Legato Capital Management LLC Decreases Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Legato Capital Management LLC lessened its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 22.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 83,920 shares of the technology company's stock after selling 24,028 shares during the period. Legato Capital Management LLC owned 0.06% of Extreme Networks worth $1,110,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in EXTR. Sterling Capital Management LLC raised its position in shares of Extreme Networks by 603.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock worth $32,000 after acquiring an additional 1,665 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of Extreme Networks during the 4th quarter worth about $33,000. Quarry LP raised its position in shares of Extreme Networks by 42.1% during the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock worth $41,000 after acquiring an additional 719 shares in the last quarter. GAMMA Investing LLC raised 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 acquiring an additional 1,628 shares in the last quarter. Finally, Byrne Asset Management LLC raised 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 acquiring an additional 2,081 shares in the last quarter. Institutional investors and hedge funds own 91.05% of the company's stock.

Extreme Networks Stock Performance

EXTR traded up $0.14 during trading on Friday, hitting $17.85. 733,354 shares of the stock were exchanged, compared to its average volume of 1,143,203. The stock has a fifty day moving average price of $17.04 and a two-hundred day moving average price of $15.45. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $19.24. The firm has a market capitalization of $2.38 billion, a P/E ratio of -43.54, a PEG ratio of 2.10 and a beta of 1.73. The company has a quick ratio of 0.70, a current ratio of 0.93 and a debt-to-equity ratio of 2.33.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.02. Extreme Networks had a positive return on equity of 13.79% and a negative net margin of 4.94%. The company had revenue of $284.51 million for the quarter, compared to the consensus estimate of $280.32 million. During the same period last year, the business posted ($0.19) EPS. The company's revenue was up 34.8% on a year-over-year basis. As a group, sell-side analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $18.21, for a total value of $650,552.25. Following the transaction, the chief executive officer directly owned 1,541,282 shares in the company, valued at approximately $28,066,745.22. This trade represents a 2.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Raj Khanna sold 7,973 shares of Extreme Networks stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $17.20, for a total value of $137,135.60. Following the completion of 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 sold a total of 81,450 shares of company stock worth $1,313,523 over the last quarter. Company insiders own 3.70% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. UBS Group cut their target price on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Rosenblatt Securities lifted their price target on Extreme Networks from $18.00 to $20.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Lake Street Capital cut their price target on Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a research report on Thursday, May 15th. Finally, Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Extreme Networks presently has a consensus rating of "Moderate Buy" and an average target price of $18.92.

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.