Open Text's stock price soared 5.05% intraday on Tuesday following the company's announcement of a significant expansion to its share repurchase program.

The company expanded its stock buyback authorization to $500 million, a substantial increase from the previous $300 million limit. This move is typically viewed positively by investors as it signals management's confidence in the company's financial health and future prospects, while also returning capital to shareholders.

Open Text also reported that it had repurchased approximately $190 million worth of its shares as of January 31, with the current buyback plan scheduled to run until August 11.