Maverick Capital Ltd. Reduces Position in Extreme Networks, Inc. $EXTR

Key Points

• Maverick Capital Ltd. reduced its stake in Extreme Networks by 37.3%, selling 11,953 shares and holding 20,064 shares worth approximately $265,000.
• Extreme Networks reported a quarterly earnings per share of $0.25, exceeding analyst expectations, with revenues up 19.6% year-over-year.
• Several brokerages have recently increased their price targets for Extreme Networks, with new targets ranging from $21.00 to $25.00 and an overall consensus rating of "Moderate Buy."

Maverick Capital Ltd. lowered its stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 37.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,064 shares of the technology company's stock after selling 11,953 shares during the period. Maverick Capital Ltd.'s holdings in Extreme Networks were worth $265,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EXTR. Vestcor Inc boosted its position in shares of Extreme Networks by 4.6% during the first quarter. Vestcor Inc now owns 22,462 shares of the technology company's stock valued at $297,000 after buying an additional 988 shares during the period. Cresset Asset Management LLC boosted its position in shares of Extreme Networks by 1.2% during the fourth quarter. Cresset Asset Management LLC now owns 131,617 shares of the technology company's stock valued at $2,203,000 after buying an additional 1,522 shares during the period. GAMMA Investing LLC boosted its position 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 period. Orion Capital Management LLC purchased a new position in shares of Extreme Networks during the fourth quarter valued at approximately $33,000. Finally, Byrne Asset Management LLC boosted its position in shares of Extreme Networks by 115.6% during the first quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $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.

Wall Street Analyst Weigh In

EXTR has been the subject of several recent analyst reports. UBS Group boosted their target price on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Rosenblatt Securities boosted their price target on Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Lake Street Capital upgraded Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target for the company in a report on Thursday, August 7th. Needham & Company LLC boosted their price target on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Finally, Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Five research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Extreme Networks currently has an average rating of "Moderate Buy" and a consensus price target of $22.92.

Extreme Networks Stock Up 0.1%

NASDAQ:EXTR traded up $0.03 during trading hours on Monday, reaching $21.73. The company's stock had a trading volume of 293,264 shares, compared to its average volume of 1,261,954. The company has a market capitalization of $2.89 billion, a P/E ratio of -434.50, a price-to-earnings-growth ratio of 2.27 and a beta of 1.84. Extreme Networks, Inc. has a 12 month low of $10.10 and a 12 month high of $22.63. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.74 and a current ratio of 0.91. The stock has a 50 day moving average price of $19.16 and a two-hundred day moving average price of $16.22.

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

Insiders Place Their Bets

In other news, Director Raj Khanna sold 15,000 shares of the company's stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $19.91, for a total transaction of $298,650.00. Following the transaction, the director directly owned 216,708 shares of the company's stock, valued at approximately $4,314,656.28. This represents a 6.47% 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, CFO Kevin R. Rhodes sold 14,000 shares of the company's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $21.52, for a total value of $301,280.00. Following the transaction, 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 ninety days, 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 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.