Lisanti Capital Growth LLC Invests $5.93 Million in Extreme Networks, Inc. $EXTR

Key Points

• Lisanti Capital Growth LLC initiated a $5.93 million position in Extreme Networks, buying 183,095 shares and acquiring approximately 0.14% of the company. Institutional investors collectively own 91.05% of EXTR.
• Analysts maintain a generally positive outlook, with seven Buy ratings and a consensus “Moderate Buy” rating; the average price target is $32.25. Extreme Networks also exceeded quarterly expectations, reporting $0.32 in EPS and $338.55 million in revenue, up 10.3% year over year.
• EXTR shares opened at $22.79, down 4.0%, while company insiders sold 395,000 shares worth $11.23 million over the past 90 days, including sales by the CEO and CFO.

Lisanti Capital Growth LLC bought a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 183,095 shares of the technology company's stock, valued at approximately $5,927,000. Extreme Networks comprises 1.3% of Lisanti Capital Growth LLC's portfolio, making the stock its 27th biggest position. Lisanti Capital Growth LLC owned about 0.14% of Extreme Networks at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Caitong International Asset Management Co. Ltd purchased a new stake in Extreme Networks in the 3rd quarter worth $31,000. Rockefeller Capital Management L.P. grew its position in shares of Extreme Networks by 313.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,957 shares of the technology company's stock valued at $33,000 after purchasing an additional 1,484 shares in the last quarter. Quarry LP grew its position in shares of Extreme Networks by 74.9% during the third quarter. Quarry LP now owns 2,610 shares of the technology company's stock valued at $54,000 after purchasing an additional 1,118 shares in the last quarter. CWM LLC increased its holdings in shares of Extreme Networks by 51.7% in the fourth quarter. CWM LLC now owns 3,179 shares of the technology company's stock worth $53,000 after purchasing an additional 1,084 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its holdings in shares of Extreme Networks by 136.8% in the fourth quarter. Advisors Asset Management Inc. now owns 3,221 shares of the technology company's stock worth $54,000 after purchasing an additional 1,861 shares during the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EXTR has been the subject of a number of research reports. Lake Street Capital increased their price target on Extreme Networks from $25.00 to $34.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Rosenblatt Securities reduced their price objective on Extreme Networks from $39.00 to $38.00 and set a "buy" rating on the stock in a research note on Thursday, August 6th. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 8th. Craig Hallum reiterated a "buy" rating and set a $31.00 target price on shares of Extreme Networks in a research report on Thursday, August 6th. Finally, UBS Group set a $28.00 target price on shares of Extreme Networks in a report on Thursday, April 30th. Seven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.25.

Extreme Networks Stock Down 4.0%

Shares of NASDAQ EXTR opened at $22.79 on Thursday. The firm's 50-day moving average price is $29.48 and its 200-day moving average price is $22.42. The company has a current ratio of 0.93, a quick ratio of 0.81 and a debt-to-equity ratio of 1.63. The stock has a market capitalization of $2.97 billion, a price-to-earnings ratio of 73.52, a P/E/G ratio of 1.56 and a beta of 1.79. Extreme Networks, Inc. has a 12-month low of $13.48 and a 12-month high of $33.73.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.29 by $0.03. Extreme Networks had a return on equity of 88.88% and a net margin of 3.28%.The company had revenue of $338.55 million during the quarter, compared to analyst estimates of $332.49 million. During the same quarter last year, the business posted $0.25 earnings per share. The firm's revenue was up 10.3% on a year-over-year basis. Extreme Networks has set its FY 2027 guidance at 1.280-1.330 EPS and its Q1 2027 guidance at 0.270-0.290 EPS. On average, equities research analysts anticipate that Extreme Networks, Inc. will post 0.75 EPS for the current fiscal year.

Insider Activity

In other news, CEO Edward Meyercord sold 50,000 shares of Extreme Networks stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $29.79, for a total value of $1,489,500.00. Following the completion of the transaction, the chief executive officer owned 1,596,475 shares in the company, valued at approximately $47,558,990.25. The trade was a 3.04% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin R. Rhodes sold 35,000 shares of the business's stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $30.43, for a total value of $1,065,050.00. Following the transaction, the chief financial officer directly owned 151,296 shares in the company, valued at approximately $4,603,937.28. This represents a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 395,000 shares of company stock valued at $11,229,950 in the last ninety days. Insiders own 3.60% of the company's stock.

Extreme Networks Company Profile

Extreme Networks, Inc NASDAQ: EXTR is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company's product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme's Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.

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