Balyasny Asset Management L.P. Increases Stock Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Balyasny Asset Management L.P. boosted its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 146.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 362,221 shares of the technology company's stock after buying an additional 215,175 shares during the period. Balyasny Asset Management L.P. owned approximately 0.27% of Extreme Networks worth $6,064,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of EXTR. Byrne Asset Management LLC bought a new stake in shares of Extreme Networks during the 4th quarter valued at approximately $30,000. Sterling Capital Management LLC raised its holdings in Extreme Networks by 603.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock valued at $32,000 after buying an additional 1,665 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in 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 buying an additional 1,733 shares during 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 valued at $41,000 after buying an additional 719 shares during the last quarter. 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 valued at $52,000 after buying an additional 741 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was 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 owns 1,510,719 shares of the company's stock, valued at $20,742,171.87. This trade represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.70% of the company's stock.

Analyst Ratings Changes

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

Extreme Networks Price Performance

Extreme Networks stock traded up $0.40 during mid-day trading on Tuesday, hitting $16.06. 1,237,432 shares of the company traded hands, compared to its average volume of 1,400,042. Extreme Networks, Inc. has a one year low of $10.10 and a one year high of $19.24. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of -17.09, a price-to-earnings-growth 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 stock has a fifty day moving average price of $13.29 and a 200-day moving average price of $15.35.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its 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 business 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%. Extreme Networks's revenue for the quarter was up 34.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.19) earnings per share. On average, equities analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its Board of Directors has approved a share repurchase program on Tuesday, February 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to buy up to 9.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

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.