Tidal Investments LLC Sells 239,059 Shares of Extreme Networks, Inc. $EXTR

Key Points

• Tidal Investments cut its Extreme Networks stake by 90.2% in the second quarter, selling 239,059 shares and retaining 25,912 shares valued at approximately $839,000.
• Analyst sentiment remains favorable: seven analysts rate EXTR a Buy and two rate it Hold, resulting in a consensus “Moderate Buy” rating and an average price target of $32.25.
• Extreme Networks exceeded quarterly expectations, reporting $0.32 in EPS on $338.55 million in revenue; revenue rose 10.3% year over year.

Tidal Investments LLC trimmed its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 90.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 25,912 shares of the technology company's stock after selling 239,059 shares during the quarter. Tidal Investments LLC's holdings in Extreme Networks were worth $839,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Integrated Wealth Concepts LLC purchased a new position in Extreme Networks during the second quarter valued at $25,000. Public Employees Retirement System of Ohio purchased a new position in shares of Extreme Networks during the second quarter valued at approximately $28,000. Nykredit A S bought a new position in Extreme Networks in the 2nd quarter valued at $48,000. Rockefeller Capital Management L.P. raised its stake in shares of Extreme Networks by 313.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,957 shares of the technology company's stock valued at $33,000 after acquiring an additional 1,484 shares in the last quarter. Finally, Allworth Financial LP purchased a new stake in shares of Extreme Networks in the 2nd quarter worth approximately $105,000. 91.05% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

EXTR has been the subject of several recent analyst reports. Rosenblatt Securities reduced their price objective on shares of Extreme Networks from $39.00 to $38.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 8th. Oppenheimer reaffirmed an "outperform" rating on shares of Extreme Networks in a research note on Thursday, August 6th. Needham & Company LLC lowered their price objective on Extreme Networks from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Finally, B. Riley Financial increased their target price on Extreme Networks from $28.00 to $34.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Extreme Networks currently has a consensus rating of "Moderate Buy" and an average price target of $32.25.

Insider Buying and Selling

In other news, CEO Edward Meyercord sold 50,000 shares of the business's stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $29.79, for a total transaction of $1,489,500.00. Following the transaction, the chief executive officer directly owned 1,596,475 shares in the company, valued at $47,558,990.25. The trade was a 3.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin R. Rhodes sold 21,825 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $22.30, for a total value of $486,697.50. Following the transaction, the chief financial officer directly owned 196,803 shares of the company's stock, valued at approximately $4,388,706.90. This trade represents a 9.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.60% of the company's stock.

Extreme Networks Stock Performance

Shares of Extreme Networks stock opened at $22.31 on Monday. The company has a fifty day simple moving average of $25.42 and a 200-day simple moving average of $23.61. The company has a current ratio of 0.93, a quick ratio of 0.81 and a debt-to-equity ratio of 1.63. Extreme Networks, Inc. has a 12-month low of $13.48 and a 12-month high of $33.73. The stock has a market cap of $2.91 billion, a price-to-earnings ratio of 71.97, a PEG ratio of 1.47 and a beta of 1.76.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its earnings results on Wednesday, August 5th. The technology company reported $0.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.03. The firm had revenue of $338.55 million during the quarter, compared to analysts' expectations of $332.49 million. Extreme Networks had a return on equity of 88.88% and a net margin of 3.28%.The business's revenue was up 10.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 EPS. Extreme Networks has set its FY 2027 guidance at 1.280-1.330 EPS and its Q1 2027 guidance at 0.270-0.290 EPS. On average, equities analysts forecast that Extreme Networks, Inc. will post 0.75 EPS for the current fiscal year.

Extreme Networks Company Profile

Extreme Networks, Inc NASDAQ: EXTR provides cloud-driven networking solutions for enterprises and organizations. Its portfolio includes wired and wireless network infrastructure, Ethernet switches, wireless access points, routers, network management software, analytics, and security tools designed to help customers build, monitor, and operate modern networks.

The company's cloud networking offerings include ExtremeCloud IQ, a platform for managing and analyzing network environments across distributed locations.

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