Algert Global LLC Boosts Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Algert Global LLC raised its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 109.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 183,443 shares of the technology company's stock after purchasing an additional 95,857 shares during the quarter. Algert Global LLC owned 0.14% of Extreme Networks worth $3,071,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EXTR. Byrne Asset Management LLC purchased a new position in Extreme Networks in the fourth quarter valued at $30,000. Sterling Capital Management LLC grew its position in shares of Extreme Networks by 603.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock valued at $32,000 after acquiring an additional 1,665 shares during the period. Smartleaf Asset Management LLC increased its stake in shares of Extreme Networks by 385.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock valued at $37,000 after purchasing an additional 1,733 shares in the last quarter. Quarry LP raised its holdings in Extreme Networks by 42.1% in the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock worth $41,000 after purchasing an additional 719 shares during the period. Finally, Pacer Advisors Inc. raised its holdings in Extreme Networks by 31.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company's stock worth $52,000 after purchasing an additional 741 shares during the period. 91.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

EXTR has been the subject of a number of recent analyst reports. UBS Group cut 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. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price target on shares of Extreme Networks in a report on Thursday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Extreme Networks in a report on Wednesday, April 30th. Finally, Lake Street Capital cut 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. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.58.

Extreme Networks Price Performance

EXTR stock traded up $0.29 during mid-day trading on Tuesday, reaching $15.95. The company's stock had a trading volume of 239,163 shares, compared to its average volume of 1,399,418. The stock has a market cap of $2.12 billion, a PE ratio of -16.97, a P/E/G ratio of 3.06 and a beta of 1.67. The company's 50 day moving average is $13.29 and its two-hundred day moving average is $15.35. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $19.24. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34.

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

Extreme Networks announced that its board has authorized a stock repurchase plan on Tuesday, February 18th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction dated 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 sale, the chief executive officer now directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.70% of the company's stock.

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.