KLP Kapitalforvaltning AS Takes $455,000 Position in Extreme Networks, Inc. (NASDAQ:EXTR)

KLP Kapitalforvaltning AS acquired a new stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 27,200 shares of the technology company's stock, valued at approximately $455,000.

A number of other institutional investors also recently modified their holdings of EXTR. New York State Common Retirement Fund increased its position in Extreme Networks by 1,639.7% in the 4th quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company's stock valued at $10,474,000 after buying an additional 589,713 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Extreme Networks in the 4th quarter worth about $8,291,000. American Century Companies Inc. lifted its position in Extreme Networks by 11.4% in the 4th quarter. American Century Companies Inc. now owns 2,837,171 shares of the technology company's stock valued at $47,494,000 after acquiring an additional 290,184 shares in the last quarter. Barclays PLC boosted its stake in Extreme Networks by 369.8% during the 3rd quarter. Barclays PLC now owns 217,875 shares of the technology company's stock valued at $3,274,000 after purchasing an additional 171,500 shares during the last quarter. Finally, Essex Investment Management Co. LLC acquired a new position in Extreme Networks during the 4th quarter valued at about $2,599,000. Institutional investors and hedge funds own 91.05% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on EXTR shares. Rosenblatt Securities restated a "buy" rating and set a $22.00 price objective on shares of Extreme Networks in a research note on Friday, February 7th. StockNews.com raised shares of Extreme Networks from a "hold" rating to a "buy" rating in a research report on Thursday, December 19th. Lake Street Capital increased their price objective on shares of Extreme Networks from $15.00 to $16.00 and gave the company a "hold" rating in a research note on Thursday, January 30th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $20.30.

Extreme Networks Stock Performance

EXTR stock traded up $1.44 during midday trading on Wednesday, reaching $12.28. 2,260,552 shares of the company's stock traded hands, compared to its average volume of 1,483,892. The firm has a market capitalization of $1.63 billion, a PE ratio of -13.06, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57. The company has a 50-day moving average price of $14.66 and a two-hundred day moving average price of $15.73. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $19.24. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. As a group, equities analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Extreme Networks declared that its board has initiated a share buyback program on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the sale, the chief executive officer now directly owns 1,478,941 shares in the company, valued at $22,760,901.99. This represents a 2.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 3.70% of the stock is owned by company insiders.

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.