Westfield Capital Management Co. LP Sells 118,369 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Key Points

• Westfield Capital Management Co. LP reduced its holdings in Extreme Networks, Inc. by 7.9%, trimming its position to 1,371,749 shares, valued at approximately $18.1 million.
• Several institutional investors, including Sterling Capital Management LLC and Byrne Asset Management LLC, significantly increased their stakes in Extreme Networks during the fourth quarter.
• Extreme Networks received a strong-buy rating upgrade from Wall Street Zen, with a target price increase from $18.00 to $20.00 following positive analyst reports.

Westfield Capital Management Co. LP lowered its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 7.9% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,371,749 shares of the technology company's stock after selling 118,369 shares during the period. Westfield Capital Management Co. LP owned 1.03% of Extreme Networks worth $18,148,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of EXTR. Sei Investments Co. grew its position in shares of Extreme Networks by 187.5% during the fourth quarter. Sei Investments Co. now owns 37,370 shares of the technology company's stock worth $626,000 after acquiring an additional 24,370 shares during the last quarter. LPL Financial LLC grew its position 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 worth $569,000 after acquiring an additional 6,601 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Extreme Networks by 312.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company's stock worth $20,078,000 after acquiring an additional 908,336 shares during the last quarter. Norges Bank bought a new position in shares of Extreme Networks during the fourth quarter worth about $9,363,000. Finally, Arrowstreet Capital Limited Partnership bought a new position in shares of Extreme Networks during the fourth quarter worth about $2,447,000. Institutional investors own 91.05% of the company's stock.

Analysts Set New Price Targets

EXTR has been the subject of several recent research reports. Rosenblatt Securities upped their price target on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective for the company in a report on Thursday. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. UBS Group upped their price objective on shares of Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a report on Thursday. Finally, Needham & Company LLC upped their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Thursday. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Extreme Networks presently has a consensus rating of "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 7,973 shares of Extreme Networks stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $17.20, for a total transaction of $137,135.60. Following the completion of the transaction, the director directly owned 233,735 shares of the company's stock, valued at approximately $4,020,242. This trade represents a 3.30% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction on Friday, August 1st. The shares were sold at an average price of $17.18, for a total value of $613,755.50. Following the transaction, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $26,479,224.76. The trade was a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 81,450 shares of company stock valued at $1,436,774. 3.70% of the stock is owned by company insiders.

Extreme Networks Stock Performance

EXTR stock traded down $0.21 during midday trading on Thursday, hitting $19.94. 1,742,841 shares of the company traded hands, compared to its average volume of 1,186,680. Extreme Networks, Inc. has a twelve month low of $10.10 and a twelve month high of $21.34. The company has a quick ratio of 0.70, a current ratio of 0.91 and a debt-to-equity ratio of 2.50. The business has a 50 day simple moving average of $17.47 and a 200-day simple moving average of $15.53. The stock has a market capitalization of $2.66 billion, a price-to-earnings ratio of -398.80, a price-to-earnings-growth ratio of 2.37 and a beta of 1.75.

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

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.