Extreme Networks, Inc. $EXTR Stake Lifted by Circumference Group LLC

Key Points

• Circumference Group LLC increased its stake in Extreme Networks by 29.5%, owning 395,000 shares valued at approximately $5.23 million, making it the firm's 4th largest holding.
• Insider sales included CEO Edward Meyercord selling 35,725 shares, reducing his ownership by 2.27%, while CFO Kevin R. Rhodes sold 14,000 shares, resulting in a 9.99% ownership decrease.
• Several analysts raised their price targets for Extreme Networks, resulting in a consensus rating of "Moderate Buy" with an average target price of $22.92.

Circumference Group LLC boosted its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 29.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 395,000 shares of the technology company's stock after acquiring an additional 90,000 shares during the period. Extreme Networks accounts for approximately 6.4% of Circumference Group LLC's investment portfolio, making the stock its 4th biggest position. Circumference Group LLC owned about 0.30% of Extreme Networks worth $5,226,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Orion Capital Management LLC purchased a new stake in Extreme Networks during the 4th quarter valued at about $33,000. GAMMA Investing LLC grew its stake in Extreme Networks by 105.6% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after acquiring an additional 1,628 shares in the last quarter. Byrne Asset Management LLC grew its stake in Extreme Networks by 115.6% during the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after acquiring an additional 2,081 shares in the last quarter. Avior Wealth Management LLC grew its stake in Extreme Networks by 48.9% during the 1st quarter. Avior Wealth Management LLC now owns 13,998 shares of the technology company's stock valued at $185,000 after acquiring an additional 4,594 shares in the last quarter. Finally, State of Wyoming grew its stake in Extreme Networks by 49.1% during the 1st quarter. State of Wyoming now owns 15,596 shares of the technology company's stock valued at $206,000 after acquiring an additional 5,138 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

Insider Buying and Selling at Extreme Networks

In other Extreme Networks news, CFO Kevin R. Rhodes sold 14,000 shares of the firm's stock in a transaction on Thursday, August 28th. The shares were sold at an average price of $21.52, for a total transaction of $301,280.00. Following the transaction, the chief financial officer directly owned 126,202 shares of the company's stock, valued at approximately $2,715,867.04. This trade represents a 9.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $17.18, for a total transaction of $613,755.50. Following the transaction, the chief executive officer directly owned 1,541,282 shares in the company, valued at $26,479,224.76. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 149,450 shares of company stock valued at $2,838,234. Company insiders own 3.70% of the company's stock.

Extreme Networks Stock Up 0.4%

Shares of NASDAQ EXTR traded up $0.10 during mid-day trading on Tuesday, reaching $21.76. The company had a trading volume of 364,371 shares, compared to its average volume of 1,261,458. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50. The firm has a 50 day simple moving average of $19.24 and a two-hundred day simple moving average of $16.26. The stock has a market cap of $2.90 billion, a P/E ratio of -434.50, a PEG ratio of 2.27 and a beta of 1.84. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $22.63.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted 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 the consensus estimate of $299.88 million. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The company's revenue was up 19.6% on a year-over-year basis. During the same period last year, the firm posted ($0.08) EPS. Sell-side analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. 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. UBS Group increased their price objective on shares of Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Needham & Company LLC increased their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Rosenblatt Securities increased 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. Finally, Lake Street Capital upgraded shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective on the stock in a report on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $22.92.

Extreme Networks 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.