Paradigm Capital Management Inc. NY Buys 35,400 Shares of Extreme Networks, Inc. $EXTR

Key Points

• Paradigm Capital Management Inc. has increased its holdings in Extreme Networks, Inc. by 0.7% in Q1, making it the 8th largest position in their portfolio with a value of approximately $69 million.
• Extreme Networks reported earnings of $0.25 per share, surpassing estimates, with a revenue increase of 19.6% year-over-year, amounting to $307 million for the quarter.
• Several research firms have raised their price targets for Extreme Networks, with the average consensus price target set at $22.92, reflecting a generally positive sentiment towards the stock.

Paradigm Capital Management Inc. NY lifted its position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 0.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,225,200 shares of the technology company's stock after buying an additional 35,400 shares during the period. Extreme Networks makes up about 3.8% of Paradigm Capital Management Inc. NY's portfolio, making the stock its 8th largest position. Paradigm Capital Management Inc. NY owned approximately 3.92% of Extreme Networks worth $69,129,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in shares of Extreme Networks by 27.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock worth $361,000 after buying an additional 4,610 shares during the last quarter. Principal Financial Group Inc. grew its position in shares of Extreme Networks by 3.0% in the 1st 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 during the last quarter. GAMMA Investing LLC grew its position in shares of Extreme Networks by 2,619.8% in the 1st 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 during the last quarter. Edgestream Partners L.P. grew its position in Extreme Networks by 76.9% during the 1st quarter. Edgestream Partners L.P. now owns 327,356 shares of the technology company's stock worth $4,331,000 after purchasing an additional 142,332 shares during the last quarter. Finally, Impax Asset Management Group plc grew its position in Extreme Networks by 41.5% during the 1st quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company's stock worth $12,637,000 after purchasing an additional 280,000 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

Extreme Networks Price Performance

NASDAQ:EXTR traded up $0.16 during trading hours on Wednesday, reaching $21.73. 1,172,549 shares of the company were exchanged, compared to its average volume of 1,500,681. 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 stock's 50-day moving average is $19.00 and its 200-day moving average is $16.13. The firm has a market cap of $2.89 billion, a PE ratio of -434.60, a price-to-earnings-growth ratio of 2.24 and a beta of 1.84. Extreme Networks, Inc. has a twelve month low of $10.10 and a twelve month high of $22.10.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $307.00 million during the quarter, compared to analysts' expectations of $299.88 million. During the same period in the prior year, the business posted ($0.08) earnings per share. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. On average, sell-side analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Extreme Networks

In related news, CFO Kevin R. Rhodes sold 14,000 shares of the company's stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $21.52, for a total value of $301,280.00. Following the completion of the sale, the chief financial officer owned 126,202 shares of the company's stock, valued at approximately $2,715,867.04. This represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Edward Meyercord sold 35,725 shares of the company's 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 completion of the sale, the chief executive officer directly 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 disclosure for this sale can be found here. Insiders sold 149,450 shares of company stock worth $2,838,234 over the last three months. 3.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have weighed in on EXTR shares. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Rosenblatt Securities upped their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Lake Street Capital raised 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. Needham & Company LLC upped their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, UBS Group upped their price objective on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price 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.