Extreme Networks, Inc. (NASDAQ:EXTR) Stake Cut by Millennium Management LLC

Millennium Management LLC reduced its holdings in Extreme Networks, Inc. (NASDAQ:EXTR) by 39.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 479,259 shares of the technology company’s stock after selling 307,137 shares during the period. Millennium Management LLC owned about 0.36% of Extreme Networks worth $8,023,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its stake in Extreme Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company’s stock worth $299,965,000 after acquiring an additional 690,262 shares in the last quarter. Geode Capital Management LLC lifted its stake in Extreme Networks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company’s stock worth $51,385,000 after acquiring an additional 49,888 shares in the last quarter. American Century Companies Inc. lifted its stake in Extreme Networks by 11.4% in the 4th quarter. American Century Companies Inc. now owns 2,837,171 shares of the technology company’s stock worth $47,494,000 after acquiring an additional 290,184 shares in the last quarter. Trigran Investments Inc. raised its stake in shares of Extreme Networks by 4.1% during the 4th quarter. Trigran Investments Inc. now owns 2,384,325 shares of the technology company’s stock worth $39,914,000 after purchasing an additional 94,508 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC raised its stake in shares of Extreme Networks by 397,835.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company’s stock worth $38,103,000 after purchasing an additional 2,275,619 shares in the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. UBS Group cut their price target on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Wall Street Zen raised Extreme Networks from a “buy” rating to a “strong-buy” rating in a research note on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price target on shares of Extreme Networks in a research note on Thursday, May 15th. Lake Street Capital cut their price target on Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price target on shares of Extreme Networks in a research note on Thursday, May 1st. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Extreme Networks currently has an average rating of “Moderate Buy” and an average target price of $18.58.

Extreme Networks Stock Performance

Shares of NASDAQ EXTR opened at $15.39 on Monday. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of -16.37, a P/E/G ratio of 3.06 and a beta of 1.67. The business’s 50-day simple moving average is $13.57 and its 200-day simple moving average is $15.39. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $19.24.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The business had revenue of $284.51 million for the quarter, compared to analyst estimates of $280.32 million. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The firm’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.19) EPS. As a group, equities research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its board has initiated 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 reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $13.73, for a total value of $490,504.25. Following the sale, the chief executive officer now owns 1,510,719 shares of the company’s stock, valued at $20,742,171.87. This trade represents a 2.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 3.70% of the company’s stock.

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.