on the stock in a research report on Tuesday, June 16th. Citigroup cut their target price on Rightmove from GBX 520 to GBX 455 and set a "neutral" rating on the stock in a research note on Thursday, April 9th. Finally, Jefferies Financial Group reiterated an "underperform" rating and issued a GBX 465 target price on shares of Rightmove in a report on Friday. Three analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Rightmove has an average rating of "Hold" and a consensus target price of GBX 607.14.

Rightmove Stock Up 1.7%

Shares of RMV stock traded up GBX 7.80 during trading hours on Friday, reaching GBX 464.60. 5,267,535 shares of the company's stock were exchanged, compared to its average volume of 34,621,227. The stock's 50 day moving average is GBX 439.74 and its 200-day moving average is GBX 444.26. The company has a market cap of £3.46 billion, a price-to-earnings ratio of 16.59, a P/E/G ratio of 2.58 and a beta of 0.90. The company has a current ratio of 1.89, a quick ratio of 2.55 and a debt-to-equity ratio of 8.73. Rightmove has a fifty-two week low of GBX 391.40 and a fifty-two week high of GBX 827.

Rightmove (LON:RMV - Get Free Report) last posted its quarterly earnings data on Friday, July 31st. The company reported GBX 15.60 earnings per share for the quarter. Rightmove had a return on equity of 264.68% and a net margin of 51.06%. Analysts predict that Rightmove will post 30.2327791 earnings per share for the current fiscal year.

Insider Transactions at Rightmove

In other Rightmove news, insider Lorna Tilbian purchased 3,600 shares of the company's stock in a transaction dated Friday, May 22nd. The shares were acquired at an average price of GBX 403 per share, for a total transaction of £14,508. Also, insider Amanda James purchased 6,016 shares of the company's stock in a transaction dated Thursday, May 21st. The shares were acquired at an average price of GBX 413 per share, for a total transaction of £24,846.08. Company insiders own 0.37% of the company's stock.

About Rightmove

Rightmove plc, together with its subsidiaries, operates online digital property advertising and information portals in the United Kingdom and internationally. The company operates through Agency, New Homes, and Other segments. The Agency segment provides property resale and letting advertising services on its platforms. The segment also offers tenant references and rent guarantee insurance services to landlords. The New Homes segment provides property advertising services to new home developers and housing associations on its platforms.

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