William Blair Investment Management LLC Sells 150,975 Shares of Extreme Networks, Inc. $EXTR

Key Points

• William Blair Investment Management LLC decreased its stake in Extreme Networks by 7.4% in Q2, selling 150,975 shares, and now owns approximately 1.43% of the company valued at $34.08 million.
• Insider sales included notable transactions by Director Edward H. Kennedy and CEO Edward Meyercord, who sold 25,000 and 35,725 shares, respectively, indicating a decrease in their ownership positions.
• Several analysts have upgraded their ratings and price targets for Extreme Networks, with Needham & Company raising its target from $20.00 to $24.00, reflecting positive market sentiment.

William Blair Investment Management LLC lessened its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 7.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,898,607 shares of the technology company's stock after selling 150,975 shares during the period. William Blair Investment Management LLC owned approximately 1.43% of Extreme Networks worth $34,080,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Dash Acquisitions Inc. boosted its stake in shares of Extreme Networks by 11.8% in the second quarter. Dash Acquisitions Inc. now owns 23,462 shares of the technology company's stock valued at $419,000 after buying an additional 2,476 shares during the period. Trust Co. of Toledo NA OH acquired a new position in shares of Extreme Networks during the second quarter worth $169,000. 111 Capital acquired a new position in shares of Extreme Networks during the second quarter worth $215,000. New Century Financial Group LLC acquired a new position in shares of Extreme Networks during the second quarter worth $1,319,000. Finally, State of Alaska Department of Revenue increased its holdings in shares of Extreme Networks by 7.7% during the second quarter. State of Alaska Department of Revenue now owns 79,245 shares of the technology company's stock worth $1,422,000 after buying an additional 5,687 shares in the last quarter. Institutional investors own 91.05% of the company's stock.

Insider Transactions at Extreme Networks

In related news, 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 sale, the director owned 612,691 shares of the company's stock, valued at $12,259,946.91. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $17.18, for a total value of $613,755.50. Following the sale, the chief executive officer directly owned 1,541,282 shares in the company, valued at $26,479,224.76. This represents a 2.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 103,725 shares of company stock worth $2,015,216 in the last ninety days. 3.60% of the stock is currently owned by company insiders.

Extreme Networks Stock Performance

Shares of Extreme Networks stock opened at $20.14 on Friday. Extreme Networks, Inc. has a one year low of $10.10 and a one year high of $22.89. The firm has a market cap of $2.69 billion, a price-to-earnings ratio of -402.80, a price-to-earnings-growth ratio of 2.11 and a beta of 1.81. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.74. The stock's 50-day moving average is $21.04 and its 200-day moving average is $17.56.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings data 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 firm had revenue of $307.00 million for the quarter, compared to analyst estimates of $299.88 million. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%.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 company earned ($0.08) earnings per share. Equities analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the company. Needham & Company LLC increased their price objective on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a report 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 increased their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Extreme Networks in a research report on Wednesday, October 8th. Finally, Lake Street Capital upgraded shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective for the company in a research note on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $22.92.

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.

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