Jana Partners LLC acquired a majority interest in Juniper Networks during last year's fourth quarter, based on a regulatory filing. The stake buy includes Jana in the list of shareholder activists that invested in the said company and encouraged cost cutting, according to The Times of India.

Juniper's stock has climbed 21% this year. Jana purchased 13.4 million shares in Juniper. This means the activist investor now holds a 2.65% stake in the firm, the report detailed.

The hedge fund has been urging the management of Juniper to try unlocking "shareholder value." According to a letter to investors reported by Reuters, Jana has also encouraged the firm to change its management compensation, the report added.

Juniper spokeswoman Cindy Ta told Reuters in an email: "We are continuing a constructive dialogue with our shareholders and we look forward to presenting our integrated operating plan soon."

Paul Singer's Elliot Management Corp, another majority stakeholder in Juniper, has also encouraged the firm to pursue a share buyback, begin dividend payment, and slim down, The Times of India reported.