Alberta Investment Management Corp Raises Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Alberta Investment Management Corp increased its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 27.3% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 181,355 shares of the technology company’s stock after purchasing an additional 38,905 shares during the period. Alberta Investment Management Corp owned approximately 0.14% of Extreme Networks worth $2,399,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Sei Investments Co. boosted its stake in shares of Extreme Networks by 187.5% during the 4th quarter. Sei Investments Co. now owns 37,370 shares of the technology company’s stock worth $626,000 after purchasing an additional 24,370 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Extreme Networks during the fourth quarter valued at approximately $455,000. LPL Financial LLC boosted its position in Extreme Networks by 24.1% during the fourth quarter. LPL Financial LLC now owns 34,016 shares of the technology company’s stock worth $569,000 after acquiring an additional 6,601 shares during the last quarter. Vanguard Group Inc. grew 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 during the period. Finally, JPMorgan Chase & Co. raised its holdings in Extreme Networks by 312.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company’s stock valued at $20,078,000 after acquiring an additional 908,336 shares during the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $18.21, for a total value of $650,552.25. Following the completion of the sale, the chief executive officer directly owned 1,541,282 shares in the company, valued at approximately $28,066,745.22. The trade was a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Raj Khanna sold 7,973 shares of the company’s stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $17.20, for a total transaction of $137,135.60. Following the sale, the director directly owned 233,735 shares of the company’s stock, valued at approximately $4,020,242. This represents a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,725 shares of company stock worth $823,018. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

EXTR has been the subject of several recent analyst reports. Lake Street Capital lowered their price target on Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Rosenblatt Securities raised their target price on shares of Extreme Networks from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, June 13th. UBS Group dropped their price target on shares of Extreme Networks from $16.50 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, May 1st. 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. Finally, Wall Street Zen upgraded shares of Extreme Networks from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $18.92.

Extreme Networks Stock Performance

EXTR opened at $17.27 on Friday. The business has a 50 day moving average price of $17.22 and a two-hundred day moving average price of $15.47. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.93 and a quick ratio of 0.70. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -42.12, a price-to-earnings-growth ratio of 2.03 and a beta of 1.75. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $19.24.

Extreme Networks (NASDAQ:EXTR) last announced 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. Extreme Networks had a positive return on equity of 13.79% and a negative net margin of 4.94%. The company had revenue of $284.51 million during the quarter, compared to the consensus estimate of $280.32 million. During the same quarter in the prior year, the firm earned ($0.19) EPS. The company’s quarterly revenue was up 34.8% compared to the same quarter last year. Research analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

About Extreme Networks

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.