Petrus Trust Company LTA Takes Position in Extreme Networks, Inc. $EXTR

Key Points

• Petrus Trust Company LTA acquired 11,920 shares of Extreme Networks, Inc., worth approximately $158,000, indicating increasing institutional interest in the stock.
• Extreme Networks recently reported $0.25 EPS for the quarter, surpassing analyst estimates, with a revenue increase of 19.6% year-over-year.
• Multiple investment firms have upgraded their target prices for Extreme Networks, with ratings moving to "buy" and price targets reaching as high as $25.00.

Petrus Trust Company LTA bought a new position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 11,920 shares of the technology company's stock, valued at approximately $158,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Orion Capital Management LLC bought a new position in shares of Extreme Networks during the fourth quarter worth approximately $33,000. GAMMA Investing LLC increased its stake in Extreme Networks by 105.6% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after purchasing an additional 1,628 shares in the last quarter. Byrne Asset Management LLC lifted its holdings in 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 purchasing an additional 2,081 shares in the last quarter. Avior Wealth Management LLC increased its position in Extreme Networks by 48.9% during the first quarter. Avior Wealth Management LLC now owns 13,998 shares of the technology company's stock valued at $185,000 after acquiring an additional 4,594 shares during the last quarter. Finally, State of Wyoming lifted its position in shares of Extreme Networks by 49.1% during the first quarter. State of Wyoming now owns 15,596 shares of the technology company's stock valued at $206,000 after buying an additional 5,138 shares during the last quarter. Institutional investors own 91.05% of the company's stock.

Extreme Networks Price Performance

EXTR traded down $0.53 during midday trading on Friday, hitting $22.32. 1,247,000 shares of the company traded hands, compared to its average volume of 1,276,670. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50. The business has a 50 day simple moving average of $19.55 and a two-hundred day simple moving average of $16.45. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $22.89. The company has a market capitalization of $2.97 billion, a price-to-earnings ratio of -446.40, a PEG ratio of 2.40 and a beta of 1.84.

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, 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 firm had revenue of $307.00 million during the quarter, compared to analysts' expectations of $299.88 million. During the same quarter in the prior year, the business earned ($0.08) EPS. Extreme Networks's quarterly revenue was up 19.6% compared to the same quarter last year. On average, equities analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have issued reports on EXTR shares. Needham & Company LLC boosted their price target on shares of Extreme Networks from $20.00 to $24.00 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 report on Thursday, May 22nd. Rosenblatt Securities increased their target price on Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Lake Street Capital raised 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, UBS Group raised their target price on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, Extreme Networks presently has a consensus rating of "Moderate Buy" and an average price target of $22.92.

Insider Activity at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $17.18, for a total value 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 $26,479,224.76. This represents a 2.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Raj Khanna sold 15,000 shares of the stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $19.91, for a total transaction of $298,650.00. Following the completion of the transaction, the director directly owned 216,708 shares in the company, valued at $4,314,656.28. The trade was a 6.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 149,450 shares of company stock worth $2,838,234. 3.70% of the stock is owned by 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.