Focus Partners Wealth Buys 65,535 Shares of Extreme Networks, Inc. $EXTR

Key Points

• Focus Partners Wealth increased its stake in Extreme Networks by 25.3%, acquiring a total of 324,736 shares, valued at approximately $4.3 million.
• Analysts have mostly rated Extreme Networks positively, with five analysts giving it a "buy" rating and an average price target of $22.92.
• CEO Edward Meyercord sold 35,725 shares of the company at an average price of $17.18, resulting in a 2.27% decrease in his ownership position.

Focus Partners Wealth raised its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 25.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 324,736 shares of the technology company's stock after acquiring an additional 65,535 shares during the period. Focus Partners Wealth owned approximately 0.24% of Extreme Networks worth $4,296,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. Orion Capital Management LLC purchased a new stake in Extreme Networks during the 4th quarter valued at $33,000. GAMMA Investing LLC raised its holdings 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 buying an additional 1,628 shares during the period. Byrne Asset Management LLC raised its holdings 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 buying an additional 2,081 shares during the period. Petrus Trust Company LTA purchased a new stake in Extreme Networks during the 1st quarter valued at $158,000. Finally, Avior Wealth Management LLC raised its holdings 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 buying an additional 4,594 shares during the period. 91.05% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Extreme Networks

In related news, CFO Kevin R. Rhodes sold 14,000 shares of the firm's 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 owned 126,202 shares of the company's stock, valued at $2,715,867.04. This trade represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $17.18, for a total value of $613,755.50. Following the sale, the chief executive officer directly owned 1,541,282 shares in the company, valued at approximately $26,479,224.76. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 149,450 shares of company stock worth $2,838,234 over the last quarter. 3.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Needham & Company LLC increased their price target on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Lake Street Capital upgraded Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a report on Thursday, August 7th. Rosenblatt Securities increased their target price on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, UBS Group increased their target price on Extreme Networks from $15.00 to $21.00 and gave the stock 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.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $22.92.

Extreme Networks Stock Down 1.7%

Shares of EXTR traded down $0.38 during midday trading on Friday, reaching $22.30. 2,338,778 shares of the stock were exchanged, compared to its average volume of 1,293,152. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $22.89. 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 company's 50 day moving average is $19.99 and its two-hundred day moving average is $16.70. The company has a market capitalization of $2.97 billion, a P/E ratio of -446.00, a PEG ratio of 2.38 and a beta of 1.84.

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

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.