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

Other institutional investors have also modified their holdings of the company. Orion Capital Management LLC bought a new stake in shares of Extreme Networks in the 4th quarter valued at approximately $33,000. GAMMA Investing LLC lifted its stake in shares of Extreme Networks by 105.6% in 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 during the last quarter. Byrne Asset Management LLC lifted its stake in shares of Extreme Networks by 115.6% in the 1st 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 during the last quarter. Avior Wealth Management LLC raised its holdings in shares of Extreme Networks by 48.9% in the first quarter. Avior Wealth Management LLC now owns 13,998 shares of the technology company's stock worth $185,000 after buying an additional 4,594 shares during the period. Finally, State of Wyoming raised its holdings in shares of Extreme Networks by 49.1% in the first quarter. State of Wyoming now owns 15,596 shares of the technology company's stock worth $206,000 after buying an additional 5,138 shares during the period. 91.05% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EXTR. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Lake Street Capital raised Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target for the company in a research report on Thursday, August 7th. Rosenblatt Securities raised 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. Needham & Company LLC raised 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. Finally, UBS Group raised 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. Five analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, Extreme Networks presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.92.

Extreme Networks Stock Performance

EXTR traded up $0.18 on Monday, reaching $22.50. 308,041 shares of the stock were exchanged, compared to its average volume of 1,253,788. The company's 50-day moving average price is $19.55 and its 200 day moving average price is $16.46. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $22.89. 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 firm has a market capitalization of $3.00 billion, a PE ratio of -449.64, a PEG ratio of 2.34 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 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $299.88 million. During the same quarter in the previous year, the firm posted ($0.08) EPS. The firm's revenue was up 19.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Raj Khanna sold 15,000 shares of the business's stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $19.91, for a total value of $298,650.00. Following the completion of the transaction, the director owned 216,708 shares of the company's stock, valued at $4,314,656.28. The trade was a 6.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kevin R. Rhodes sold 14,000 shares of the business's stock in a transaction dated 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 transaction, the chief financial officer directly owned 126,202 shares of the company's stock, valued at approximately $2,715,867.04. This trade represents a 9.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 149,450 shares of company stock worth $2,838,234. Corporate insiders own 3.70% of the company's stock.

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.