Castleark Management LLC Invests $2.49 Million in Extreme Networks, Inc. $EXTR

Key Points

• Castleark Management acquired 77,040 shares of Extreme Networks worth approximately $2.49 million, while institutional investors collectively own 91.05% of the company.
• Extreme Networks exceeded quarterly expectations with adjusted EPS of $0.32 versus the $0.29 consensus and revenue of $338.55 million, up 10.3% year over year.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $32.25, although insiders sold 301,825 shares worth about $8.71 million over the past 90 days.

Castleark Management LLC bought a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 77,040 shares of the technology company's stock, valued at approximately $2,494,000. Castleark Management LLC owned approximately 0.06% of Extreme Networks at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. First Bank & Trust lifted its stake in shares of Extreme Networks by 2.4% in the 2nd quarter. First Bank & Trust now owns 13,191 shares of the technology company's stock valued at $427,000 after purchasing an additional 306 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Extreme Networks by 13.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,001 shares of the technology company's stock valued at $130,000 after purchasing an additional 465 shares during the last quarter. Envestnet Asset Management Inc. raised its holdings in Extreme Networks by 3.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 22,783 shares of the technology company's stock valued at $470,000 after buying an additional 683 shares during the period. ProShare Advisors LLC raised its holdings in Extreme Networks by 3.0% during the 4th quarter. ProShare Advisors LLC now owns 25,609 shares of the technology company's stock valued at $426,000 after buying an additional 735 shares during the period. Finally, PNC Financial Services Group Inc. lifted its position in Extreme Networks by 7.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,001 shares of the technology company's stock worth $166,000 after buying an additional 735 shares during the last quarter. Institutional investors own 91.05% of the company's stock.

Extreme Networks Stock Up 0.9%

Shares of NASDAQ EXTR opened at $22.84 on Thursday. The stock's fifty day simple moving average is $28.62 and its two-hundred day simple moving average is $22.70. Extreme Networks, Inc. has a 12-month low of $13.48 and a 12-month high of $33.73. The company has a current ratio of 0.93, a quick ratio of 0.81 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $2.98 billion, a PE ratio of 73.68, a price-to-earnings-growth ratio of 1.49 and a beta of 1.79.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its earnings results on Wednesday, August 5th. The technology company reported $0.32 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.03. Extreme Networks had a net margin of 3.28% and a return on equity of 88.88%. The business had revenue of $338.55 million during the quarter, compared to the consensus estimate of $332.49 million. During the same period in the previous year, the company posted $0.25 earnings per share. The firm's revenue was up 10.3% on a year-over-year basis. 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, analysts expect that Extreme Networks, Inc. will post 0.75 EPS for the current fiscal year.

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 100,000 shares of the firm's stock in a transaction on Tuesday, June 2nd. The shares were sold at an average price of $29.20, for a total value of $2,920,000.00. Following the completion of the transaction, the chief executive officer owned 1,621,902 shares of the company's stock, valued at approximately $47,359,538.40. This trade represents a 5.81% decrease in their ownership of the stock. 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 the firm's stock in a transaction on Friday, June 12th. The stock was sold at an average price of $31.03, for a total value of $930,900.00. Following the completion of the transaction, the insider owned 120,834 shares of the company's stock, valued at $3,749,479.02. This trade represents a 19.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 301,825 shares of company stock valued at $8,709,148 in the last ninety days. Corporate insiders own 3.60% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. Craig Hallum restated a "buy" rating and set a $31.00 target price on shares of Extreme Networks in a research report on Thursday, August 6th. Weiss Ratings lowered Extreme Networks from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Monday, August 17th. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. B. Riley Financial upped their price objective on Extreme Networks from $28.00 to $34.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Finally, Needham & Company LLC reduced their target price on Extreme Networks from $38.00 to $35.00 and set a "buy" rating on the stock in a research note on Wednesday, August 5th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.25.

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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