Trigran Investments Inc. Increases Stock Holdings in Extreme Networks, Inc. $EXTR

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. grew its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 30.3% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,106,446 shares of the technology company's stock after buying an additional 722,121 shares during the period. Extreme Networks accounts for approximately 6.0% of Trigran Investments Inc.'s holdings, making the stock its 10th biggest holding. Trigran Investments Inc. owned approximately 2.33% of Extreme Networks worth $41,098,000 at the end of the most recent reporting period.

Other institutional investors also recently made changes to their positions in the company. LPL Financial LLC raised its stake in shares of Extreme Networks by 24.1% in the 4th quarter. LPL Financial LLC now owns 34,016 shares of the technology company's stock valued at $569,000 after acquiring an additional 6,601 shares during the period. Wells Fargo & Company MN raised its stake in shares of Extreme Networks by 32.1% in the 4th quarter. Wells Fargo & Company MN now owns 86,521 shares of the technology company's stock valued at $1,448,000 after acquiring an additional 21,047 shares during the period. Envestnet Asset Management Inc. raised its stake in shares of Extreme Networks by 27.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock valued at $361,000 after acquiring an additional 4,610 shares during the period. Bank of Montreal Can raised its stake in shares of Extreme Networks by 8.4% in the 4th quarter. Bank of Montreal Can now owns 18,071 shares of the technology company's stock valued at $303,000 after acquiring an additional 1,393 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Extreme Networks in the 4th quarter valued at $8,291,000. 91.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. UBS Group raised their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Rosenblatt Securities raised their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Lake Street Capital raised 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 note on Thursday, August 7th. Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Finally, Needham & Company LLC upped 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. Five 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 company presently has a consensus rating of "Moderate Buy" and an average target price of $22.92.

Extreme Networks Stock Up 2.7%

Shares of NASDAQ:EXTR traded up $0.5450 during midday trading on Friday, reaching $20.5050. The company had a trading volume of 376,282 shares, compared to its average volume of 1,238,501. 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's fifty day moving average price is $18.19 and its 200-day moving average price is $15.78. The stock has a market capitalization of $2.73 billion, a P/E ratio of -410.10, a PEG ratio of 2.08 and a beta of 1.75. Extreme Networks, Inc. has a one year low of $10.10 and a one year high of $21.34.

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, topping the consensus estimate of $0.22 by $0.03. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%.The firm had revenue of $307.00 million for the quarter, compared to analysts' expectations of $299.88 million. During the same period last year, the business posted ($0.08) earnings per share. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. Equities research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction on Friday, August 1st. The stock was sold at an average price of $17.18, for a total transaction of $613,755.50. Following the transaction, the chief executive officer directly 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Raj Khanna sold 7,973 shares of the firm's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $17.20, for a total value of $137,135.60. Following the transaction, the director owned 233,735 shares in the company, valued at $4,020,242. This trade represents a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 106,450 shares of company stock worth $1,937,024 over the last ninety days. 3.70% of the stock is owned by insiders.

Extreme Networks Company 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.