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 Information
Our common stock trades on the Nasdaq Global Select Market, under the symbol NTCT.
Stockholders
At May 8, 2023, we had 82 stockholders of record. We believe that the number of beneficial holders of our common stock exceeds 15,000.
Stock Performance Graph
This performance graph shall not be deemed "filed" for purposes of Section 18 of the Exchange Act or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of NetScout under the Exchange Act or the Securities Act of 1933, as amended.
The Stock Performance Graph set forth below compares the yearly change in the cumulative total stockholder return on our common stock during the five-year period from March 31, 2018 through March 31, 2023 with the cumulative total return of the Nasdaq Composite Index and the Nasdaq U.S. Benchmark Computer Services TR Index. The Nasdaq U.S. Benchmark Computer Services TR Index replaces the Nasdaq Computer and Data Processing Index in this analysis and going forward, as the Nasdaq Computer and Data Processing Index data is no longer available. The Nasdaq Computer and Data Processing Index has been included with data through March 31, 2022. The comparison assumes $100 was invested on March 31, 2018 in our common stock or in the Nasdaq Composite Index, the Nasdaq U.S. Benchmark Computer Services TR Index, or the Nasdaq Computer and Data Processing Index, as applicable, and assumes reinvestment of dividends, if any.
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The stock price performance shown on the graph below is not necessarily indicative of future price performance. Information used in the graph was obtained from Zacks Investment Research, Inc.
COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN
Assumes Initial Investment of $100
3/31/2018 3/31/2019 3/31/2020 3/31/2021 3/31/2022 3/31/2023
NetScout Systems, Inc. $ 100.00 $ 106.53 $ 89.83 $ 106.87 $ 121.73 $ 108.70
Nasdaq Composite – Total Returns $ 100.00 $ 110.63 $ 111.40 $ 193.16 $ 208.72 $ 181.00
Nasdaq Computer and Data Processing Index $ 100.00 $ 110.12 $ 122.32 $ 204.54 $ 215.57 N/A
Nasdaq US Benchmark Computer Services TR Index $ 100.00 $ 105.66 $ 92.83 $ 145.15 $ 149.52 $ 125.68
Dividend Policy
In fiscal years 2023 and 2022 , we did not declare any cash dividends. In addition, the terms of our credit facility limit our ability to pay cash dividends on our capital stock. It is our intention to retain all future earnings for reinvestment to fund our expansion and growth, to pay down our debt, and to fund our stock buyback program further described under "Liquidity and Capital Resources" in Item 7. Any future cash dividend declaration will be at the discretion of our Board of Directors and will depend upon, among other things, our future earnings, general financial conditions, capital requirements, existing bank covenants and general business conditions.
Recent Sales of Unregistered Securities
None.
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Purchases of Equity Securities by the Issuer
The following table provides information about purchases we made during the quarter ended March 31, 2023 of equity securities that are registered by us pursuant to Section 12 of the Exchange Act:
Total Number
of Shares
Purchased (1) Average Price
Paid per Share Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs Maximum Number of Shares That May
Yet be Purchased
Under the
Program
1/1/2023 - 1/31/2023 1,483 $ 32.13 — 1,209,153
2/1/2023 - 2/28/2023 3,522 31.54 — 1,209,153
3/1/2023 - 3/31/2023 1,704 27.97 — 1,209,153
Total 6,709 $ 30.76 — 1,209,153
(1) We purchased an aggregate of 6,709 shares transferred to us from employees in satisfaction of tax withholding obligations associated with the vesting of restricted stock units during the period. Such purchases reflected in the table do not reduce the maximum number of shares that may be purchased under our 25 million share repurchase program authorized on October 24, 2017 (2017 Share Repurchase Program) currently in effect, or the additional 25 million share repurchase program authorized on May 3, 2022 (2022 Share Repurchase Program).
Item 6. [Reserved]
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.