Pressure is intensifying on Juniper Networks, as more investors are demanding the maker of routing, switching and security equipment adopt a turnaround plan put forward by Paul Singer's Elliott Management.
The $23 billion hedge fund disclosed last month that it has taken a 6 percent stake in Juniper and is demanding the company reduce operating costs, initiate a $3.5 billion share buyback and review unprofitable divisions. Elliott also says it will put forward a slate of new directors for the company's board by Feb. 23, if Juniper doesn't acquiesce to the turnaround plan.
Elliott says it has received widespread support from other shareholders.
"It's a well-constructed plan. In broad terms, we agree with the majority of the plan. Elliott took into account what investors had been asking from Juniper," said Jay Welles, a senior analyst at Manning & Napier, which owns 5 percent of Juniper's shares.
(Read more: Wearable camera company GoPro to go public)
Juniper is working on its own "integrated operating plan," according to company spokeswoman Cindy Ta. She said Juniper's plan will be ready "in the coming weeks," but would not give an exact date.
At least one analyst thinks Juniper will acquiesce to some of Elliott's demands, but it remains to be seen whether that will satisfy the fund.