New York (HedgeCo.Net) – Tech company Juniper Networks saw its stock rise nearly 10% yesterday when Paul Singer’s hedge fund, Elliot Management, sent the board of directors suggestions on how to boost their share price and increase profits.
The $23 billion hedge fund holds 6.2% of the tech company’s common stock.
The hedge fund said that the shareholders are frustrated by Juniper’s under-performance and is recommending low-risk, high-reward initiatives including buyback proposals. Elliott said that these moves could result in a stock price of $35 to $40 per share, They currently stand at approximately $25. Juniper’s shares have gained 16% in the past 12 months.
“Juniper welcomes the opinions and insights of its shareholders and is always open to constructive input toward the goal of enhancing shareholder value,” the company said in an email.
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