Extreme Networks, Inc. $EXTR Shares Purchased by Quantbot Technologies LP

Key Points

• Quantbot Technologies LP increased its holdings in Extreme Networks by 381.5%, owning 66,180 shares valued at $876,000 as of the first quarter.
• Extreme Networks reported quarterly earnings of $0.25 per share, exceeding analysts' expectations and marking a year-over-year revenue increase of 19.6%.
• Analysts have raised price targets for Extreme Networks, with projections ranging from $21.00 to $25.00, reflecting a consensus of a "buy" rating from multiple firms.

Quantbot Technologies LP increased its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 381.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 66,180 shares of the technology company's stock after purchasing an additional 52,436 shares during the quarter. Quantbot Technologies LP's holdings in Extreme Networks were worth $876,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of EXTR. Barrow Hanley Mewhinney & Strauss LLC grew its stake in Extreme Networks by 397,835.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company's stock worth $38,103,000 after purchasing an additional 2,275,619 shares in the last quarter. Nuveen LLC acquired a new position in Extreme Networks during the 1st quarter worth $14,147,000. LMR Partners LLP acquired a new position in Extreme Networks during the 4th quarter worth $16,573,000. Trigran Investments Inc. grew its stake in Extreme Networks by 30.3% during the 1st quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company's stock worth $41,098,000 after purchasing an additional 722,121 shares in the last quarter. Finally, Victory Capital Management Inc. grew 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 worth $66,314,000 after purchasing an additional 611,462 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Needham & Company LLC upped 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. Lake Street Capital raised 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. Rosenblatt Securities upped 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. Finally, UBS Group upped 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 assigned a Hold rating to the stock. Based on data from MarketBeat.com, Extreme Networks currently has a consensus rating of "Moderate Buy" and a consensus target price of $22.92.

Insider Transactions at Extreme Networks

In other news, Director Raj Khanna sold 15,000 shares of the stock in a transaction that occurred on Thursday, August 21st. The stock was 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 of the company's stock, valued at approximately $4,314,656.28. This represents a 6.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $17.18, for a total value of $613,755.50. Following the transaction, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $26,479,224.76. This trade represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 121,450 shares of company stock valued at $2,235,674. Corporate insiders own 3.70% of the company's stock.

Extreme Networks Stock Performance

EXTR traded up $0.57 on Thursday, hitting $22.08. 1,424,684 shares of the company traded hands, compared to its average volume of 1,250,271. The company has a 50 day moving average of $18.55 and a 200-day moving average of $15.93. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50. The stock has a market capitalization of $2.94 billion, a PE ratio of -441.60, a PEG ratio of 2.22 and a beta of 1.75. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $22.09.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.03. The business had revenue of $307.00 million during the quarter, compared to the consensus estimate of $299.88 million. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%.The company's revenue for the quarter was up 19.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.08) EPS. Sell-side analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks 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.