Mirador Capital Partners LP Boosts Position in Extreme Networks, Inc. $EXTR

Key Points

• Mirador Capital Partners LP has increased its stake in Extreme Networks by 6.7%, now holding 405,202 shares, which represents about 1.2% of its total holdings.
• Investment analysts have been bullish, with several firms raising their price targets, including UBS, which increased its target from $15.00 to $21.00, and Rosenblatt, which raised it from $20.00 to $25.00.
• Extreme Networks reported a quarterly revenue of $307 million, surpassing analyst estimates and indicating a 19.6% year-over-year increase in revenue.

Mirador Capital Partners LP grew its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 6.7% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 405,202 shares of the technology company's stock after purchasing an additional 25,307 shares during the quarter. Extreme Networks makes up approximately 1.2% of Mirador Capital Partners LP's investment portfolio, making the stock its 20th largest position. Mirador Capital Partners LP owned approximately 0.30% of Extreme Networks worth $7,273,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Vestcor Inc boosted its stake in shares of Extreme Networks by 4.6% during the first quarter. Vestcor Inc now owns 22,462 shares of the technology company's stock valued at $297,000 after purchasing an additional 988 shares during the period. GAMMA Investing LLC boosted its stake in shares of Extreme Networks by 105.6% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after purchasing an additional 1,628 shares during the period. Orion Capital Management LLC purchased a new stake in shares of Extreme Networks during the fourth quarter valued at $33,000. Byrne Asset Management LLC boosted its stake in shares of Extreme Networks by 115.6% during the first quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after purchasing an additional 2,081 shares during the period. Finally, AQR Capital Management LLC boosted its stake in shares of Extreme Networks by 6.6% during the first quarter. AQR Capital Management LLC now owns 34,375 shares of the technology company's stock valued at $455,000 after purchasing an additional 2,122 shares during the period. 91.05% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $17.18, for a total value of $613,755.50. Following the sale, the chief executive officer owned 1,541,282 shares in the company, valued at approximately $26,479,224.76. This represents a 2.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Edward H. Kennedy sold 25,000 shares of the company's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $20.01, for a total value of $500,250.00. Following the completion of the sale, the director owned 612,691 shares in the company, valued at approximately $12,259,946.91. This represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 149,450 shares of company stock worth $2,838,234 in the last ninety days. Corporate insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

EXTR has been the subject of a number of recent analyst reports. Needham & Company LLC boosted their target price on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. UBS Group lifted their price objective on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" 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 objective for the company in a report on Thursday, August 7th. Finally, Rosenblatt Securities lifted their price objective on Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $22.92.

Extreme Networks Stock Down 1.7%

Extreme Networks stock traded down $0.38 during trading hours on Friday, reaching $22.30. The stock had a trading volume of 2,338,778 shares, compared to its average volume of 1,293,152. The company has a market cap of $2.97 billion, a price-to-earnings ratio of -446.00, a PEG ratio of 2.38 and a beta of 1.84. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.74. The business's 50 day moving average price is $19.99 and its 200-day moving average price is $16.70. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $22.89.

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 (EPS) for the quarter, beating 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 firm 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 posted ($0.08) earnings per share. The company's revenue for the quarter was up 19.6% compared to the same quarter last year. Sell-side analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current year.

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.