Millennium Management LLC Lowers Stock Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Millennium Management LLC reduced its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 39.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 479,259 shares of the technology company's stock after selling 307,137 shares during the period. Millennium Management LLC owned 0.36% of Extreme Networks worth $8,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Byrne Asset Management LLC acquired a new position in Extreme Networks during the 4th quarter worth $30,000. Sterling Capital Management LLC boosted its stake in Extreme Networks by 603.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock valued at $32,000 after purchasing an additional 1,665 shares in the last quarter. Smartleaf Asset Management LLC raised its position in Extreme Networks by 385.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock worth $37,000 after acquiring an additional 1,733 shares in the last quarter. Quarry LP boosted its holdings in shares of Extreme Networks by 42.1% in the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock worth $41,000 after buying an additional 719 shares during the period. Finally, Pacer Advisors Inc. lifted its stake in Extreme Networks by 31.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company's stock worth $52,000 after acquiring an additional 741 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $13.73, for a total value of $490,504.25. Following the completion of the transaction, the chief executive officer now owns 1,510,719 shares of the company's stock, valued at approximately $20,742,171.87. The trade was a 2.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.70% of the stock is owned by insiders.

Extreme Networks Stock Performance

Shares of EXTR stock traded down $0.20 during trading on Friday, reaching $15.73. 112,125 shares of the company's stock traded hands, compared to its average volume of 1,366,086. Extreme Networks, Inc. has a 1 year low of $10.10 and a 1 year high of $19.24. The firm's 50-day moving average is $13.64 and its 200 day moving average is $15.39. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. The company has a market capitalization of $2.09 billion, a P/E ratio of -16.75, a PEG ratio of 3.06 and a beta of 1.67.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.02. Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. The business had revenue of $284.51 million during the quarter, compared to analysts' expectations of $280.32 million. During the same quarter in the previous year, the company earned ($0.19) EPS. The business's quarterly revenue was up 34.8% compared to the same quarter last year. Equities research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Extreme Networks declared that its Board of Directors has approved a share repurchase plan on Tuesday, February 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's management believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have issued reports on EXTR shares. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. UBS Group lowered their price objective on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price target on shares of Extreme Networks in a report on Thursday, May 1st. Needham & Company LLC restated a "buy" rating and issued a $20.00 price target on shares of Extreme Networks in a research report on Thursday, May 15th. Finally, Lake Street Capital cut their target price on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Extreme Networks has an average rating of "Moderate Buy" and an average price target of $18.58.

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.