Southernsun Asset Management LLC Has $34.65 Million Holdings in Extreme Networks, Inc. $EXTR

Key Points

• Southernsun Asset Management increased its stake in Extreme Networks by 16.6% in the first quarter, ending with 2.3 million shares worth about $34.65 million. The stock now represents about 5% of the fund’s portfolio.
• Extreme Networks has received mostly bullish analyst coverage, with several firms raising price targets and the stock holding a “Moderate Buy” consensus rating. The average price target currently stands at $30.83.
• The company recently beat quarterly expectations, reporting $0.26 EPS versus $0.24 expected and revenue of $316.87 million, up 11.4% year over year. However, insiders have been selling shares, including CEO Edward Meyercord and CFO Kevin R. Rhodes.

Southernsun Asset Management LLC lifted its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 16.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,297,933 shares of the technology company's stock after purchasing an additional 327,047 shares during the quarter. Extreme Networks accounts for about 5.0% of Southernsun Asset Management LLC's portfolio, making the stock its 5th largest position. Southernsun Asset Management LLC owned about 1.76% of Extreme Networks worth $34,653,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Extreme Networks by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 19,112,223 shares of the technology company's stock valued at $318,219,000 after purchasing an additional 349,199 shares during the last quarter. State Street Corp grew its stake in shares of Extreme Networks by 3.9% during the fourth quarter. State Street Corp now owns 5,664,493 shares of the technology company's stock worth $94,314,000 after buying an additional 213,094 shares during the last quarter. Paradigm Capital Management Inc. NY increased its holdings in shares of Extreme Networks by 0.8% during the fourth quarter. Paradigm Capital Management Inc. NY now owns 4,972,500 shares of the technology company's stock worth $82,792,000 after buying an additional 40,000 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in shares of Extreme Networks by 13.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,017,063 shares of the technology company's stock worth $50,234,000 after buying an additional 358,670 shares in the last quarter. Finally, Alyeska Investment Group L.P. lifted its stake in shares of Extreme Networks by 301.9% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,971,718 shares of the technology company's stock valued at $49,479,000 after acquiring an additional 2,232,373 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EXTR has been the topic of several recent research reports. Needham & Company LLC raised their price objective on Extreme Networks from $21.00 to $26.00 and gave the company a "buy" rating in a report on Thursday, April 30th. Rosenblatt Securities upped their target price on Extreme Networks from $29.00 to $39.00 and gave the stock a "buy" rating in a report on Thursday, June 11th. Bank of America increased their target price on Extreme Networks from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Monday, June 8th. UBS Group set a $28.00 price target on Extreme Networks in a research note on Thursday, April 30th. Finally, Weiss Ratings upgraded Extreme Networks from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $30.83.

Extreme Networks Trading Up 0.5%

Shares of NASDAQ EXTR opened at $30.44 on Wednesday. The firm has a 50 day moving average price of $29.27 and a two-hundred day moving average price of $20.75. The stock has a market cap of $3.98 billion, a P/E ratio of 253.67, a price-to-earnings-growth ratio of 1.86 and a beta of 1.77. Extreme Networks, Inc. has a 52-week low of $13.48 and a 52-week high of $33.73. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.78 and a current ratio of 0.91.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 29th. The technology company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. Extreme Networks had a net margin of 1.30% and a return on equity of 81.88%. The company had revenue of $316.87 million for the quarter, compared to analyst estimates of $311.48 million. During the same quarter in the previous year, the business earned $0.21 earnings per share. Extreme Networks's revenue was up 11.4% compared to the same quarter last year. Extreme Networks has set its Q4 2026 guidance at 0.280-0.300 EPS. As a group, equities analysts forecast that Extreme Networks, Inc. will post 0.53 EPS for the current year.

Insider Activity

In other Extreme Networks news, CEO Edward Meyercord sold 100,000 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.10, for a total value of $2,610,000.00. Following the sale, the chief executive officer owned 1,721,902 shares in the company, valued at approximately $44,941,642.20. The trade was a 5.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin R. Rhodes sold 35,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $30.43, for a total value of $1,065,050.00. Following the completion of the sale, the chief financial officer directly owned 151,296 shares of the company's stock, valued at approximately $4,603,937.28. The trade was a 18.79% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 592,182 shares of company stock worth $15,423,978. 3.60% of the stock is owned by corporate insiders.

About Extreme Networks

Extreme Networks, Inc NASDAQ: EXTR is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company's product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme's Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.

Want to see what other hedge funds are holding EXTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Extreme Networks, Inc. (NASDAQ:EXTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.