73,502 Shares in Extreme Networks, Inc. $EXTR Acquired by New Century Financial Group LLC

Key Points

• New Century Financial Group LLC acquired 73,502 shares of Extreme Networks, valued at approximately $1.32 million, making it the group's 20th largest position at 1.5% of their portfolio.
• Extreme Networks recently reported a quarterly EPS of $0.25, surpassing estimates, and recorded a 19.6% increase in revenue year-over-year.
• Five analysts have rated Extreme Networks with a "Buy," while the stock's consensus price target is set at $22.92.

New Century Financial Group LLC purchased a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 73,502 shares of the technology company's stock, valued at approximately $1,319,000. Extreme Networks comprises 1.5% of New Century Financial Group LLC's portfolio, making the stock its 20th largest position. New Century Financial Group LLC owned about 0.06% of Extreme Networks at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Vestcor Inc increased its holdings in shares of Extreme Networks by 4.6% in the first quarter. Vestcor Inc now owns 22,462 shares of the technology company's stock worth $297,000 after buying an additional 988 shares during the period. GAMMA Investing LLC boosted its stake in shares of Extreme Networks by 105.6% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after purchasing an additional 1,628 shares during the period. Byrne Asset Management LLC grew its holdings in shares of Extreme Networks by 115.6% in the first quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock worth $51,000 after purchasing an additional 2,081 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Extreme Networks by 6.6% in the first quarter. AQR Capital Management LLC now owns 34,375 shares of the technology company's stock worth $455,000 after buying an additional 2,122 shares during the period. Finally, Central Pacific Bank Trust Division raised its holdings in Extreme Networks by 12.7% during the 2nd quarter. Central Pacific Bank Trust Division now owns 21,504 shares of the technology company's stock valued at $386,000 after buying an additional 2,415 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Stock Performance

Shares of EXTR opened at $20.44 on Friday. The business's 50 day moving average price is $20.64 and its 200-day moving average price is $17.10. The stock has a market cap of $2.73 billion, a P/E ratio of -408.80, a P/E/G ratio of 2.19 and a beta of 1.81. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $22.89. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.22 by $0.03. The company had revenue of $307.00 million for the quarter, compared to the consensus estimate of $299.88 million. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. Extreme Networks's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) EPS. Equities research analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EXTR. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a report on Thursday, August 7th. Rosenblatt Securities raised their target price on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. UBS Group upped their price target on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC increased their price objective on Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Extreme Networks presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.92.

Insiders Place Their Bets

In other news, Director Edward H. Kennedy sold 25,000 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $20.01, for a total transaction of $500,250.00. Following the transaction, the director directly owned 612,691 shares of the company's stock, valued at $12,259,946.91. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $17.18, for a total value of $613,755.50. Following the completion of the sale, the chief executive officer owned 1,541,282 shares of the company's stock, valued at $26,479,224.76. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 103,725 shares of company stock valued at $2,015,216. Insiders own 3.70% of the company's stock.

About Extreme Networks

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.

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