Alberta Investment Management Corp Grows Stock Holdings in 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 boosted its position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 27.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 181,355 shares of the technology company's stock after purchasing an additional 38,905 shares during the period. Alberta Investment Management Corp owned about 0.14% of Extreme Networks worth $2,399,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC grew its position in shares of Extreme Networks by 397,835.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company's stock valued at $38,103,000 after purchasing an additional 2,275,619 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Extreme Networks during the 4th quarter valued at $16,573,000. JPMorgan Chase & Co. lifted its holdings in shares of Extreme Networks by 312.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company's stock worth $20,078,000 after acquiring an additional 908,336 shares during the last quarter. Penn Capital Management Company LLC purchased a new position in Extreme Networks in the fourth quarter worth $14,229,000. Finally, Vanguard Group Inc. increased its stake in Extreme Networks by 4.0% in the fourth quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock valued at $299,965,000 after acquiring an additional 690,262 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

Insiders Place Their Bets

In other news, Director Raj Khanna sold 7,973 shares of Extreme Networks stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $17.20, for a total transaction of $137,135.60. Following the completion of the transaction, the director directly owned 233,735 shares in the company, valued at approximately $4,020,242. This trade represents a 3.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the transaction, 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. In the last quarter, insiders sold 81,450 shares of company stock valued at $1,436,774. 3.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. UBS Group dropped their price target on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Lake Street Capital dropped their price target 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 reiterated a "buy" rating and issued a $20.00 price objective on shares of Extreme Networks in a report on Thursday, May 15th. Finally, Rosenblatt Securities boosted their target price on Extreme Networks from $18.00 to $20.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Two 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's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.92.

Extreme Networks Trading Up 4.6%

NASDAQ:EXTR traded up $0.80 during mid-day trading on Monday, reaching $18.07. 1,174,359 shares of the company's stock traded hands, compared to its average volume of 1,214,615. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $19.24. The company has a 50 day moving average price of $17.22 and a 200-day moving average price of $15.47. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.93 and a quick ratio of 0.70. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -44.07, a PEG ratio of 2.03 and a beta of 1.75.

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.