Essex Investment Management Co. LLC Invests $2.60 Million in Extreme Networks, Inc. (NASDAQ:EXTR)

Essex Investment Management Co. LLC purchased a new stake in Extreme Networks, Inc. (NASDAQ:EXTR) during the fourth quarter, Holdings Channel reports. The institutional investor purchased 155,261 shares of the technology company’s stock, valued at approximately $2,599,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in Extreme Networks by 1.0% during the third quarter. State Street Corp now owns 5,134,008 shares of the technology company’s stock valued at $77,164,000 after purchasing an additional 49,905 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Extreme Networks by 318.7% during the 3rd quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock worth $67,124,000 after purchasing an additional 3,399,288 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Extreme Networks by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,500 shares of the technology company’s stock valued at $20,448,000 after buying an additional 61,867 shares in the last quarter. Portolan Capital Management LLC boosted its holdings in Extreme Networks by 194.6% in the 3rd quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after buying an additional 700,724 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Extreme Networks by 57.5% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 738,297 shares of the technology company’s stock worth $11,097,000 after buying an additional 269,459 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

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

Extreme Networks Stock Performance

NASDAQ EXTR opened at $14.85 on Monday. Extreme Networks, Inc. has a fifty-two week low of $10.50 and a fifty-two week high of $19.24. The firm has a market capitalization of $1.97 billion, a P/E ratio of -15.80, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. The stock’s fifty day moving average is $16.16 and its two-hundred day moving average is $15.91. 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 (NASDAQ:EXTR) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share 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%. On average, research analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

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

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.