Alberta Investment Management Corp Buys 38,905 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Key Points

• Alberta Investment Management Corp increased its stake in Extreme Networks by 27.3%, owning 181,355 shares valued at approximately $2.4 million as of its recent SEC filing.
• Several hedge funds made significant adjustments to their positions in Extreme Networks, with JPMorgan Chase & Co. raising its holdings by a remarkable 312.1% in the last quarter.
• Extreme Networks reported a 34.8% increase in quarterly revenue year-over-year, with an EPS of $0.21, surpassing analyst expectations of $0.19.

Alberta Investment Management Corp grew its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 27.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 181,355 shares of the technology company's stock after acquiring an additional 38,905 shares during the period. Alberta Investment Management Corp owned 0.14% of Extreme Networks worth $2,399,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Sterling Capital Management LLC lifted 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. Orion Capital Management LLC acquired a new position in shares of Extreme Networks during the fourth quarter valued at about $33,000. Quarry LP boosted its position in shares of Extreme Networks by 42.1% during 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 in the last quarter. GAMMA Investing LLC grew its stake in shares of Extreme Networks by 105.6% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after buying an additional 1,628 shares during the period. Finally, Byrne Asset Management LLC increased its position in Extreme Networks by 115.6% in the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after buying an additional 2,081 shares in the last quarter. 91.05% of the stock is owned by institutional investors.

Extreme Networks Stock Up 16.6%

Shares of EXTR traded up $2.93 during trading hours on Wednesday, reaching $20.60. 2,355,994 shares of the stock traded hands, compared to its average volume of 1,221,565. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $21.35. The company has a market cap of $2.74 billion, a price-to-earnings ratio of -50.20, a PEG ratio of 2.13 and a beta of 1.75. The stock has a fifty day simple moving average of $17.30 and a 200 day simple moving average of $15.48. The company has a current ratio of 0.93, a quick ratio of 0.70 and a debt-to-equity ratio of 2.33.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on EXTR. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Extreme Networks in a research note on Thursday, May 15th. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Rosenblatt Securities upped their price objective on shares of Extreme Networks from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, June 13th. UBS Group dropped 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, Lake Street Capital decreased 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 report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.92.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $17.18, for a total transaction of $613,755.50. Following the completion of the sale, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $26,479,224.76. This trade represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Raj Khanna sold 2,027 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $17.43, for a total value of $35,330.61. Following the completion of the transaction, the director directly owned 231,708 shares in the company, valued at approximately $4,038,670.44. This represents a 0.87% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 81,450 shares of company stock valued at $1,436,774. Company 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.