Paradigm Capital Management Inc. NY Cuts Stock Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Paradigm Capital Management Inc. NY reduced its stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 1.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,189,800 shares of the technology company's stock after selling 50,200 shares during the period. Extreme Networks accounts for 4.0% of Paradigm Capital Management Inc. NY's holdings, making the stock its 6th biggest holding. Paradigm Capital Management Inc. NY owned 3.91% of Extreme Networks worth $86,877,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in Extreme Networks by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock worth $299,965,000 after buying an additional 690,262 shares during the last quarter. Geode Capital Management LLC lifted its position in Extreme Networks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company's stock valued at $51,385,000 after acquiring an additional 49,888 shares in the last quarter. American Century Companies Inc. boosted its stake in Extreme Networks by 11.4% during the 4th quarter. American Century Companies Inc. now owns 2,837,171 shares of the technology company's stock valued at $47,494,000 after purchasing an additional 290,184 shares during the last quarter. Trigran Investments Inc. raised its stake in shares of Extreme Networks by 4.1% in the fourth quarter. Trigran Investments Inc. now owns 2,384,325 shares of the technology company's stock worth $39,914,000 after purchasing an additional 94,508 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC boosted its position in shares of Extreme Networks by 397,835.5% during the fourth 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 last quarter. Institutional investors and hedge funds own 91.05% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on EXTR. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Extreme Networks in a report on Thursday, May 15th. UBS Group dropped their target price on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Rosenblatt Securities reaffirmed a "buy" rating and issued a $18.00 target price on shares of Extreme Networks in a report on Thursday, May 1st. Lake Street Capital dropped their price target on Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Finally, StockNews.com upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.58.

Extreme Networks Stock Performance

NASDAQ EXTR opened at $16.26 on Tuesday. The company's 50 day moving average is $13.47 and its 200-day moving average is $15.40. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $19.24. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. The firm has a market cap of $2.17 billion, a P/E ratio of -17.30, a price-to-earnings-growth ratio of 3.06 and a beta of 1.67.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, topping analysts' consensus estimates of $0.19 by $0.02. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The firm had revenue of $284.51 million during the quarter, compared to analyst estimates of $280.32 million. During the same period last year, the company earned ($0.19) earnings per share. The business's revenue for the quarter was up 34.8% on a year-over-year basis. Sell-side analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its shares are undervalued.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the transaction, the chief executive officer now owns 1,510,719 shares of the company's stock, valued at $20,742,171.87. This represents a 2.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.70% of the company's stock.

About Extreme Networks

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.

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