American Century Companies Inc. Raises 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. increased its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 1.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,871,898 shares of the technology company's stock after acquiring an additional 34,727 shares during the quarter. American Century Companies Inc. owned approximately 2.16% of Extreme Networks worth $37,995,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in EXTR. Sterling Capital Management LLC lifted its stake in Extreme Networks by 603.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock worth $32,000 after acquiring an additional 1,665 shares during the period. Orion Capital Management LLC purchased a new stake in Extreme Networks in the fourth quarter worth about $33,000. Quarry LP lifted its stake in Extreme Networks by 42.1% in the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock worth $41,000 after acquiring an additional 719 shares during the period. GAMMA Investing LLC lifted its stake in Extreme Networks by 105.6% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock worth $42,000 after acquiring an additional 1,628 shares during the period. Finally, Byrne Asset Management LLC lifted its stake in Extreme Networks by 115.6% in the first quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock worth $51,000 after acquiring an additional 2,081 shares during the period. 91.05% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the company's 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 owned 1,541,282 shares in the company, valued at approximately $26,479,224.76. This represents a 2.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Edward H. Kennedy sold 25,000 shares of the company'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 sale, the director owned 612,691 shares in the company, valued at approximately $12,259,946.91. This represents a 3.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,450 shares of company stock worth $1,937,024. Corporate insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

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

Extreme Networks Stock Performance

EXTR opened at $19.89 on Thursday. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $21.34. 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 company has a market cap of $2.65 billion, a P/E ratio of -397.80, a price-to-earnings-growth ratio of 2.10 and a beta of 1.75. The firm's 50-day moving average price is $18.13 and its 200-day moving average price is $15.75.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The technology company reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.22 by $0.03. The firm 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%.Extreme Networks's revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. As a group, equities analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

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.

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