Inceptionr LLC Buys New Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Inceptionr LLC bought a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) during the 4th quarter, HoldingsChannel.com reports. The fund bought 25,471 shares of the technology company’s stock, valued at approximately $426,000.

Several other hedge funds also recently modified their holdings of the stock. State of Alaska Department of Revenue boosted its position in shares of Extreme Networks by 1.0% during the fourth quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company’s stock valued at $1,257,000 after buying an additional 717 shares during the last quarter. Pacer Advisors Inc. boosted its position in shares of Extreme Networks by 31.4% during the fourth quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock valued at $52,000 after buying an additional 741 shares during the last quarter. Arizona State Retirement System boosted its position in shares of Extreme Networks by 2.4% during the fourth quarter. Arizona State Retirement System now owns 38,299 shares of the technology company’s stock valued at $641,000 after buying an additional 881 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in shares of Extreme Networks by 1.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 63,900 shares of the technology company’s stock valued at $1,070,000 after buying an additional 900 shares during the last quarter. Finally, OneDigital Investment Advisors LLC boosted its position in shares of Extreme Networks by 2.2% during the third quarter. OneDigital Investment Advisors LLC now owns 70,841 shares of the technology company’s stock valued at $1,065,000 after buying an additional 1,541 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Extreme Networks Stock Up 1.3 %

EXTR stock opened at $14.85 on Friday. Extreme Networks, Inc. has a 1-year low of $10.50 and a 1-year high of $19.24. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. The stock’s fifty day simple moving average is $16.16 and its two-hundred day simple moving average is $15.91. The stock has a market cap of $1.97 billion, a P/E ratio of -15.80, a P/E/G ratio of 3.06 and a beta of 1.72.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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%. Analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current year.

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

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $15.39, for a total transaction of $549,807.75. Following the transaction, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at $22,760,901.99. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on EXTR. Lake Street Capital lifted their target price on Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. Rosenblatt Securities reissued a “buy” rating and issued a $22.00 price objective on shares of Extreme Networks in a research report on Friday, February 7th. StockNews.com raised Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, January 30th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Extreme Networks has a consensus rating of “Moderate Buy” and an average target price of $20.30.

About Extreme Networks

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.