Point72 Asset Management L.P. Boosts Stock Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Point72 Asset Management L.P. raised its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 61.1% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 689,222 shares of the technology company’s stock after purchasing an additional 261,322 shares during the quarter. Point72 Asset Management L.P.’s holdings in Extreme Networks were worth $9,270,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new stake in Extreme Networks during the first quarter worth about $27,000. Allspring Global Investments Holdings LLC raised its stake in shares of Extreme Networks by 1,635.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,997 shares of the technology company’s stock valued at $67,000 after acquiring an additional 4,709 shares during the period. Hennessy Advisors Inc. acquired a new position in shares of Extreme Networks during the 4th quarter valued at $82,000. Gladius Capital Management LP purchased a new stake in Extreme Networks during the 2nd quarter worth $90,000. Finally, Narus Financial Partners LLC acquired a new stake in Extreme Networks in the 1st quarter valued at $130,000. 91.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the company. Needham & Company LLC restated a “buy” rating and set a $16.50 price objective on shares of Extreme Networks in a research note on Thursday, August 8th. Craig Hallum increased their price objective on shares of Extreme Networks from $14.00 to $17.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $15.90.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $15.02, for a total value of $536,589.50. Following the completion of the sale, the chief executive officer now directly owns 1,448,378 shares of the company’s stock, valued at $21,754,637.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 3.32% of the company’s stock.

Extreme Networks Stock Performance

Shares of EXTR opened at $15.03 on Tuesday. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -214.71, a PEG ratio of 3.46 and a beta of 1.77. The company has a quick ratio of 0.63, a current ratio of 0.90 and a debt-to-equity ratio of 7.05. The business’s 50 day moving average is $14.40 and its two-hundred day moving average is $12.72. Extreme Networks, Inc. has a 52-week low of $10.49 and a 52-week high of $25.51.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.21). The company had revenue of $256.65 million during the quarter, compared to analyst estimates of $253.21 million. Extreme Networks had a negative net margin of 7.69% and a negative return on equity of 24.51%. The company’s revenue was down 29.5% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 earnings per share. Analysts forecast that Extreme Networks, Inc. will post 0.25 EPS for the current fiscal year.

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.