Crestline Management LP Grows Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Crestline Management LP increased its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 65.5% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 662,249 shares of the technology company's stock after purchasing an additional 261,992 shares during the quarter. Crestline Management LP owned 0.50% of Extreme Networks worth $11,086,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Capital Advantage Inc. increased its stake in shares of Extreme Networks by 6.1% during the fourth quarter. Capital Advantage Inc. now owns 225,475 shares of the technology company's stock worth $3,774,000 after buying an additional 12,975 shares during the period. Balyasny Asset Management L.P. raised its holdings in shares of Extreme Networks by 146.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 362,221 shares of the technology company's stock valued at $6,064,000 after purchasing an additional 215,175 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in shares of Extreme Networks during the 4th quarter worth $404,000. Algert Global LLC grew its stake in shares of Extreme Networks by 109.4% during the fourth quarter. Algert Global LLC now owns 183,443 shares of the technology company's stock worth $3,071,000 after purchasing an additional 95,857 shares in the last quarter. Finally, Manatuck Hill Partners LLC purchased a new position in Extreme Networks in the fourth quarter valued at $1,055,000. Hedge funds and other institutional investors own 91.05% of the company's stock.

Extreme Networks Price Performance

Extreme Networks stock traded down $0.02 during midday 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 market capitalization 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. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. The firm's 50-day simple moving average is $13.28 and its 200-day simple moving average is $15.34. Extreme Networks, Inc. has a 1 year low of $10.10 and a 1 year high of $19.24.

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, beating 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 business's quarterly revenue was up 34.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.19) earnings per share. On average, analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current 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.

Analysts Set New Price Targets

A number of brokerages recently issued reports on EXTR. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 price target on shares of Extreme Networks in a report on Thursday, May 1st. Lake Street Capital reduced their target price on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. UBS Group dropped their price objective on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Needham & Company LLC reiterated a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $18.58.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the firm'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 transaction, the chief executive officer now owns 1,510,719 shares in the company, valued at approximately $20,742,171.87. This trade represents a 2.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.70% of the company's stock.

Extreme Networks Company 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.