Raymond James & Associates Increases Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Raymond James & Associates increased its holdings in Extreme Networks, Inc. (NASDAQ:EXTR) by 2.0% during the third quarter, Holdings Channel.com reports. The firm owned 460,153 shares of the technology company’s stock after acquiring an additional 9,217 shares during the quarter. Raymond James & Associates’ holdings in Extreme Networks were worth $6,916,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in EXTR. Vanguard Group Inc. grew its stake in shares of Extreme Networks by 16.9% during the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock valued at $175,191,000 after buying an additional 2,191,181 shares during the last quarter. William Blair Investment Management LLC bought a new position in Extreme Networks during the 2nd quarter worth approximately $25,409,000. Rubric Capital Management LP increased its stake in Extreme Networks by 52.3% in the 2nd quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock worth $70,676,000 after purchasing an additional 1,804,744 shares during the period. Victory Capital Management Inc. increased its stake in Extreme Networks by 373.4% in the 2nd quarter. Victory Capital Management Inc. now owns 1,066,743 shares of the technology company’s stock worth $14,348,000 after purchasing an additional 841,395 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in Extreme Networks by 265.8% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 731,500 shares of the technology company’s stock valued at $9,839,000 after purchasing an additional 531,500 shares during the last quarter. 91.05% of the stock is owned by institutional investors.

Insider Activity

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $15.02, for a total transaction of $536,589.50. Following the transaction, the chief executive officer now owns 1,448,378 shares in the company, valued at approximately $21,754,637.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on EXTR shares. Craig Hallum raised their target price on shares of Extreme Networks from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Needham & Company LLC reissued a “buy” rating and set a $16.50 price target on shares of Extreme Networks in a research report on Thursday, August 8th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Extreme Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $15.90.

Extreme Networks Price Performance

Shares of EXTR stock opened at $15.92 on Thursday. The company has a debt-to-equity ratio of 7.05, a quick ratio of 0.63 and a current ratio of 0.90. Extreme Networks, Inc. has a fifty-two week low of $10.49 and a fifty-two week high of $20.83. The firm has a market cap of $2.07 billion, a P/E ratio of -227.43, a P/E/G ratio of 3.37 and a beta of 1.76. The business’s 50 day moving average price is $14.86 and its 200-day moving average price is $13.26.

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