Extreme Networks, Inc. $EXTR Shares Purchased by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC significantly increased its stake in Extreme Networks, owning 210,314 shares after a 26.9% increase during the first quarter, valued at approximately $2.78 million.
• Recent analyst reports reflect a positive sentiment, with multiple firms raising their price targets, including Lake Street Capital's upgrade from "hold" to "buy" with a target of $24.00.
• Extreme Networks reported $0.25 EPS for the most recent quarter, exceeding estimates, and achieved revenues of $307 million, a 19.6% increase year-over-year.

Intech Investment Management LLC lifted its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 26.9% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 210,314 shares of the technology company's stock after buying an additional 44,602 shares during the quarter. Intech Investment Management LLC owned about 0.16% of Extreme Networks worth $2,782,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Vestcor Inc lifted its position in shares of Extreme Networks by 4.6% during the 1st quarter. Vestcor Inc now owns 22,462 shares of the technology company's stock worth $297,000 after buying an additional 988 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Extreme Networks by 105.6% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock worth $42,000 after buying an additional 1,628 shares during the last quarter. Orion Capital Management LLC purchased a new stake in shares of Extreme Networks during the 4th quarter worth approximately $33,000. Byrne Asset Management LLC lifted its position in shares of Extreme Networks by 115.6% during the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock worth $51,000 after buying an additional 2,081 shares during the last quarter. Finally, AQR Capital Management LLC raised its position in Extreme Networks by 6.6% in the 1st quarter. AQR Capital Management LLC now owns 34,375 shares of the technology company's stock valued at $455,000 after purchasing an additional 2,122 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. 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. UBS Group upped their price target on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. 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 research report on Thursday, August 7th. Rosenblatt Securities upped their price target on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective on the stock 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 MarketBeat, Extreme Networks currently has an average rating of "Moderate Buy" and a consensus price target of $22.92.

Insider Activity at Extreme Networks

In related news, Director Edward H. Kennedy sold 25,000 shares of the stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $20.01, for a total value of $500,250.00. Following the sale, the director directly owned 612,691 shares of the company's stock, valued at approximately $12,259,946.91. This represents a 3.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin R. Rhodes sold 14,000 shares of the stock in a transaction dated Thursday, August 28th. The shares were sold at an average price of $21.52, for a total transaction of $301,280.00. Following the completion of the sale, the chief financial officer directly owned 126,202 shares in the company, valued at approximately $2,715,867.04. The trade was a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 149,450 shares of company stock valued at $2,838,234. Company insiders own 3.70% of the company's stock.

Extreme Networks Price Performance

Shares of NASDAQ:EXTR traded down $0.38 on Friday, reaching $22.30. 2,338,778 shares of the company were exchanged, compared to its average volume of 1,293,152. The company has a current ratio of 0.91, a quick ratio of 0.74 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 $22.89. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of -446.00, a price-to-earnings-growth ratio of 2.38 and a beta of 1.84. The company has a 50-day moving average of $19.99 and a 200-day moving average of $16.70.

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

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.