Just four months after it went public at $34 a share, Juniper Networks, Inc. (Nasdaq: JNPR) is splitting its stock. The network-equipment maker said Tuesday that its board of directors has approved a 3-for-1 stock split.
Shares rose 12 percent on the news, up 33 to a whopping 316 1/2. The stock price has been soaring since the company's IPO in July.
The split will entitle shareholders at the close of business on Dec. 31 to receive two additional shares for each share they own. The additional shares resulting from the stock split are expected to be distributed by the transfer agent on Jan. 14, 2000. The company's shares will begin trading on a split-adjusted basis on Jan. 17, 2000.