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Serena Software to split 3-for-2

Serena Software gave its investors a reason to cheer Monday after announcing a 3-for-2 stock split after the bell.

The provider of software change management products closed off 1/8 to 58 1/4 ahead of the announcement.

Company officials said the split will take effect on March 29 for all shareholders of record on March 21.

In its latest quarter, Serena (Nasdaq: SRNA) hurdled analysts' estimates, earning $6.6 million, or 25 cents a share, on sales of $24.4 million.

First Call consensus expects it to earn 14 cents a share in its first quarter and 86 cents a share in the fiscal year.

The stock surged up to a 52-week high of 68 earlier this month after bottoming out at 8 1/8 in August.

All three analysts tracking the stock maintain either a "buy" or "strong buy" recommendation.