Needham Investment Management LLC Invests $331,000 in Extreme Networks, Inc. $EXTR

Key Points

• Needham Investment Management LLC acquired 25,000 shares of Extreme Networks, Inc. (NASDAQ:EXTR), valuing the investment at approximately $331,000, in the first quarter of the year.
• Institutional investors now own 91.05% of Extreme Networks' stock, highlighting significant institutional interest in the company.
• Extreme Networks reported earnings of $0.25 per share for the last quarter, surpassing analyst estimates and marking a 19.6% year-over-year revenue increase to $307 million.

Needham Investment Management LLC bought a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,000 shares of the technology company's stock, valued at approximately $331,000.

A number of other institutional investors have also modified their holdings of EXTR. The Manufacturers Life Insurance Company boosted its holdings in shares of Extreme Networks by 7.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 69,273 shares of the technology company's stock valued at $1,160,000 after buying an additional 4,826 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Extreme Networks by 15.6% in the 4th quarter. Northern Trust Corp now owns 1,482,113 shares of the technology company's stock valued at $24,811,000 after buying an additional 200,193 shares in the last quarter. Balyasny Asset Management L.P. boosted its holdings in shares of Extreme Networks by 146.3% in the 4th quarter. Balyasny Asset Management L.P. now owns 362,221 shares of the technology company's stock valued at $6,064,000 after buying an additional 215,175 shares in the last quarter. Cresset Asset Management LLC boosted its holdings in shares of Extreme Networks by 1.2% in the 4th 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 in the last quarter. Finally, Focus Partners Wealth boosted its holdings in shares of Extreme Networks by 29.5% in the 4th quarter. Focus Partners Wealth now owns 259,201 shares of the technology company's stock valued at $4,339,000 after buying an additional 59,060 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EXTR has been the topic of a number of recent analyst reports. Needham & Company LLC raised their price target on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, August 7th. UBS Group raised their price target on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Rosenblatt Securities raised their price target on shares of 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 shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 target price for the company in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $22.92.

Extreme Networks Stock Performance

NASDAQ EXTR traded up $0.42 on Thursday, hitting $22.78. 276,523 shares of the company's stock traded hands, compared to its average volume of 1,255,878. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $22.75. The firm's 50-day moving average price is $19.39 and its two-hundred day moving average price is $16.34. The firm has a market capitalization of $3.03 billion, a PE ratio of -455.50, a P/E/G ratio of 2.31 and a beta of 1.84.

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

Insider Activity

In related news, Director Edward H. Kennedy sold 25,000 shares of the business's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $20.01, for a total value of $500,250.00. Following the completion of the sale, the director owned 612,691 shares of the company's stock, valued at approximately $12,259,946.91. The trade was a 3.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin R. Rhodes sold 14,000 shares of the business's stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $21.52, for a total transaction of $301,280.00. Following the completion of the sale, the chief financial officer directly owned 126,202 shares of the company's stock, valued at approximately $2,715,867.04. The trade was a 9.99% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 149,450 shares of company stock valued at $2,838,234. 3.70% of the stock is currently owned by company insiders.

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.