Brooktree Capital Management Grows Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Brooktree Capital Management raised its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 0.7% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 180,669 shares of the technology company’s stock after purchasing an additional 1,221 shares during the quarter. Extreme Networks accounts for about 2.2% of Brooktree Capital Management’s investment portfolio, making the stock its 13th largest position. Brooktree Capital Management owned approximately 0.14% of Extreme Networks worth $3,024,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Quarry LP purchased a new stake in Extreme Networks during the 3rd quarter valued at approximately $26,000. Byrne Asset Management LLC purchased a new position in Extreme Networks during the fourth quarter valued at $30,000. Smartleaf Asset Management LLC increased its holdings in Extreme Networks by 385.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock valued at $37,000 after acquiring an additional 1,733 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Extreme Networks by 31.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock valued at $52,000 after acquiring an additional 741 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its stake in Extreme Networks by 146.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company’s stock worth $83,000 after purchasing an additional 2,935 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the transaction, the chief executive officer now directly owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.70% of the company’s stock.

Extreme Networks Trading Up 1.9 %

Shares of EXTR stock opened at $14.80 on Tuesday. The company has a market cap of $1.96 billion, a PE ratio of -15.74, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The stock’s 50 day simple moving average is $15.87 and its two-hundred day simple moving average is $15.88. Extreme Networks, Inc. has a 1 year low of $10.50 and a 1 year high of $19.24.

Extreme Networks (NASDAQ:EXTR) last released 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%. Research analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Extreme Networks 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.