Principal Financial Group Inc. Trims Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Principal Financial Group Inc. trimmed its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 20.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 615,678 shares of the technology company’s stock after selling 160,332 shares during the period. Principal Financial Group Inc.’s holdings in Extreme Networks were worth $9,254,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in shares of Extreme Networks by 109.5% during the third quarter. GAMMA Investing LLC now owns 1,980 shares of the technology company’s stock valued at $30,000 after acquiring an additional 1,035 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Extreme Networks during the first quarter valued at $27,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Extreme Networks by 1,635.1% in the second 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 in the last quarter. Gladius Capital Management LP purchased a new stake in Extreme Networks in the second quarter worth about $90,000. Finally, Hennessy Advisors Inc. bought a new position in Extreme Networks during the 2nd quarter worth about $148,000. 91.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Sunday. Rosenblatt Securities reissued a “buy” rating and issued a $21.00 price objective on shares of Extreme Networks in a research note on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and set a $16.50 target price on shares of Extreme Networks in a research report on Thursday, August 8th. Craig Hallum boosted their price target on Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, B. Riley upped their price objective on Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Extreme Networks Price Performance

NASDAQ EXTR opened at $15.33 on Tuesday. The firm’s fifty day simple moving average is $15.14 and its two-hundred day simple moving average is $13.71. The firm has a market capitalization of $2.03 billion, a P/E ratio of -16.09, a P/E/G ratio of 3.40 and a beta of 1.77. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 5.33. Extreme Networks, Inc. has a 12-month low of $10.49 and a 12-month high of $18.77.

Insider Transactions at Extreme Networks

In other Extreme Networks news, Director Raj Khanna sold 10,000 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $16.53, for a total value of $165,300.00. Following the completion of the transaction, the director now owns 228,733 shares of the company’s stock, valued at approximately $3,780,956.49. This trade represents a 4.19 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $14.75, for a total transaction of $526,943.75. Following the sale, the chief executive officer now owns 1,448,378 shares of the company’s stock, valued at $21,363,575.50. The trade was a 2.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,175 shares of company stock valued at $1,763,279 in the last quarter. 3.70% of the stock is currently owned by corporate insiders.

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.