Royce & Associates LP Reduces Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Key Points

• Royce & Associates LP has decreased its stake in Extreme Networks, Inc. by 17.3%, selling 17,413 shares and retaining 83,410 shares valued at approximately $1.1 million.
• Insider activity includes Director Raj Khanna selling 2,027 shares and CEO Edward Meyercord selling 35,725 shares, indicating a drop in their ownership percentages.
• Analysts have mixed views on the stock, with target price adjustments ranging from a low of $15.00 to a high of $20.00, reflecting various rating upgrades and downgrades.

Royce & Associates LP decreased its stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 17.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,410 shares of the technology company's stock after selling 17,413 shares during the period. Royce & Associates LP owned 0.06% of Extreme Networks worth $1,104,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of EXTR. Envestnet Asset Management Inc. boosted its stake in Extreme Networks by 27.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock worth $361,000 after purchasing an additional 4,610 shares during the period. Principal Financial Group Inc. boosted its stake in Extreme Networks by 3.0% during the 1st quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company's stock worth $8,755,000 after purchasing an additional 19,248 shares during the period. GAMMA Investing LLC boosted its stake in Extreme Networks by 2,619.8% during the 1st quarter. GAMMA Investing LLC now owns 41,939 shares of the technology company's stock worth $555,000 after purchasing an additional 40,397 shares during the period. Edgestream Partners L.P. boosted its stake in Extreme Networks by 76.9% during the 1st quarter. Edgestream Partners L.P. now owns 327,356 shares of the technology company's stock worth $4,331,000 after purchasing an additional 142,332 shares during the period. Finally, Impax Asset Management Group plc lifted its stake in shares of Extreme Networks by 41.5% in the 1st quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company's stock worth $12,637,000 after acquiring an additional 280,000 shares during the period. Institutional investors and hedge funds own 91.05% of the company's stock.

Extreme Networks Price Performance

Shares of EXTR traded down $0.38 during trading hours on Friday, reaching $17.28. The company had a trading volume of 350,757 shares, compared to its average volume of 1,208,728. The firm has a 50 day simple moving average of $17.18 and a 200-day simple moving average of $15.48. The company has a current ratio of 0.93, a quick ratio of 0.70 and a debt-to-equity ratio of 2.33. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -42.07, a PEG ratio of 2.10 and a beta of 1.73. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $19.24.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.19 by $0.02. The business had revenue of $284.51 million during the quarter, compared to the consensus estimate of $280.32 million. Extreme Networks had a negative net margin of 4.94% and a positive return on equity of 13.79%. The business's revenue was up 34.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.19) EPS. Research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Insider Transactions at Extreme Networks

In other news, Director Raj Khanna sold 7,973 shares of the stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $17.20, for a total value of $137,135.60. Following the completion of the transaction, the director owned 233,735 shares in the company, valued at $4,020,242. This trade represents a 3.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $18.21, for a total transaction of $650,552.25. Following the completion of the transaction, the chief executive officer owned 1,541,282 shares of the company's stock, valued at $28,066,745.22. This represents a 2.27% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,725 shares of company stock valued at $823,018 in the last quarter. Insiders own 3.70% of the company's stock.

Analyst Upgrades and Downgrades

EXTR has been the subject of several recent analyst reports. Lake Street Capital reduced their target price on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a research note on Thursday, May 1st. UBS Group reduced their target price on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Needham & Company LLC restated a "buy" rating and issued a $20.00 target price on shares of Extreme Networks in a research note on Thursday, May 15th. Rosenblatt Securities raised their target price on shares of Extreme Networks from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Finally, Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Two 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 stock. According to data from MarketBeat, Extreme Networks presently has a consensus rating of "Moderate Buy" and a consensus price target of $18.92.

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.