Extreme Networks, Inc. (NASDAQ:EXTR) Shares Purchased by Public Sector Pension Investment Board

Key Points

• The Public Sector Pension Investment Board increased its holdings in Extreme Networks, Inc. (NASDAQ:EXTR) by 14.0%, owning 747,018 shares valued at approximately $9.88 million as of the latest SEC filing.
• CEO Edward Meyercord sold 35,725 shares for about $613,755, leading to a 2.27% decrease in his position, while insiders sold a total of 106,450 shares valued at nearly $1.94 million in the last quarter.
• Extreme Networks reported a 19.6% increase in revenue year-over-year, with earnings of $0.25 per share for the latest quarter, surpassing analyst estimates.

Public Sector Pension Investment Board lifted its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 14.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 747,018 shares of the technology company's stock after acquiring an additional 91,764 shares during the quarter. Public Sector Pension Investment Board owned 0.56% of Extreme Networks worth $9,883,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in shares of Extreme Networks by 27.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock worth $361,000 after acquiring an additional 4,610 shares during the period. Principal Financial Group Inc. grew its position in Extreme Networks by 3.0% during the first 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 period. GAMMA Investing LLC grew its position in Extreme Networks by 2,619.8% during the first 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 period. Edgestream Partners L.P. grew its position in Extreme Networks by 76.9% during the first quarter. Edgestream Partners L.P. now owns 327,356 shares of the technology company's stock worth $4,331,000 after buying an additional 142,332 shares during the period. Finally, Impax Asset Management Group plc grew its position in Extreme Networks by 41.5% during the first quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company's stock worth $12,637,000 after buying an additional 280,000 shares during the period. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Extreme Networks

In related news, Director Raj Khanna sold 7,973 shares of the company's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $17.20, for a total transaction of $137,135.60. Following the completion of the transaction, the director owned 233,735 shares of the company's stock, valued at approximately $4,020,242. This represents a 3.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction of $500,250.00. Following the transaction, the director directly owned 612,691 shares of the company's stock, valued at $12,259,946.91. This trade represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 106,450 shares of company stock valued at $1,937,024. Company insiders own 3.70% of the company's stock.

Extreme Networks Price Performance

Shares of NASDAQ EXTR traded down $0.03 on Friday, hitting $19.72. The company's stock had a trading volume of 1,041,833 shares, compared to its average volume of 1,348,317. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $21.34. The company has a market capitalization of $2.63 billion, a price-to-earnings ratio of -394.40, a price-to-earnings-growth ratio of 2.07 and a beta of 1.75. 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 stock has a 50 day moving average of $17.94 and a 200-day moving average of $15.66.

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

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. UBS Group upped their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Rosenblatt Securities upped their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Lake Street Capital upgraded shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 target price on the stock in a research report on Thursday, August 7th. Finally, Needham & Company LLC upped their price target 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. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Extreme Networks has an average rating of "Buy" and a consensus price target 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.