Panagora Asset Management Inc. Sells 85,503 Shares of Extreme Networks, Inc. $EXTR

Key Points

• Panagora Asset Management Inc. reduced its stake in Extreme Networks, Inc. by 42.9%, holding approximately $1.50 million in shares after selling over 85,500 shares in the first quarter.
• Extreme Networks reported a 19.6% increase in revenue year-over-year, totaling $307 million for the last quarter, with an EPS of $0.25 beating estimates.
• Several analysts adjusted their price targets for Extreme Networks, with upgrades from $20.00 to $24.00 and a general average target price of $22.92, reflecting a positive outlook on the stock's performance.

Panagora Asset Management Inc. lowered its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 42.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 113,661 shares of the technology company's stock after selling 85,503 shares during the period. Panagora Asset Management Inc. owned about 0.09% of Extreme Networks worth $1,504,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EXTR. Barrow Hanley Mewhinney & Strauss LLC increased its stake 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 buying an additional 2,275,619 shares during the period. Nuveen LLC bought a new stake in shares of Extreme Networks during the first quarter worth about $14,147,000. LMR Partners LLP purchased a new stake in shares of Extreme Networks during the 4th quarter valued at approximately $16,573,000. Trigran Investments Inc. grew its holdings in Extreme Networks by 30.3% in the 1st quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company's stock worth $41,098,000 after acquiring an additional 722,121 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in 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 purchasing an additional 611,462 shares in the last quarter. Institutional investors own 91.05% of the company's stock.

Extreme Networks Stock Performance

Shares of Extreme Networks stock traded down $0.12 during trading hours on Monday, reaching $21.59. The company had a trading volume of 523,847 shares, compared to its average volume of 1,263,106. Extreme Networks, Inc. has a one year low of $10.10 and a one year high of $22.63. 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 business has a fifty day simple moving average of $19.16 and a 200 day simple moving average of $16.22. The firm has a market cap of $2.87 billion, a PE ratio of -431.76, a price-to-earnings-growth ratio of 2.27 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 earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $307.00 million during the quarter, compared to analyst estimates of $299.88 million. During the same period in the previous year, the business earned ($0.08) EPS. The firm's revenue for the quarter was up 19.6% on a year-over-year basis. On average, analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Kevin R. Rhodes sold 14,000 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $21.52, for a total value of $301,280.00. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Edward H. Kennedy sold 25,000 shares of the 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 in the company, valued at $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. Over the last quarter, insiders have sold 149,450 shares of company stock valued at $2,838,234. Company insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EXTR. Rosenblatt Securities upped their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Needham & Company LLC increased their price objective on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. UBS Group boosted their price target on Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Finally, 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. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target 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.