Edgestream Partners L.P. Buys 68,059 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Edgestream Partners L.P. raised its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 58.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 185,024 shares of the technology company’s stock after acquiring an additional 68,059 shares during the period. Edgestream Partners L.P.’s holdings in Extreme Networks were worth $3,097,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Quarry LP acquired a new position in Extreme Networks in the third quarter valued at about $26,000. Byrne Asset Management LLC acquired a new position in shares of Extreme Networks in the 4th quarter valued at approximately $30,000. Smartleaf Asset Management LLC lifted its holdings in shares of Extreme Networks by 385.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock worth $37,000 after acquiring an additional 1,733 shares during the period. Pacer Advisors Inc. boosted its position in shares of Extreme Networks by 31.4% during the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock worth $52,000 after acquiring an additional 741 shares in the last quarter. Finally, KBC Group NV boosted its position in shares of Extreme Networks by 54.3% during the 3rd quarter. KBC Group NV now owns 4,959 shares of the technology company’s stock worth $75,000 after acquiring an additional 1,745 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have weighed in on EXTR shares. Lake Street Capital upped their target price on Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. StockNews.com upgraded Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a research report on Thursday, January 30th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $22.00 target price on shares of Extreme Networks in a research note on Friday, February 7th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Extreme Networks presently has an average rating of “Moderate Buy” and an average target price of $20.30.

Extreme Networks Stock Up 1.3 %

Shares of EXTR opened at $14.85 on Friday. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. Extreme Networks, Inc. has a 52 week low of $10.50 and a 52 week high of $19.24. The stock has a market capitalization of $1.97 billion, a price-to-earnings ratio of -15.80, a PEG ratio of 3.06 and a beta of 1.72. The stock has a fifty day moving average of $16.16 and a 200-day moving average of $15.91.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. As a group, sell-side analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its board has authorized a share buyback plan on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the transaction, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.70% of the stock is owned by corporate insiders.

Extreme Networks Company Profile

Extreme Networks, Inc delivers cloud-driven networking solutions that leverage the powers of machine learning, artificial intelligence, analytics, and automation.
The company designs, develops, and manufactures wired and wireless network infrastructure equipment and develops the software for network management, policy, analytics, security, and access controls.