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Amid the "SaaS Apocalypse", These 3 Names Are Boosting Buybacks
Written by Leo Miller. Originally Published: 2/13/2026.
The rout in software stocks shows no sign of easing. The iShares Expanded Tech-Software Sector ETF (BATS: IGV), a proxy for the industry's performance, is down nearly 22% year-to-date in 2026.
Amid the weakness, several software companies are taking a confidence-building step: announcing share buyback authorizations. For these beaten-down names, managements are signaling that the market undervalues their shares. Data are as of the Feb. 13 close unless otherwise noted.
DT: Keeping a Lid on 2026 Losses and Boosting Buyback Capacity
First up is observability platform provider Dynatrace (NYSE: DT). The company's software lets customers monitor the performance of applications that are critical to their operations, identifying bottlenecks and other issues so they can be resolved quickly.
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Summary
- The massive decline in software stocks, dubbed the "SaaS Apocalypse," has left many names deeply in the red during 2026.
- However, three software names are expressing confidence going forward, increasing their buyback capacity.
- Two names now have buyback authorizations equal to 9% or more of their market caps.
Dynatrace shares have held up better than many peers in 2026, down roughly 14% year-to-date. That resilience followed the firm's latest earnings report, which beat estimates for revenue and adjusted earnings per share (EPS); the stock rose about 7% after the results. Still, shares remain roughly 40% below their 52-week high.
Notably, Dynatrace announced a $1 billion share repurchase authorization — about 9% of its approximately $11 billion market capitalization.
It's double the size of the company's previous authorization from May 2024, when shares traded at much higher levels. The company said the program underscores "the view that our shares are undervalued."
PEGA's Buyback Capacity Soars Above 10% of Its Market Cap
Pegasystems (NASDAQ: PEGA) has underperformed in 2026, with shares down about 26% year-to-date. The tech company provides business process management (BPM) software that helps clients automate internal workflows. Its GenAI Blueprint tool is notable for allowing companies to build new tools or improve existing ones with minimal coding.
As investors worry that artificial intelligence (AI) will make coding easier and potentially threaten traditional software, Pega is positioning itself to benefit from that shift.
Despite beating revenue and adjusted EPS estimates in its most recent quarter, Pegasystems shares fell nearly 12% after the report, apparently because its 2026 guidance disappointed investors.
Pega also announced a $1 billion share buyback authorization, roughly 13.5% of the company's approximately $7.4 billion market capitalization.
The company was more reserved about its rationale, saying only, "This authorization reflects our confidence in the durability of our cash flows and our commitment to disciplined capital allocation." Still, the program's size relative to the market cap suggests management sees meaningful value in the shares.
Down 30% in 2026, SHOP Announces $2 Billion Buyback Plan
Last is e-commerce platform Shopify (NASDAQ: SHOP), which has been a significant loser in 2026, down about 30% year-to-date. Shopify's merchant tools have driven sustained growth: revenue has risen at least 20% year-over-year for 14 consecutive quarters. The company also beat revenue and earnings estimates in its latest report, yet the stock fell more than 6% on each of the following two trading days.
Alongside earnings, Shopify announced a $2 billion share buyback authorization. While larger in absolute terms than the DT and Pega programs, it represents roughly 1.4% of Shopify's approximately $146 billion market capitalization. Still, it's a positive signal—particularly since there appears to be no record of Shopify announcing a buyback plan previously.
Buybacks: One Positive Indicator Amid Software's Stumble
Although these buyback authorizations show confidence from managements, investors should be mindful of the broader challenges facing the software industry.
Markets are concerned that incumbent software vendors will see growth constrained by the continued rollout of new AI tools. That headwind could persist, so investors should be selective when considering attempts to "buy the dip" in software stocks.
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