Item 5. Market for Registrant’s Common Equity
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Market for Registrant’s Common Equity
Our common stock has been quoted on the New York Stock Exchange (“NYSE”) under the symbol “ATEN.”
In October 2021, our Board of Directors approved the initiation of a regular quarterly cash dividend on our common stock. The first dividend, in the amount of $0.05 per share of common stock outstanding, was paid in December 2021, and on November 1, 2022, the Board of Directors increased the dividend amount to $0.06 per share. We currently anticipate that we will continue to pay comparable quarterly cash dividends in the future. However, the payment, amount and timing of future dividends remain within the discretion of our Board of Directors and will depend on our results of operations, financial condition, cash requirements, and other factors.
There were approximately 44 stockholders of record on February 20, 2025. Because many shares of our common stock are held by brokers and other institutions on behalf of stockholders, we are unable to estimate the total number of stockholders represented by these holders of record.
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Company Stock Performance
The following graph compares the cumulative total return on our common stock, the NASDAQ Composite, the Russell 2000 Index, the NYSE Technology Index and the S&P 600 Index. The graph assumes $100 was invested on December 31, 2019 in our common stock and each index and all dividends were reinvested. The historic stock price performance is not necessarily indicative of future stock price performance. The Company has elected to replace the NASDAQ Composite with the S&P 600 Index because the Company is a component of the S&P 600 Index and the Company believes the S&P 600 Index represents a group of companies more aligned with our peer group. In this transition year, the stock performance graph below includes the new index and the previously reported index.
Comparison Of Cumulative Total Return
Among A10 Networks, Inc., NASDAQ Composite, Russell 2000 Index,
NYSE Technology Index and S&P 600 Index
Issuer Purchases of Equity Securities
On November 7, 2024, the Company announced its Board of Directors had authorized a new, non-expiring stock repurchase program under which the Company may repurchase up to $50 million of its outstanding common stock. As of December 31, 2024, the Company had $44.2 million available to repurchase shares under this program. Under the stock repurchase program, we may repurchase shares of common stock in the open market, privately negotiated transactions, in block trades or a combination of the foregoing. We are not obligated under the stock repurchase program to repurchase any specific number or dollar amount of shares of common stock, and we may modify, suspend or discontinue the stock repurchase program at any time. Our management and Board will determine the timing and amount of any repurchase in its discretion based on a variety of factors, such as the market price of our common stock, corporate requirements, general market economic conditions and legal requirements. The Company plans to fund repurchases from its existing cash balance and cash provided by operating activities.
Share repurchase activity during the three months ended December 31, 2024 was as follows (in thousands, except per share amounts):
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Periods Total Number of Shares Purchased Average Price Paid Per Share (1)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (2)
October 1 - 31, 2024 — $ — —
November 1 - 30, 2024 330 $ 15.73 330
December 1 - 31, 2024 31 $ 18.81 31
Total 361 $ 44,237
(1) Average price paid per share includes broker commission fees, if applicable.
(2) The $44.2 million in the table above represents the amount available to repurchase shares under the authorized repurchase program as of December 31, 2024. The Company’s stock repurchase program does not obligate it to acquire any specific number of shares. Shares may be repurchased in privately negotiated and/or open market transactions and by withholding shares in connection with vesting equity awards held by certain employees, including under plans complying with Rule 10b5-1 under the Exchange Act.
Unregistered Sales of Equity Securities
None.
Item 6. [Reserved]
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