Aquatic Capital Management LLC Acquires Shares of 60,992 Extreme Networks, Inc. (NASDAQ:EXTR)

Aquatic Capital Management LLC acquired a new stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 60,992 shares of the technology company's stock, valued at approximately $1,021,000.

A number of other institutional investors also recently added to or reduced their stakes in the business. Susquehanna Fundamental Investments LLC acquired a new position in Extreme Networks during the fourth quarter worth $5,585,000. Penn Capital Management Company LLC acquired a new stake in shares of Extreme Networks in the fourth quarter valued at about $14,229,000. Sirios Capital Management L P boosted its holdings in Extreme Networks by 89.2% during the fourth quarter. Sirios Capital Management L P now owns 162,866 shares of the technology company's stock worth $2,726,000 after buying an additional 76,770 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Extreme Networks by 1.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 758,164 shares of the technology company's stock worth $12,692,000 after buying an additional 7,856 shares during the period. Finally, Dark Forest Capital Management LP purchased a new position in Extreme Networks in the fourth quarter valued at about $499,000. Hedge funds and other institutional investors own 91.05% of the company's stock.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the completion of the sale, 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 can be accessed through the SEC website. 3.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EXTR. Needham & Company LLC restated a "buy" rating and issued a $20.00 price target on shares of Extreme Networks in a report on Wednesday, April 30th. UBS Group lowered their target price on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a report on Thursday. Lake Street Capital cut their price target on Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Thursday. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Extreme Networks in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.58.

Extreme Networks Price Performance

EXTR stock traded up $0.13 during trading on Monday, hitting $14.12. The stock had a trading volume of 681,798 shares, compared to its average volume of 1,256,942. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $19.24. The stock has a market cap of $1.88 billion, a price-to-earnings ratio of -15.02, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57. The company's 50 day moving average price is $13.34 and its two-hundred day moving average price is $15.35. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate 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 firm had revenue of $284.51 million during the quarter, compared to analysts' expectations of $280.32 million. During the same period in the previous year, the company earned ($0.19) EPS. Extreme Networks's revenue for the quarter was up 34.8% on a year-over-year basis. On average, sell-side analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks declared that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's management believes its stock is undervalued.

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.