NEW YORK, Jan 25 (Reuters) - Business software provider Salesforce.com Inc is planning a 4-for-1 stock split to make its shares more affordable and appeal to a broader group of investors, the company said in a filing on Friday.
The stock split was approved by the board on Dec. 13, 2012, and will be submitted to shareholders for approval at a meeting on March 20, the company said.
Salesforce said its stock became less affordable after rising significantly in price for the past several years.
Its shares closed at $173.86 on the New York Stock Exchange on Friday, up $1.57. They have risen about 46 percent over the past year.
Salesforce has beat Wall Street expectations by expanding its product offerings and growing its social media products which, for example, let companies track what customers are saying about them on Twitter and Facebook.