Bayesian Capital Management LP Invests $404,000 in Extreme Networks, Inc. (NASDAQ:EXTR)

Bayesian Capital Management LP purchased a new stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 24,153 shares of the technology company's stock, valued at approximately $404,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. grew its stake in Extreme Networks by 27.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock valued at $361,000 after buying an additional 4,610 shares during the last quarter. Barclays PLC lifted its holdings in shares of Extreme Networks by 369.8% during the 3rd quarter. Barclays PLC now owns 217,875 shares of the technology company's stock worth $3,274,000 after acquiring an additional 171,500 shares during the period. Essex Investment Management Co. LLC bought a new position in shares of Extreme Networks in the 4th quarter valued at $2,599,000. Geode Capital Management LLC lifted its holdings in shares of Extreme Networks by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company's stock worth $51,385,000 after acquiring an additional 49,888 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Extreme Networks by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock worth $299,965,000 after buying an additional 690,262 shares during the last quarter. 91.05% of the stock is owned by institutional investors.

Extreme Networks Price Performance

EXTR traded down $0.02 during trading on Friday, reaching $14.80. 760,580 shares of the company were exchanged, compared to its average volume of 1,402,015. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. The company has a market cap of $1.97 billion, a price-to-earnings ratio of -15.74, a P/E/G ratio of 3.06 and a beta of 1.67. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $19.24. The company's 50-day moving average is $13.28 and its two-hundred day moving average is $15.34.

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

Extreme Networks declared that its board has initiated a stock buyback plan on Tuesday, February 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Rosenblatt Securities reiterated a "buy" rating and set a $18.00 target price on shares of Extreme Networks in a research report on Thursday, May 1st. UBS Group reduced their target price on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. 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, May 1st. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 target price on shares of Extreme Networks in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Extreme Networks has a consensus rating of "Moderate Buy" and an average price target of $18.58.

Insider Activity

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the transaction, the chief executive officer now 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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.