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 Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 33.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). 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 portfolio, making the stock its 20th largest holding. Voss Capital LP owned approximately 0.89% of Extreme Networks worth $15,727,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. LPL Financial LLC lifted its stake in shares of Extreme Networks by 24.1% during the fourth quarter. LPL Financial LLC now owns 34,016 shares of the technology company's stock valued at $569,000 after buying an additional 6,601 shares during the period. Wells Fargo & Company MN lifted its stake in shares of Extreme Networks by 32.1% during the fourth quarter. Wells Fargo & Company MN now owns 86,521 shares of the technology company's stock valued at $1,448,000 after buying an additional 21,047 shares during the period. Envestnet Asset Management Inc. lifted its stake in shares of Extreme Networks by 27.2% during the fourth 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 during the period. Bank of Montreal Can lifted its stake in shares of Extreme Networks by 8.4% during the fourth quarter. Bank of Montreal Can now owns 18,071 shares of the technology company's stock valued at $303,000 after buying an additional 1,393 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Extreme Networks during the fourth quarter valued at approximately $8,291,000. Hedge funds and other institutional investors own 91.05% of the company's stock.

Extreme Networks Price Performance

Shares of EXTR traded up $0.71 during mid-day trading on Friday, hitting $20.67. The company's stock had a trading volume of 1,022,791 shares, compared to its average volume of 1,242,694. The firm has a 50-day moving average price of $18.28 and a 200 day moving average price of $15.82. The stock has a market capitalization of $2.75 billion, a price-to-earnings ratio of -413.40, a PEG ratio of 2.08 and a beta of 1.75. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.74. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $21.34.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.03. The company 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 was up 19.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.08) EPS. On average, research analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Analyst Ratings Changes

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

Insider Transactions at Extreme Networks

In other news, Director Raj Khanna sold 15,000 shares of Extreme Networks stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $19.91, for a total value of $298,650.00. Following the transaction, the director directly owned 216,708 shares of the company's stock, valued at $4,314,656.28. This trade represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Edward H. Kennedy sold 25,000 shares of the business'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 transaction, the director directly owned 612,691 shares in the company, valued at $12,259,946.91. The trade was 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 121,450 shares of company stock valued at $2,235,674 over the last ninety days. Corporate 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.