Dell Technologies (DELL:US) stock was trading up and down in early New York trading on Tuesday after the IT company updated its long-term outlook framework.

The key changes include the fact that Dell now sees compounded annual revenue growth in the range of 3% to 4%, and annual growth of 8% or higher over the long term for adjusted earnings per share.

Shares initially fell about 3% before moving to flat minutes before New York open.

Dell is also placing a strong emphasis on financial efficiency, targeting net income to adjusted free cash flow conversion of 100% or better, indicating a prudent approach to cash management.

The company also laid out an ambitious plan to grow its quarterly dividend by 10% or more annually through fiscal 2028.

“We are incredibly well positioned for this next wave of technology expansion, growth and progress,” said Michael Dell, chairman and chief executive officer, Dell Technologies. 

“Whether it’s workplace solutions, multicloud, intelligence at the edge, or AI and now GenAI – all of it takes a whole lot of what we offer. And with leading positions in so many areas, we have even greater conviction in our ability to deliver sustained value creation for all shareholders for years to come.”

Dell also said its Board will authorize the increase of its existing share repurchase authorization by $5 billion, adding to the remaining authorization of the current $5 billion plan.

In April, Rep. Ro Khanna disclosed that he sold $1,000 - $15,000 worth of DELL shares. in March. The stock is up 65% year-to-date.