Voss Capital LP Sells 586,230 Shares of Extreme Networks, Inc. $EXTR

Key Points

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Voss Capital LP lessened its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 33.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,188,770 shares of the technology company's stock after selling 586,230 shares during the period. Extreme Networks accounts for approximately 1.2% of Voss Capital LP's holdings, making the stock its 20th biggest position. Voss Capital LP owned 0.89% of Extreme Networks worth $15,727,000 at the end of the most recent quarter.

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

Extreme Networks Stock Performance

EXTR traded up $0.71 during midday trading on Friday, hitting $20.67. 1,022,791 shares of the company traded hands, compared to its average volume of 1,368,099. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50. The firm has a market capitalization of $2.75 billion, a PE ratio of -413.40, a price-to-earnings-growth ratio of 2.17 and a beta of 1.75. The company's 50-day moving average is $18.28 and its 200 day moving average is $15.82. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $21.34.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) 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 business's revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.08) EPS. On average, research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Analyst Ratings Changes

A number of brokerages have recently commented on EXTR. Rosenblatt Securities boosted their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a report 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. UBS Group increased their price objective on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Needham & Company LLC increased 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. Finally, Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective on the stock in a research report on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, Extreme Networks currently has an average rating of "Moderate Buy" and an average price target of $22.92.

Insider Buying and Selling at Extreme Networks

In other Extreme Networks news, Director Raj Khanna sold 15,000 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $19.91, for a total transaction of $298,650.00. Following the transaction, the director owned 216,708 shares in the company, valued at approximately $4,314,656.28. This represents a 6.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward H. Kennedy sold 25,000 shares of the company's stock in a transaction dated Monday, August 11th. The shares were sold at an average price of $20.01, for a total transaction of $500,250.00. Following the transaction, the director owned 612,691 shares in the company, valued at $12,259,946.91. This represents a 3.92% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 121,450 shares of company stock worth $2,235,674. Company insiders own 3.70% of the company's stock.

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.