Internet software company BroadVision Inc. (Nasdaq: BVSN) said Thursday its board had approved a three-for-one stock split.
Shares were up 5 3/8 to 127 5/16, or more than 4 percent, and have been coasting easily on bullish ratings.
The company said in a statement that the record date of the split was Oct. 11. The split will increase the number of shares of common stock outstanding from about 25.77 million as of Sept. 10 to about 77.32 million.
BroadVision supplies one-to-one e-business applications for relationship management across the extended enterprise, and has more than 350 customers in the financial services, retail, distribution, technology and travel industries.
"With our achievements over the last year and our prospects for the future, the Board of Directors determined that it is appropriate to split the company's stock at this point. In our view, it would make the stock more affordable to the individual investor and broaden our investor base.''said Dr. Pehong Chen, president and CEO of BroadVision, Inc. in a company release.
Thirteen out of 20 analysts covering the company rate it a "moderate buy' according to Zacks Investment Research.