Extreme Networks, Inc. $EXTR Shares Sold by Alliancebernstein L.P.

Key Points

• Alliancebernstein L.P. has reduced its stake in Extreme Networks, Inc. by 22.6%, owning 1,508,677 shares valued at approximately $19.96 million after selling 441,486 shares in the first quarter.
• Several hedge funds have significantly increased their positions in Extreme Networks, with Barrow Hanley Mewhinney & Strauss LLC raising its stake by an astonishing 397,835.5% during the fourth quarter, totaling 2,276,191 shares valued at $38.1 million.
• The stock price of Extreme Networks has seen a recent increase of 1.3%, with shares trading at $22.36, having a 52-week high of $22.63 and a market capitalization of $2.98 billion.

Alliancebernstein L.P. trimmed its position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 22.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,508,677 shares of the technology company's stock after selling 441,486 shares during the quarter. Alliancebernstein L.P. owned about 1.13% of Extreme Networks worth $19,960,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Principal Financial Group Inc. increased its holdings in shares of Extreme Networks by 3.0% in the first quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company's stock worth $8,755,000 after purchasing an additional 19,248 shares during the last quarter. GAMMA Investing LLC grew its position in Extreme Networks by 2,619.8% in the first quarter. GAMMA Investing LLC now owns 41,939 shares of the technology company's stock worth $555,000 after acquiring an additional 40,397 shares in the last quarter. Edgestream Partners L.P. grew its position in Extreme Networks by 76.9% in the first quarter. Edgestream Partners L.P. now owns 327,356 shares of the technology company's stock worth $4,331,000 after acquiring an additional 142,332 shares in the last quarter. Impax Asset Management Group plc grew its position in Extreme Networks by 41.5% in the first quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company's stock worth $12,637,000 after acquiring an additional 280,000 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Extreme Networks by 24.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 297,225 shares of the technology company's stock worth $4,976,000 after acquiring an additional 57,810 shares in the last quarter. 91.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Extreme Networks Stock Down 2.3%

NASDAQ:EXTR traded down $0.53 during trading hours on Friday, reaching $22.32. The company's stock had a trading volume of 1,247,000 shares, compared to its average volume of 1,276,670. The company has a market capitalization of $2.97 billion, a P/E ratio of -446.40, a price-to-earnings-growth ratio of 2.40 and a beta of 1.84. Extreme Networks, Inc. has a 12 month low of $10.10 and a 12 month high of $22.89. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.74 and a current ratio of 0.91. The stock has a 50 day moving average price of $19.55 and a two-hundred day moving average price of $16.45.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 EPS for the quarter, topping analysts' consensus estimates of $0.22 by $0.03. The company had revenue of $307.00 million during 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. Equities analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $26,479,224.76. This represents a 2.27% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 value of $500,250.00. Following the transaction, the director directly owned 612,691 shares in the company, valued at approximately $12,259,946.91. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 149,450 shares of company stock worth $2,838,234. 3.70% of the stock is currently owned by corporate insiders.

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.