Algert Global LLC Sells 44,161 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Algert Global LLC reduced its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 30.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 100,896 shares of the technology company’s stock after selling 44,161 shares during the period. Algert Global LLC’s holdings in Extreme Networks were worth $1,357,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Extreme Networks by 16.9% in the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock valued at $175,191,000 after buying an additional 2,191,181 shares during the period. William Blair Investment Management LLC acquired a new stake in shares of Extreme Networks in the 2nd quarter valued at approximately $25,409,000. Rubric Capital Management LP grew its holdings in Extreme Networks by 52.3% during the second quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock valued at $70,676,000 after purchasing an additional 1,804,744 shares during the period. Victory Capital Management Inc. grew its holdings in Extreme Networks by 373.4% during the second quarter. Victory Capital Management Inc. now owns 1,066,743 shares of the technology company’s stock valued at $14,348,000 after purchasing an additional 841,395 shares during the period. Finally, M&G Plc bought a new stake in Extreme Networks in the first quarter valued at approximately $4,175,000. 91.05% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $14.75, for a total transaction of $526,943.75. Following the completion of the transaction, the chief executive officer now owns 1,448,378 shares in the company, valued at $21,363,575.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.32% of the stock is owned by corporate insiders.

Extreme Networks Price Performance

EXTR stock opened at $14.85 on Friday. The stock has a market cap of $1.93 billion, a PE ratio of -212.14, a price-to-earnings-growth ratio of 3.46 and a beta of 1.77. The stock has a 50-day moving average price of $14.49 and a two-hundred day moving average price of $12.80. Extreme Networks, Inc. has a 1 year low of $10.49 and a 1 year high of $25.51. The company has a current ratio of 0.90, a quick ratio of 0.63 and a debt-to-equity ratio of 7.05.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings data on Wednesday, August 7th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.21). The firm had revenue of $256.65 million for the quarter, compared to the consensus estimate of $253.21 million. Extreme Networks had a negative return on equity of 24.51% and a negative net margin of 7.69%. The firm’s quarterly revenue was down 29.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. Equities analysts forecast that Extreme Networks, Inc. will post 0.25 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on EXTR. Craig Hallum boosted their price target on shares of Extreme Networks from $14.00 to $17.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $16.50 price target on shares of Extreme Networks in a research report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $15.90.

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.