Alyeska Investment Group L.P. Raises Stock Position in Extreme Networks, Inc. $EXTR

Key Points

• Alyeska Investment Group L.P. increased its stake in Extreme Networks, Inc. by 16.5%, owning approximately 1.78% of the company, worth around $31.37 million as of its latest SEC filing.
• Extreme Networks recently received upgrades from various analysts, with target prices set as high as $25.00, indicating a positive outlook for the stock.
• In recent insider transactions, CFO Kevin R. Rhodes and CEO Edward Meyercord sold a total of 49,725 shares of the company, reflecting a combined decrease in their ownership of the stock.

Alyeska Investment Group L.P. grew its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 16.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,371,596 shares of the technology company's stock after purchasing an additional 336,211 shares during the period. Alyeska Investment Group L.P. owned about 1.78% of Extreme Networks worth $31,376,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Vestcor Inc increased its stake in Extreme Networks by 4.6% during the first quarter. Vestcor Inc now owns 22,462 shares of the technology company's stock worth $297,000 after purchasing an additional 988 shares during the period. Cresset Asset Management LLC increased its stake in Extreme Networks by 1.2% during the fourth quarter. Cresset Asset Management LLC now owns 131,617 shares of the technology company's stock worth $2,203,000 after purchasing an additional 1,522 shares during the period. GAMMA Investing LLC increased its stake in shares of Extreme Networks by 105.6% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock worth $42,000 after buying an additional 1,628 shares during the period. Orion Capital Management LLC purchased a new stake in shares of Extreme Networks during the fourth quarter worth approximately $33,000. Finally, Byrne Asset Management LLC increased its stake in shares of Extreme Networks by 115.6% during the first quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock worth $51,000 after buying an additional 2,081 shares during the period. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on EXTR shares. 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 note on Thursday, August 7th. UBS Group upped their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Rosenblatt Securities upped their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Needham & Company LLC upped their target price on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $22.92.

Insider Transactions at Extreme Networks

In other news, CFO Kevin R. Rhodes sold 14,000 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $21.52, for a total value of $301,280.00. Following the completion of the sale, the chief financial officer directly owned 126,202 shares of the company's stock, valued at approximately $2,715,867.04. This represents a 9.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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 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 directly 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. Insiders sold a total of 149,450 shares of company stock valued at $2,838,234 over the last ninety days. 3.70% of the stock is owned by insiders.

Extreme Networks Stock Performance

Shares of Extreme Networks stock opened at $21.73 on Thursday. The firm has a market capitalization of $2.89 billion, a P/E ratio of -434.60, a P/E/G ratio of 2.24 and a beta of 1.84. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $22.10. 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's 50 day moving average is $19.00 and its two-hundred day moving average is $16.13.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.22 by $0.03. The company had revenue of $307.00 million for 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%. The firm's revenue was up 19.6% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.08) earnings per share. Research analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks Company 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.

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