Trexquant Investment LP Cuts Stock Position in Extreme Networks, Inc. $EXTR

Key Points

• Trexquant Investment LP reduced its stake in Extreme Networks, Inc. by 5.1% in the first quarter, now holding 473,249 shares valued at approximately $6.26 million.
• Extreme Networks recently reported a 19.6% year-over-year revenue increase of $307 million for the quarter, along with earnings per share of $0.25, surpassing analysts' expectations.
• Several institutional investors have recently increased their holdings in Extreme Networks, indicating strong institutional interest, with 91.05% of the stock now owned by institutional investors and hedge funds.

Trexquant Investment LP lowered its position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 5.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 473,249 shares of the technology company's stock after selling 25,183 shares during the period. Trexquant Investment LP owned 0.36% of Extreme Networks worth $6,261,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Orion Capital Management LLC bought a new position in Extreme Networks during the fourth quarter valued at about $33,000. Quarry LP boosted its position in shares of Extreme Networks by 42.1% in the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after acquiring an additional 719 shares during the period. GAMMA Investing LLC boosted its position in shares of Extreme Networks by 105.6% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after acquiring an additional 1,628 shares during the period. Byrne Asset Management LLC boosted its position in shares of Extreme Networks by 115.6% in the first quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after acquiring an additional 2,081 shares during the period. Finally, Avior Wealth Management LLC boosted its position 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 valued at $185,000 after acquiring an additional 4,594 shares during the period. Institutional investors own 91.05% of the company's stock.

Extreme Networks Trading Down 3.3%

Shares of Extreme Networks stock traded down $0.75 on Friday, hitting $21.70. The stock had a trading volume of 2,149,629 shares, compared to its average volume of 1,368,466. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50. Extreme Networks, Inc. has a one year low of $10.10 and a one year high of $22.63. The stock has a market cap of $2.89 billion, a price-to-earnings ratio of -434.00, a PEG ratio of 2.35 and a beta of 1.84. The stock's 50-day simple moving average is $19.16 and its two-hundred day simple moving average is $16.21.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.22 by $0.03. The business had revenue of $307.00 million for the quarter, compared to analysts' expectations of $299.88 million. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The firm's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.08) earnings per share. As a group, sell-side analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Insider Activity at Extreme Networks

In other Extreme Networks news, Director Edward H. Kennedy sold 25,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $20.01, for a total transaction of $500,250.00. Following the sale, the director owned 612,691 shares in the company, valued at approximately $12,259,946.91. This trade represents a 3.92% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $17.18, for a total transaction of $613,755.50. Following the sale, the chief executive officer owned 1,541,282 shares in the company, valued at approximately $26,479,224.76. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 149,450 shares of company stock worth $2,838,234. 3.70% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

EXTR has been the subject of a number of analyst reports. Needham & Company LLC raised their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. UBS Group raised their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 target price on the stock in a research note on Thursday, August 7th. Finally, Rosenblatt Securities raised their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Extreme Networks presently has a consensus rating of "Moderate Buy" and a consensus target price of $22.92.

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.