Riverhead Capital Management LLC grew its holdings in Extreme Networks, Inc (NASDAQ:EXTR) by 28.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 15,200 shares of the technology company’s stock after buying an additional 3,400 shares during the period. Riverhead Capital Management LLC’s holdings in Extreme Networks were worth $98,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC acquired a new stake in shares of Extreme Networks in the second quarter valued at approximately $27,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in Extreme Networks during the 2nd quarter worth approximately $46,000. Bailard Inc. acquired a new stake in Extreme Networks during the 2nd quarter worth approximately $68,000. Hennessy Advisors Inc. acquired a new stake in Extreme Networks during the 2nd quarter worth approximately $87,000. Finally, Meeder Asset Management Inc. lifted its holdings in Extreme Networks by 363.6% during the 2nd quarter. Meeder Asset Management Inc. now owns 16,072 shares of the technology company’s stock worth $104,000 after purchasing an additional 12,605 shares during the last quarter. 80.80% of the stock is owned by institutional investors.
Several analysts recently weighed in on the company. Lake Street Capital assumed coverage on Extreme Networks in a report on Monday, July 29th. They set a “buy” rating and a $9.00 price target for the company. Zacks Investment Research raised Extreme Networks from a “hold” rating to a “strong-buy” rating and set a $9.00 price target for the company in a report on Tuesday, August 13th. ValuEngine cut Extreme Networks from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, BidaskClub raised Extreme Networks from a “hold” rating to a “buy” rating in a report on Friday. One research analyst has rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Extreme Networks currently has a consensus rating of “Buy” and a consensus target price of $10.33.
NASDAQ:EXTR traded up $0.22 during mid-day trading on Friday, hitting $7.67. 1,251,646 shares of the stock were exchanged, compared to its average volume of 828,932. The stock has a market capitalization of $899.24 million, a price-to-earnings ratio of 59.00 and a beta of 1.64. The firm’s 50-day simple moving average is $7.34 and its 200 day simple moving average is $7.01. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.06 and a current ratio of 1.24. Extreme Networks, Inc has a fifty-two week low of $4.81 and a fifty-two week high of $8.59.
Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, July 31st. The technology company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $252.40 million during the quarter, compared to analysts’ expectations of $244.72 million. Extreme Networks had a positive return on equity of 10.98% and a negative net margin of 2.60%. The company’s quarterly revenue was down 9.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.20 EPS. On average, analysts predict that Extreme Networks, Inc will post 0.43 EPS for the current fiscal year.
In other Extreme Networks news, insider Edward Meyercord sold 100,000 shares of Extreme Networks stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $8.22, for a total value of $822,000.00. Following the completion of the transaction, the insider now directly owns 482,416 shares of the company’s stock, valued at approximately $3,965,459.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.45% of the stock is owned by insiders.
Extreme Networks Company Profile
Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. It designs, develops, and manufactures wired and wireless network infrastructure equipment; and develops the software for network management, policy, analytics, security, and access controls. The company offers edge/access Ethernet switching systems that deliver Ethernet connectivity for edge of the network; aggregation/core Ethernet switching systems for aggregation, top-of-rack, and campus core environments; data center switching systems for enterprises and cloud data centers; and wireless access point products, as well as distributed Wi-Fi networks.
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