Canadian software maker
doubled the size of its current stock buyback plan on Thursday.
Cognos expanded its program limit to $400 million, enabling it to repurchase up to 8.9 million shares, or 10% of the public float.
The move did little to lift the price in Thursday trading. Shares were up 14 cents, or 0.4%, to $39.70 at midday. But the stock has appreciated 24% since the company announced the program on Sept. 21, 2006.
Cognos, which develops business intelligence tools, has completed 99% of the original program, buying back 4.9 million shares at a weighted average price of $40.48.
"The company is of the view that ... the market price of its common shares does not adequately reflect the underlying value of the company's business," Cognos said in a press release.
With a market cap of $3.5 billion and annual revenue of $999 million, Cognos had net income of $29.2 million, excluding items, or EPS of 32 cents, during its most recent quarter.