Aurora Investment Counsel Takes Position in Extreme Networks, Inc. $EXTR

Key Points

• Aurora Investment Counsel acquired 75,864 shares of Extreme Networks during the second quarter, valued at approximately $2.46 million and representing 0.06% of the company.
• Extreme Networks reported quarterly EPS of $0.32 and revenue of $338.55 million, exceeding analyst expectations; revenue increased 10.3% year over year.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and average price target of $32.25, although insiders have sold 395,000 shares over the past three months.

Aurora Investment Counsel acquired a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 75,864 shares of the technology company's stock, valued at approximately $2,456,000. Extreme Networks accounts for about 1.3% of Aurora Investment Counsel's holdings, making the stock its 19th largest holding. Aurora Investment Counsel owned 0.06% of Extreme Networks as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada boosted its holdings in shares of Extreme Networks by 20.8% during the first quarter. Royal Bank of Canada now owns 73,610 shares of the technology company's stock worth $974,000 after purchasing an additional 12,667 shares during the last quarter. AQR Capital Management LLC boosted its stake in Extreme Networks by 6.6% in the 1st quarter. AQR Capital Management LLC now owns 34,375 shares of the technology company's stock worth $455,000 after buying an additional 2,122 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Extreme Networks by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 76,723 shares of the technology company's stock valued at $1,015,000 after buying an additional 3,349 shares during the period. Millennium Management LLC grew its holdings in Extreme Networks by 163.0% in the 1st quarter. Millennium Management LLC now owns 1,260,362 shares of the technology company's stock valued at $16,675,000 after buying an additional 781,103 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Extreme Networks by 7.5% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 319,434 shares of the technology company's stock valued at $4,226,000 after acquiring an additional 22,209 shares during the last quarter. Institutional investors and hedge funds own 91.05% of the company's stock.

Extreme Networks Stock Performance

NASDAQ:EXTR opened at $22.79 on Thursday. The firm's fifty day simple moving average is $29.48 and its 200 day simple moving average is $22.42. The company has a current ratio of 0.93, a quick ratio of 0.81 and a debt-to-equity ratio of 1.63. Extreme Networks, Inc. has a twelve month low of $13.48 and a twelve month high of $33.73. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 73.52, a PEG ratio of 1.56 and a beta of 1.79.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.03. Extreme Networks had a return on equity of 88.88% and a net margin of 3.28%.The firm had revenue of $338.55 million during the quarter, compared to the consensus estimate of $332.49 million. During the same period in the prior year, the firm earned $0.25 EPS. The firm's quarterly revenue was up 10.3% compared to the same quarter last year. Extreme Networks has set its FY 2027 guidance at 1.280-1.330 EPS and its Q1 2027 guidance at 0.270-0.290 EPS. As a group, equities research analysts expect that Extreme Networks, Inc. will post 0.75 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on EXTR. Needham & Company LLC lowered their target price on shares of Extreme Networks from $38.00 to $35.00 and set a "buy" rating for the company in a report on Wednesday, August 5th. Bank of America lifted their price target on shares of Extreme Networks from $28.00 to $33.00 and gave the company a "buy" rating in a report on Monday, June 8th. Oppenheimer reissued an "outperform" rating on shares of Extreme Networks in a research note on Thursday, August 6th. UBS Group set a $28.00 price objective on Extreme Networks in a report on Thursday, April 30th. Finally, Weiss Ratings lowered Extreme Networks from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Monday. Seven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $32.25.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 100,000 shares of Extreme Networks stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.10, for a total transaction of $2,610,000.00. Following the sale, the chief executive officer owned 1,721,902 shares of the company's stock, valued at $44,941,642.20. The trade was a 5.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Katayoun Motiey sold 30,000 shares of Extreme Networks stock in a transaction on Friday, June 12th. The stock was sold at an average price of $31.03, for a total transaction of $930,900.00. Following the sale, the insider directly owned 120,834 shares in the company, valued at $3,749,479.02. This trade represents a 19.89% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 395,000 shares of company stock valued at $11,229,950. Corporate insiders own 3.60% of the company's stock.

Extreme Networks Profile

Extreme Networks, Inc NASDAQ: EXTR is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company's product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme's Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.

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