Extreme Networks, Inc. (NASDAQ:EXTR) Shares Bought by Bank of Montreal Can

Bank of Montreal Can boosted its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 8.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 18,071 shares of the technology company’s stock after purchasing an additional 1,393 shares during the period. Bank of Montreal Can’s holdings in Extreme Networks were worth $303,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in EXTR. Russell Investments Group Ltd. increased its position in shares of Extreme Networks by 37.4% during the 4th quarter. Russell Investments Group Ltd. now owns 210,852 shares of the technology company’s stock worth $3,530,000 after purchasing an additional 57,448 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Extreme Networks by 27.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company’s stock worth $361,000 after acquiring an additional 4,610 shares in the last quarter. Wells Fargo & Company MN increased its stake in Extreme Networks by 32.1% during the fourth quarter. Wells Fargo & Company MN now owns 86,521 shares of the technology company’s stock worth $1,448,000 after purchasing an additional 21,047 shares during the period. Trexquant Investment LP increased its stake in Extreme Networks by 54.1% during the 4th quarter. Trexquant Investment LP now owns 498,432 shares of the technology company’s stock worth $8,344,000 after buying an additional 175,082 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Extreme Networks by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company’s stock valued at $51,385,000 after acquiring an additional 49,888 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EXTR. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a report on Thursday, January 30th. Lake Street Capital raised their price objective on Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Finally, Rosenblatt Securities cut their price target on Extreme Networks from $22.00 to $18.00 and set a “buy” rating on the stock in a research report on Tuesday. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.50.

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total value of $549,807.75. Following the sale, the chief executive officer now directly owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 3.70% of the stock is currently owned by insiders.

Extreme Networks Price Performance

Shares of NASDAQ:EXTR opened at $11.82 on Thursday. The company has a market cap of $1.57 billion, a P/E ratio of -12.57, a PEG ratio of 3.06 and a beta of 1.57. The company has a 50-day moving average price of $13.70 and a 200 day moving average price of $15.44. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $19.24. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR) last posted its 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 has authorized a share buyback program on Tuesday, February 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is 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.