Counterpoint Mutual Funds LLC Invests $783,000 in Extreme Networks, Inc. $EXTR

Key Points

• Counterpoint Mutual Funds LLC invested $783,000 in Extreme Networks, acquiring 43,604 shares of the company during the second quarter.
• Extreme Networks recently reported a 19.6% increase in quarterly revenue year-over-year, with earnings per share of $0.25 exceeding analyst estimates.
• Several institutional investors, including Vanguard Group and Victory Capital Management, have increased their holdings, reflecting a strong interest in Extreme Networks, which is currently 91.05% owned by institutional investors.

Counterpoint Mutual Funds LLC bought a new position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 43,604 shares of the technology company's stock, valued at approximately $783,000.

Several other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in shares of Extreme Networks by 2.3% in the first quarter. Vanguard Group Inc. now owns 18,325,419 shares of the technology company's stock worth $242,445,000 after acquiring an additional 406,350 shares in the last quarter. Paradigm Capital Management Inc. NY grew its position in Extreme Networks by 0.7% in the first quarter. Paradigm Capital Management Inc. NY now owns 5,225,200 shares of the technology company's stock worth $69,129,000 after acquiring an additional 35,400 shares in the last quarter. Victory Capital Management Inc. grew its position in Extreme Networks by 13.9% in the first quarter. Victory Capital Management Inc. now owns 5,012,386 shares of the technology company's stock worth $66,314,000 after acquiring an additional 611,462 shares in the last quarter. Trigran Investments Inc. grew its position in Extreme Networks by 30.3% in the first quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company's stock worth $41,098,000 after acquiring an additional 722,121 shares in the last quarter. Finally, American Century Companies Inc. grew its position in Extreme Networks by 1.2% in the first quarter. American Century Companies Inc. now owns 2,871,898 shares of the technology company's stock worth $37,995,000 after acquiring an additional 34,727 shares in the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the sale, the chief executive officer owned 1,541,282 shares of the company's stock, valued at $26,479,224.76. This represents a 2.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin R. Rhodes sold 14,000 shares of the stock in a transaction dated Thursday, August 28th. The stock was sold at an average price of $21.52, for a total transaction of $301,280.00. Following the sale, the chief financial officer directly owned 126,202 shares in the company, valued at approximately $2,715,867.04. This represents a 9.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 139,450 shares of company stock worth $2,665,768 in the last quarter. Insiders own 3.70% of the company's stock.

Extreme Networks Stock Down 0.4%

EXTR opened at $22.22 on Tuesday. The firm's 50-day simple moving average is $20.09 and its 200-day simple moving average is $16.77. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.74 and a current ratio of 0.91. Extreme Networks, Inc. has a twelve month low of $10.10 and a twelve month high of $22.89. The firm has a market cap of $2.96 billion, a price-to-earnings ratio of -444.40, a PEG ratio of 2.34 and a beta of 1.84.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.03. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The business had revenue of $307.00 million for the quarter, compared to analyst estimates of $299.88 million. During the same quarter in the prior year, the firm earned ($0.08) EPS. The firm's quarterly revenue was up 19.6% compared to the same quarter last year. Equities research analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Analyst Ratings Changes

EXTR has been the subject of several recent research reports. 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 research report on Thursday, August 7th. Rosenblatt Securities boosted their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note 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 price objective for the company in a research note on Thursday, August 7th. Finally, UBS Group upped their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Five equities research 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 stock presently has an average rating of "Moderate Buy" and an average price target of $22.92.

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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