Algert Global LLC Acquires 98,015 Shares of 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 boosted its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 53.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 281,458 shares of the technology company's stock after buying an additional 98,015 shares during the quarter. Algert Global LLC owned approximately 0.21% of Extreme Networks worth $3,724,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Trigran Investments Inc. raised its holdings in Extreme Networks by 30.3% in the 1st quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company's stock valued at $41,098,000 after buying an additional 722,121 shares during the last quarter. American Century Companies Inc. raised its holdings in Extreme Networks by 1.2% in the 1st quarter. American Century Companies Inc. now owns 2,871,898 shares of the technology company's stock valued at $37,995,000 after buying an additional 34,727 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Extreme Networks by 34.5% in the 1st quarter. Russell Investments Group Ltd. now owns 283,600 shares of the technology company's stock valued at $3,752,000 after buying an additional 72,748 shares during the last quarter. Public Sector Pension Investment Board raised its holdings in Extreme Networks by 14.0% in the 1st quarter. Public Sector Pension Investment Board now owns 747,018 shares of the technology company's stock valued at $9,883,000 after buying an additional 91,764 shares during the last quarter. Finally, Nuveen LLC bought a new position in Extreme Networks in the 1st quarter valued at approximately $14,147,000. Institutional investors own 91.05% of the company's stock.

Analysts Set New Price Targets

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

Extreme Networks Trading Up 0.1%

Shares of NASDAQ:EXTR traded up $0.02 during mid-day trading on Monday, hitting $20.69. The company had a trading volume of 932,760 shares, compared to its average volume of 1,368,099. The firm has a fifty day moving average price of $18.36 and a 200 day moving average price of $15.86. The company has a market capitalization of $2.76 billion, a PE ratio of -413.80, a price-to-earnings-growth ratio of 2.17 and a beta of 1.75. 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, Inc. has a one year low of $10.10 and a one year high of $21.34.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.03. The company had revenue of $307.00 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) EPS. As a group, research analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction on Friday, August 1st. The shares were 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 in the company, valued at $26,479,224.76. The trade was a 2.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward H. Kennedy sold 25,000 shares of Extreme Networks stock in a transaction on Monday, August 11th. The shares were sold at an average price of $20.01, for a total transaction of $500,250.00. Following the completion of the sale, the director owned 612,691 shares of the company's stock, valued at $12,259,946.91. This represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Insiders sold 121,450 shares of company stock worth $2,235,674 in the last quarter. 3.70% of the stock is owned by corporate insiders.

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.