Vanguard Group Inc. Buys 406,350 Shares of Extreme Networks, Inc. $EXTR

Key Points

• Vanguard Group Inc. increased its ownership in Extreme Networks, Inc. by 2.3% during the first quarter, bringing its total shares to 18.3 million, valued at approximately $242 million.
• Several hedge funds have also increased their positions in Extreme Networks, with total institutional ownership now at 91.05%.
• Extreme Networks reported a quarterly revenue of $307 million with earnings per share of $0.25, beating analysts' expectations and reflecting a year-over-year revenue increase of 19.6%.

Vanguard Group Inc. lifted its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 2.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,325,419 shares of the technology company's stock after acquiring an additional 406,350 shares during the quarter. Vanguard Group Inc. owned approximately 13.76% of Extreme Networks worth $242,445,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of EXTR. Barrow Hanley Mewhinney & Strauss LLC boosted its stake in shares of Extreme Networks by 397,835.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company's stock worth $38,103,000 after buying an additional 2,275,619 shares during the last quarter. LMR Partners LLP acquired a new position in Extreme Networks in the fourth quarter valued at about $16,573,000. Penn Capital Management Company LLC acquired a new stake in shares of Extreme Networks in the fourth quarter valued at $14,229,000. Victory Capital Management Inc. grew its stake in shares of Extreme Networks by 13.9% during the first 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. Finally, Raymond James Financial Inc. purchased a new stake in Extreme Networks in the fourth quarter valued at $8,291,000. Institutional investors own 91.05% of the company's stock.

Insider Activity at Extreme Networks

In related news, Director Raj Khanna sold 2,027 shares of Extreme Networks stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $17.43, for a total value of $35,330.61. Following the transaction, the director directly owned 231,708 shares in the company, valued at $4,038,670.44. The trade was a 0.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Edward H. Kennedy sold 25,000 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $20.01, for a total transaction of $500,250.00. Following the completion of the sale, the director directly owned 612,691 shares of the company's stock, valued at $12,259,946.91. This trade represents a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 106,450 shares of company stock worth $1,937,024 over the last ninety days. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

EXTR has been the topic of a number of analyst reports. UBS Group lifted their price target on 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 upgraded Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target for the company in a research note on Thursday, August 7th. Needham & Company LLC lifted their price objective on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Finally, Rosenblatt Securities boosted their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $22.92.

Extreme Networks Stock Up 2.9%

NASDAQ EXTR traded up $0.5740 during mid-day trading on Friday, reaching $20.5340. 472,192 shares of the company's stock traded hands, compared to its average volume of 1,239,073. The company has a fifty day simple moving average of $18.19 and a 200-day simple moving average of $15.78. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $21.34. The company has a market cap of $2.73 billion, a price-to-earnings ratio of -410.40, a P/E/G ratio of 2.08 and a beta of 1.75. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50.

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, 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 negative net margin of 0.65% and a positive return on equity of 82.47%. The business's quarterly revenue was up 19.6% compared to the same quarter last year. During the same quarter last year, the company earned ($0.08) earnings per share. As a group, equities research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current year.

About Extreme Networks

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.