Extreme Networks, Inc. $EXTR Shares Purchased by AlphaQuest LLC

Key Points

• AlphaQuest LLC significantly increased its stake in Extreme Networks, raising its holdings by 76,462% during the second quarter, now owning approximately 108,718 shares valued at $1.95 million.
• Extreme Networks reported Q2 earnings of $0.25 EPS, beating analyst expectations of $0.22, and generated $307 million in revenue, a 19.6% increase from the same quarter last year.
• Analysts have adjusted their price targets for Extreme Networks, with upgrades from several firms, setting new price targets ranging from $21.00 to $25.00.

AlphaQuest LLC increased its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 76,462.0% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,718 shares of the technology company's stock after acquiring an additional 108,576 shares during the period. AlphaQuest LLC owned about 0.08% of Extreme Networks worth $1,951,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its stake in Extreme Networks by 3.0% during the 1st quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company's stock worth $8,755,000 after acquiring an additional 19,248 shares in the last quarter. Edgestream Partners L.P. raised its position in Extreme Networks by 76.9% in the 1st quarter. Edgestream Partners L.P. now owns 327,356 shares of the technology company's stock valued at $4,331,000 after purchasing an additional 142,332 shares in the last quarter. GAMMA Investing LLC raised its position in Extreme Networks by 105.6% in the 1st 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 in the last quarter. Impax Asset Management Group plc raised its position in Extreme Networks by 41.5% in the 1st quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company's stock valued at $12,637,000 after purchasing an additional 280,000 shares in the last quarter. Finally, XTX Topco Ltd raised its position in Extreme Networks by 69.8% in the 1st quarter. XTX Topco Ltd now owns 53,464 shares of the technology company's stock valued at $707,000 after purchasing an additional 21,981 shares in the last quarter. Institutional investors and hedge funds own 91.05% of the company's stock.

Extreme Networks Trading Up 0.1%

EXTR opened at $21.16 on Friday. The business's 50-day simple moving average is $21.08 and its 200-day simple moving average is $17.78. The company has a market cap of $2.83 billion, a P/E ratio of -423.00, a PEG ratio of 2.15 and a beta of 1.81. 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 one year low of $10.10 and a one year high of $22.89.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released 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. The firm had revenue of $307.00 million for the quarter, compared to the consensus estimate of $299.88 million. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%.The firm's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the business posted ($0.08) EPS. As a group, equities research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

EXTR has been the topic of a number of analyst reports. Lake Street Capital raised Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a research report on Thursday, August 7th. Rosenblatt Securities increased their price target on Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. 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 research report on Thursday, August 7th. UBS Group increased their price target on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Extreme Networks in a report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $22.92.

Insider Buying and Selling

In other Extreme Networks news, Director Raj Khanna sold 15,000 shares of Extreme Networks stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $19.91, for a total value of $298,650.00. Following the transaction, the director directly owned 216,708 shares in the company, valued at approximately $4,314,656.28. This trade represents a 6.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $17.18, for a total value of $613,755.50. Following the completion of the transaction, the chief executive officer owned 1,541,282 shares in the company, valued at $26,479,224.76. This trade represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 103,725 shares of company stock valued at $2,015,216. Company insiders own 3.60% of the company's stock.

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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