Alyeska Investment Group L.P. Sells 1,739,712 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Alyeska Investment Group L.P. reduced its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 46.1% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,035,385 shares of the technology company's stock after selling 1,739,712 shares during the quarter. Alyeska Investment Group L.P. owned approximately 1.53% of Extreme Networks worth $34,072,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in shares of Extreme Networks by 1.0% during the fourth quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company's stock valued at $1,257,000 after purchasing an additional 717 shares in the last quarter. Quarry LP lifted its position in Extreme Networks by 42.1% during the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after buying an additional 719 shares during the period. Pacer Advisors Inc. boosted its holdings in shares of Extreme Networks by 31.4% during the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company's stock valued at $52,000 after buying an additional 741 shares in the last quarter. Ironwood Investment Management LLC increased its stake in shares of Extreme Networks by 0.7% in the 4th quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company's stock worth $1,804,000 after acquiring an additional 782 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in shares of Extreme Networks by 2.4% in the 4th quarter. Arizona State Retirement System now owns 38,299 shares of the technology company's stock worth $641,000 after acquiring an additional 881 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $13.73, for a total transaction of $490,504.25. Following the transaction, the chief executive officer now directly owns 1,510,719 shares in the company, valued at approximately $20,742,171.87. The trade was a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.70% of the stock is currently owned by company insiders.

Extreme Networks Stock Performance

NASDAQ:EXTR traded up $0.02 on Friday, hitting $14.84. The stock had a trading volume of 352,640 shares, compared to its average volume of 1,262,083. The business's 50-day simple moving average is $13.28 and its two-hundred day simple moving average is $15.33. The stock has a market cap of $1.98 billion, a price-to-earnings ratio of -15.79, a price-to-earnings-growth ratio of 3.06 and a beta of 1.67. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $19.24. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.02. Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. The company had revenue of $284.51 million for the quarter, compared to the consensus estimate of $280.32 million. During the same quarter last year, the firm posted ($0.19) earnings per share. The firm's revenue was up 34.8% compared to the same quarter last year. As a group, research analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its board has approved a stock repurchase program on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on EXTR shares. UBS Group reduced their price objective on 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 report on Wednesday, April 30th. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price objective on shares of Extreme Networks in a report on Thursday, May 1st. Finally, Lake Street Capital lowered their target price on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $18.58.

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.