Crestline Management LP Raises Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Crestline Management LP grew its holdings in 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 firm owned 662,249 shares of the technology company's stock after buying an additional 261,992 shares during the quarter. Crestline Management LP owned about 0.50% of Extreme Networks worth $11,086,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of EXTR. Vanguard Group Inc. boosted its position in shares of Extreme Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock worth $299,965,000 after purchasing an additional 690,262 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Extreme Networks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company's stock worth $51,385,000 after buying an additional 49,888 shares in the last quarter. American Century Companies Inc. grew its position in Extreme Networks by 11.4% during the fourth quarter. American Century Companies Inc. now owns 2,837,171 shares of the technology company's stock worth $47,494,000 after buying an additional 290,184 shares during the period. Trigran Investments Inc. increased its holdings in Extreme Networks by 4.1% in the fourth quarter. Trigran Investments Inc. now owns 2,384,325 shares of the technology company's stock valued at $39,914,000 after buying an additional 94,508 shares in the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Extreme Networks by 397,835.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company's stock valued at $38,103,000 after acquiring an additional 2,275,619 shares during the period. Institutional investors and hedge funds own 91.05% of the company's stock.

Extreme Networks Price Performance

EXTR stock traded down $0.02 during trading on Friday, hitting $14.80. The stock had a trading volume of 760,580 shares, compared to its average volume of 1,404,941. 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 $1.97 billion, a price-to-earnings ratio of -15.74, a price-to-earnings-growth ratio of 3.06 and a beta of 1.67. The company's 50 day moving average price is $13.28 and its two-hundred day moving average price is $15.33. 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 announced its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.02. The business had revenue of $284.51 million for the quarter, compared to the consensus estimate of $280.32 million. Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. The company's quarterly revenue was up 34.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.19) earnings per share. On average, sell-side analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks announced that its board has approved a share repurchase program on Tuesday, February 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research firms recently weighed in on EXTR. Lake Street Capital dropped their price objective 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. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a research note on Wednesday, April 30th. UBS Group lowered their price objective on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Finally, Rosenblatt Securities restated a "buy" rating and set a $18.00 target price on shares of Extreme Networks in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Extreme Networks presently has an average rating of "Moderate Buy" and an average price target of $18.58.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the company'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 transaction of $490,504.25. Following the completion of the transaction, the chief executive officer now owns 1,510,719 shares of the company's stock, valued at approximately $20,742,171.87. This represents a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company 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.