American Century Companies Inc. Boosts Stake in Extreme Networks, Inc. $EXTR

Key Points

• American Century Companies Inc. increased its stake in Extreme Networks, Inc. by 1.2%, now owning approximately 2.16% of the company worth nearly $38 million.
• Equities analysts have raised their price targets for Extreme Networks, with estimates ranging from $21.00 to $25.00, reflecting a positive outlook on the company's growth.
• Insider sales from CEO Edward Meyercord and Director Edward H. Kennedy resulted in a decrease of their holdings, with cumulative sales exceeding $2 million over 90 days.

American Century Companies Inc. lifted its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 1.2% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,871,898 shares of the technology company's stock after acquiring an additional 34,727 shares during the period. American Century Companies Inc. owned 2.16% of Extreme Networks worth $37,995,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. raised its position in shares of Extreme Networks by 27.2% during the 4th 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 in the last quarter. Principal Financial Group Inc. raised its position in shares of Extreme Networks by 3.0% during the 1st quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company's stock worth $8,755,000 after acquiring an additional 19,248 shares in the last quarter. GAMMA Investing LLC raised its position in shares of Extreme Networks by 2,619.8% during the 1st 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. raised its position in shares of Extreme Networks by 76.9% during the 1st 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. Finally, Impax Asset Management Group plc raised its position in shares of Extreme Networks by 41.5% during the 1st 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. Institutional investors and hedge funds own 91.05% of the company's stock.

Extreme Networks Stock Performance

Shares of NASDAQ:EXTR traded up $0.48 during trading on Tuesday, reaching $21.17. The company had a trading volume of 2,668,155 shares, compared to its average volume of 1,364,398. The firm has a market capitalization of $2.82 billion, a price-to-earnings ratio of -423.40, 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. The stock's fifty day moving average price is $18.45 and its 200 day moving average price is $15.89. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $21.34.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its earnings results 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 business had revenue of $307.00 million for the quarter, compared to analyst estimates of $299.88 million. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%.The company'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 company posted ($0.08) earnings per share. As a group, equities research analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Insider Activity at Extreme Networks

In related news, Director Raj Khanna sold 15,000 shares of Extreme Networks stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $19.91, for a total value of $298,650.00. Following the sale, the director directly owned 216,708 shares in the company, valued at $4,314,656.28. The trade was a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Edward H. Kennedy sold 25,000 shares of Extreme Networks stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $20.01, for a total value of $500,250.00. Following the completion of the sale, the director owned 612,691 shares in the company, valued at approximately $12,259,946.91. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 121,450 shares of company stock worth $2,235,674 over the last three months. 3.70% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

EXTR has been the topic of several research analyst reports. Lake Street Capital raised 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. Needham & Company LLC lifted their price target on Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Rosenblatt Securities lifted their price target on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Finally, UBS Group lifted their price target on Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $22.92.

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.