Extreme Networks, Inc. $EXTR Shares Acquired by Trigran Investments Inc.

Key Points

• Trigran Investments Inc. increased its stake in Extreme Networks by 30.3%, acquiring an additional 722,121 shares, which now represents about 6.0% of its portfolio.
• Several analysts recently raised their price targets for Extreme Networks, with Needham & Company and Lake Street Capital setting their targets at $24.00, indicating a bullish outlook for the stock.
• Extreme Networks reported earnings of $0.25 per share, surpassing expectations, with a revenue of $307 million for the quarter, marking a 19.6% year-over-year increase.

Trigran Investments Inc. boosted its position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 30.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,106,446 shares of the technology company's stock after acquiring an additional 722,121 shares during the quarter. Extreme Networks accounts for 6.0% of Trigran Investments Inc.'s holdings, making the stock its 10th largest holding. Trigran Investments Inc. owned 2.33% of Extreme Networks worth $41,098,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the company. American Century Companies Inc. increased its stake in shares of Extreme Networks by 1.2% in the 1st quarter. American Century Companies Inc. now owns 2,871,898 shares of the technology company's stock valued at $37,995,000 after purchasing an additional 34,727 shares during the last quarter. Russell Investments Group Ltd. increased its stake in shares of Extreme Networks by 34.5% in the 1st quarter. Russell Investments Group Ltd. now owns 283,600 shares of the technology company's stock valued at $3,752,000 after purchasing an additional 72,748 shares during the last quarter. Public Sector Pension Investment Board increased its stake in shares of Extreme Networks by 14.0% in the 1st quarter. Public Sector Pension Investment Board now owns 747,018 shares of the technology company's stock valued at $9,883,000 after purchasing an additional 91,764 shares during the last quarter. Nuveen LLC bought a new position in Extreme Networks in the first quarter valued at about $14,147,000. Finally, Invesco Ltd. grew its position in Extreme Networks by 3.4% in the first quarter. Invesco Ltd. now owns 533,849 shares of the technology company's stock valued at $7,063,000 after acquiring an additional 17,431 shares during the last quarter. 91.05% of the stock is owned by institutional investors.

Extreme Networks Trading Up 0.4%

NASDAQ EXTR traded up $0.07 on Thursday, hitting $19.96. The company's stock had a trading volume of 822,805 shares, compared to its average volume of 1,243,695. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $21.34. The firm has a market cap of $2.66 billion, a PE ratio of -399.20, a PEG ratio of 2.10 and a beta of 1.75. The company's 50-day moving average is $18.13 and its 200 day moving average is $15.75.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.22 by $0.03. The company had revenue of $307.00 million for the quarter, compared to analysts' expectations of $299.88 million. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. Extreme Networks's revenue for the quarter was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. As a group, analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Extreme Networks

In other Extreme Networks news, Director Raj Khanna sold 2,027 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $17.43, for a total transaction of $35,330.61. Following the completion of the sale, the director owned 231,708 shares of the company's stock, valued at approximately $4,038,670.44. This represents a 0.87% decrease in their position. The transaction 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 the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the sale, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at $26,479,224.76. This represents a 2.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 106,450 shares of company stock valued at $1,937,024. 3.70% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on EXTR shares. Lake Street Capital upgraded 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. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Rosenblatt Securities boosted their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Needham & Company LLC boosted their target price on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, UBS Group boosted their target price on shares of 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 given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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.