CenterBook Partners LP Makes New Investment in Extreme Networks, Inc. (NASDAQ:EXTR)

CenterBook Partners LP bought a new stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 59,056 shares of the technology company's stock, valued at approximately $781,000.

A number of other large investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in shares of Extreme Networks by 27.2% during the fourth 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 during the period. Principal Financial Group Inc. increased its position in Extreme Networks by 3.0% during the first quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company's stock worth $8,755,000 after buying an additional 19,248 shares in the last quarter. GAMMA Investing LLC increased its position in Extreme Networks by 2,619.8% during the first quarter. GAMMA Investing LLC now owns 41,939 shares of the technology company's stock worth $555,000 after buying an additional 40,397 shares in the last quarter. Edgestream Partners L.P. grew its position in shares of Extreme Networks by 76.9% in the first quarter. Edgestream Partners L.P. now owns 327,356 shares of the technology company's stock valued at $4,331,000 after purchasing an additional 142,332 shares during the period. Finally, Impax Asset Management Group plc grew its position in shares of Extreme Networks by 41.5% in the first quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company's stock valued at $12,637,000 after purchasing an additional 280,000 shares during the period. 91.05% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on EXTR. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Needham & Company LLC reissued a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a research report on Thursday, May 15th. Lake Street Capital lowered their price target on Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. UBS Group lowered their price target on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Finally, Rosenblatt Securities boosted their price objective on Extreme Networks from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $18.92.

Insider Activity at Extreme Networks

In other news, Director Raj Khanna sold 2,027 shares of Extreme Networks stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $17.43, for a total transaction of $35,330.61. Following the transaction, the director directly owned 231,708 shares in the company, valued at approximately $4,038,670.44. This trade represents a 0.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $18.21, for a total value of $650,552.25. Following the sale, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $28,066,745.22. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 81,450 shares of company stock worth $1,313,523 in the last 90 days. 3.70% of the stock is currently owned by insiders.

Extreme Networks Stock Up 0.8%

EXTR traded up $0.14 during trading hours on Monday, reaching $17.66. 151,699 shares of the stock traded hands, compared to its average volume of 1,205,305. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.93 and a quick ratio of 0.70. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $19.24. The firm's fifty day simple moving average is $16.87 and its two-hundred day simple moving average is $15.41. The company has a market cap of $2.35 billion, a price-to-earnings ratio of -42.97, a PEG ratio of 2.06 and a beta of 1.73.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. Extreme Networks had a positive return on equity of 13.79% and a negative net margin of 4.94%. The business had revenue of $284.51 million for the quarter, compared to analysts' expectations of $280.32 million. During the same quarter in the previous year, the firm posted ($0.19) earnings per share. The company's revenue was up 34.8% compared to the same quarter last year. As a group, analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share 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.