Extreme Networks, Inc. (NASDAQ:EXTR) Shares Purchased by LPL Financial LLC

LPL Financial LLC raised its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 24.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 34,016 shares of the technology company’s stock after acquiring an additional 6,601 shares during the quarter. LPL Financial LLC’s holdings in Extreme Networks were worth $569,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Byrne Asset Management LLC acquired a new position in Extreme Networks in the 4th quarter valued at about $30,000. Smartleaf Asset Management LLC grew its holdings in shares of Extreme Networks by 385.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock worth $37,000 after buying an additional 1,733 shares in the last quarter. Pacer Advisors Inc. raised its position in shares of Extreme Networks by 31.4% in 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. Nisa Investment Advisors LLC lifted its stake in shares of Extreme Networks by 146.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company’s stock valued at $83,000 after buying an additional 2,935 shares during the period. Finally, KBC Group NV boosted its position in Extreme Networks by 37.7% during the fourth quarter. KBC Group NV now owns 6,831 shares of the technology company’s stock worth $114,000 after acquiring an additional 1,872 shares during the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Extreme Networks Price Performance

EXTR stock opened at $12.35 on Friday. The company has a market cap of $1.64 billion, a PE ratio of -13.14, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57. 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 has a 50-day moving average price of $13.62 and a two-hundred day moving average price of $15.42. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $19.24.

Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. As a group, research analysts predict that Extreme Networks, Inc. will post 0.31 EPS 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 repurchase $200.00 million in shares. This repurchase authorization authorizes the technology company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $15.39, for a total value of $549,807.75. Following the completion of the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 3.70% of the company’s stock.

Analyst Upgrades and Downgrades

EXTR has been the topic of a number of recent analyst reports. Rosenblatt Securities reduced their price target on Extreme Networks from $22.00 to $18.00 and set a “buy” rating on the stock in a research note on Tuesday. Lake Street Capital increased their target price on Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Extreme Networks in a report on Thursday, January 30th. One 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.50.

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.