Maverick Capital Ltd. Decreases Stake 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. lessened its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 37.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,064 shares of the technology company's stock after selling 11,953 shares during the quarter. Maverick Capital Ltd.'s holdings in Extreme Networks were worth $265,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the company. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in shares of Extreme Networks by 397,835.5% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company's stock valued at $38,103,000 after purchasing an additional 2,275,619 shares during the last quarter. Nuveen LLC purchased a new stake in Extreme Networks in the 1st quarter valued at approximately $14,147,000. LMR Partners LLP purchased a new stake in Extreme Networks in the 4th quarter valued at approximately $16,573,000. Trigran Investments Inc. lifted its position in shares of Extreme Networks by 30.3% during the 1st quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company's stock valued at $41,098,000 after acquiring an additional 722,121 shares during the period. Finally, Victory Capital Management Inc. lifted its position in shares of Extreme Networks by 13.9% during the 1st quarter. Victory Capital Management Inc. now owns 5,012,386 shares of the technology company's stock valued at $66,314,000 after acquiring an additional 611,462 shares during the period. Hedge funds and other institutional investors own 91.05% of the company's stock.

Extreme Networks Trading Down 3.3%

EXTR traded down $0.75 during trading on Friday, hitting $21.70. The company's stock had a trading volume of 2,149,629 shares, compared to its average volume of 1,368,466. The firm's 50 day moving average price is $19.16 and its 200-day moving average price is $16.21. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.74. The stock has a market cap of $2.89 billion, a PE ratio of -434.00, a PEG ratio of 2.27 and a beta of 1.84. Extreme Networks, Inc. has a twelve month low of $10.10 and a twelve month high of $22.63.

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

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the completion of the sale, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $26,479,224.76. This represents a 2.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Edward H. Kennedy sold 25,000 shares of the company's stock in a transaction on Monday, August 11th. The stock was sold at an average price of $20.01, for a total transaction 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 trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 149,450 shares of company stock valued at $2,838,234 in the last quarter. Company insiders own 3.70% of the company's stock.

Analyst Ratings Changes

EXTR has been the subject of several research reports. Rosenblatt Securities lifted their price objective on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. UBS Group lifted their price objective on Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Needham & Company LLC lifted their price objective on Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research 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 objective for the company in a research report on Thursday, August 7th. Finally, Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research 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's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus 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.