Lucky Number 7? Netflix Splits Stock, Shares Rise
The streaming television company changed hands recently above $703 per share, up 3 percent after-hours.
Netflix hit a 52-week high of $681.73 earlier this month after shareholders approved an increase in the number of authorized shares to 5 billion from the current 170 million.
The increase, sought in an April 9 filing, was widely seen as preliminary to a stock split.
Netflix said in April the added authorized shares would put it on par with other technology companies and afford flexibility for stock splits, equity financing and stock compensation.
Netflix shares have nearly doubled in value since the start of the year, making it Wall Street's fourth most expensive stock, according to USA Today.
Before Tuesday's move, Netflix most recently split its stock in February 2004 with a 2-for-1 deal when shares were trading at about $73 apiece.
The latest split will take the form of a stock dividend payable on July 14 to holders of record at the close of business on July 2.
Shares purchased between July 2 and July 14 will entitle the buyer to six additional shares for each share purchased, the company said.
Netflix will begin trading at the post-split price on July 15.
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