Alliancebernstein L.P. Has $19.96 Million Stake in Extreme Networks, Inc. $EXTR

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

Other institutional investors also recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Extreme Networks by 397,835.5% during the 4th 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. Nuveen LLC acquired a new stake in shares of Extreme Networks in the first quarter valued at $14,147,000. Trigran Investments Inc. raised its holdings in shares of Extreme Networks by 30.3% in the first 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. Victory Capital Management Inc. lifted its position in Extreme Networks by 13.9% during the 1st quarter. Victory Capital Management Inc. now owns 5,012,386 shares of the technology company's stock worth $66,314,000 after buying an additional 611,462 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Extreme Networks by 55.2% during the 4th quarter. Nuveen Asset Management LLC now owns 1,253,467 shares of the technology company's stock worth $20,983,000 after acquiring an additional 445,824 shares during the last quarter. Institutional investors own 91.05% of the company's stock.

Extreme Networks Trading Up 1.0%

NASDAQ EXTR traded up $0.23 during trading on Tuesday, reaching $22.53. 1,074,531 shares of the stock traded hands, compared to its average volume of 1,291,820. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $22.89. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50. The firm has a market cap of $3.00 billion, a price-to-earnings ratio of -450.60, a price-to-earnings-growth ratio of 2.34 and a beta of 1.84. The stock's 50-day moving average price is $19.71 and its 200 day moving average price is $16.55.

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

Insiders Place Their Bets

In related news, Director Edward H. Kennedy sold 25,000 shares of the business's stock in a transaction that occurred 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 completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 value of $613,755.50. Following the sale, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $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. Insiders sold a total of 149,450 shares of company stock valued at $2,838,234 in the last three months. Insiders own 3.70% of the company's stock.

Analyst Ratings Changes

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

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.