Juniper Networks (NYSE:JNPR) on Monday announced a new stock buyback program, which allows the network company to purchase up to $1 billion of its common stock.
The company also said in a press release that the program will enable the continuation of its ongoing share maintenance plan.
“Share repurchases under Juniper’s stock repurchase programs will be subject to a review of the circumstances in place at the time and will be made from time to time in private transactions or open market purchases as permitted by securities laws and other legal requirements,” Juniper said.
As of March 31, about $162 million of authorized funds remained under Juniper’s $1 billion buyback program that was approved in 2010.
In other Juniper news, the company today announced the availability of its QFX30000-M QFabric System to midsize data centers.
During morning trading, JNPR rose more than 1%.