Aruba Networks (NASDAQ:ARUN) is following closely on the heels of a recent share repurchase initiative with a new one. The company announced that its board of directors has authorized a fresh buyback plan for up to $100 million of its common stock, which replaces a recently expired initiative of the same amount. The spent program was approved in June 2012 and essentially completed -- following a $100 million expansion -- this past July.
The company said it will fund the new program from available working capital. At the end of its most recently reported quarter, it had almost $145 million in cash and equivalents.
At the moment, Aruba Networks has a little more than 115 million shares outstanding, and its stock most recently closed at $19.38 per share.
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