Algert Global LLC Grows Stake in Extreme Networks, Inc. $EXTR

Key Points

• Algert Global LLC increased its stake in Extreme Networks, Inc. by 53.4%, acquiring an additional 98,015 shares to own a total of 281,458 shares worth approximately $3.72 million.
• Analysts have raised price targets for Extreme Networks, with reports indicating a target price of $24.00 from Needham & Company and Lake Street Capital, contributing to a consensus target of $22.92.
• Insider selling activity included the sale of 35,725 shares by CEO Edward Meyercord, representing a 2.27% decrease in ownership, amidst a total of 106,450 shares sold by insiders in the last quarter.

Algert Global LLC raised its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 53.4% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 281,458 shares of the technology company's stock after purchasing an additional 98,015 shares during the period. Algert Global LLC owned 0.21% of Extreme Networks worth $3,724,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. LPL Financial LLC raised its position in shares of Extreme Networks by 24.1% during the fourth quarter. LPL Financial LLC now owns 34,016 shares of the technology company's stock worth $569,000 after acquiring an additional 6,601 shares during the last quarter. Wells Fargo & Company MN raised its position in shares of Extreme Networks by 32.1% during the fourth quarter. Wells Fargo & Company MN now owns 86,521 shares of the technology company's stock worth $1,448,000 after acquiring an additional 21,047 shares during the last quarter. Envestnet Asset Management Inc. raised its position in shares of Extreme Networks by 27.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock worth $361,000 after acquiring an additional 4,610 shares during the last quarter. Bank of Montreal Can raised its position in shares of Extreme Networks by 8.4% during the fourth quarter. Bank of Montreal Can now owns 18,071 shares of the technology company's stock worth $303,000 after acquiring an additional 1,393 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Extreme Networks during the fourth quarter worth about $8,291,000. 91.05% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Raj Khanna sold 15,000 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $19.91, for a total transaction of $298,650.00. Following the transaction, the director directly owned 216,708 shares in the company, valued at approximately $4,314,656.28. The trade was a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction dated Friday, August 1st. The stock was 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 in the company, valued at approximately $26,479,224.76. This trade represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 121,450 shares of company stock worth $2,235,674. 3.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

EXTR has been the subject of a number of analyst reports. Lake Street Capital upgraded Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective for the company in a research report on Thursday, August 7th. UBS Group raised their price objective on Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Rosenblatt Securities boosted their price objective on Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, Needham & Company LLC increased their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.92.

Extreme Networks Stock Up 3.6%

Shares of NASDAQ EXTR traded up $0.71 during mid-day trading on Friday, reaching $20.67. 1,022,791 shares of the company's stock traded hands, compared to its average volume of 1,353,626. The stock has a market cap of $2.75 billion, a P/E ratio of -413.40, a PEG ratio of 2.09 and a beta of 1.75. The business has a 50-day simple moving average of $18.28 and a 200 day simple moving average of $15.82. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $21.34. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.74.

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

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.