Mackenzie Financial Corp Increases Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Key Points

• Mackenzie Financial Corp increased its stake in Extreme Networks, Inc. by 30.9%, acquiring an additional 16,298 shares during the first quarter, bringing its total ownership to approximately 69,102 shares valued at $914,000.
• Several institutional investors have made significant changes to their holdings in Extreme Networks, with one firm increasing its stake by 603.3% in the last quarter.
• Extreme Networks has seen varied analyst ratings, with a current average rating of "Moderate Buy" and a target price of $18.92, reflecting positive sentiments but also some caution from select analysts.

Mackenzie Financial Corp increased its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 30.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 69,102 shares of the technology company's stock after buying an additional 16,298 shares during the period. Mackenzie Financial Corp owned 0.05% of Extreme Networks worth $914,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in EXTR. Sterling Capital Management LLC boosted its stake in Extreme Networks by 603.3% during the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock valued at $32,000 after buying an additional 1,665 shares during the period. Orion Capital Management LLC purchased a new position in Extreme Networks in the 4th quarter worth $33,000. Quarry LP boosted its position in Extreme Networks by 42.1% during the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after buying an additional 719 shares during the period. GAMMA Investing LLC grew its stake in shares of Extreme Networks by 105.6% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after buying an additional 1,628 shares during the last quarter. Finally, Byrne Asset Management LLC increased its holdings in shares of Extreme Networks by 115.6% in the first 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 period. Hedge funds and other institutional investors own 91.05% of the company's stock.

Extreme Networks Stock Down 1.0%

Shares of NASDAQ:EXTR traded down $0.21 on Thursday, hitting $19.94. 1,742,841 shares of the company traded hands, compared to its average volume of 1,239,969. The company has a market cap of $2.66 billion, a PE ratio of -48.63, a PEG ratio of 2.08 and a beta of 1.75. 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, Inc. has a 52 week low of $10.10 and a 52 week high of $21.34. The stock has a 50 day simple moving average of $17.47 and a 200-day simple moving average of $15.53.

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 the consensus estimate of $0.22 by $0.03. The firm had revenue of $307.00 million during the quarter, compared to analysts' expectations of $299.88 million. Extreme Networks had a positive return on equity of 13.79% and a negative net margin of 4.94%. The company's revenue was up 19.6% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.08) earnings per share. As a group, research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In other Extreme Networks news, Director Raj Khanna sold 2,027 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $17.43, for a total value of $35,330.61. Following the transaction, the director directly owned 231,708 shares of the company's stock, valued at approximately $4,038,670.44. This trade represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction dated 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. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 81,450 shares of company stock valued at $1,436,774. Company insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EXTR. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a report on Thursday. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Rosenblatt Securities raised their price objective on Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday. UBS Group boosted their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a report on Thursday. Finally, Needham & Company LLC increased their price target on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday. One analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $22.92.

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.