Manatuck Hill Partners LLC Makes New $1.06 Million Investment in Extreme Networks, Inc. (NASDAQ:EXTR)

Manatuck Hill Partners LLC purchased a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The fund purchased 63,000 shares of the technology company's stock, valued at approximately $1,055,000.

Other institutional investors have also recently made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in Extreme Networks by 27.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock valued at $361,000 after acquiring an additional 4,610 shares during the last quarter. Barclays PLC raised its stake in shares of Extreme Networks by 369.8% during the third quarter. Barclays PLC now owns 217,875 shares of the technology company's stock valued at $3,274,000 after acquiring an additional 171,500 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Extreme Networks in the fourth quarter worth about $2,599,000. Geode Capital Management LLC increased its holdings in Extreme Networks by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company's stock valued at $51,385,000 after purchasing an additional 49,888 shares during the period. Finally, Vanguard Group Inc. raised its position in Extreme Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock valued at $299,965,000 after purchasing an additional 690,262 shares during the last quarter. Institutional investors own 91.05% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on EXTR shares. Lake Street Capital cut their price target on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. UBS Group decreased their price target on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price objective on shares of Extreme Networks in a research report on Wednesday, April 30th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 target price on shares of Extreme Networks in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Extreme Networks currently has an average rating of "Moderate Buy" and an average price target of $18.58.

Extreme Networks Stock Up 2.8 %

Shares of NASDAQ:EXTR traded up $0.40 on Wednesday, hitting $14.59. 506,803 shares of the company traded hands, compared to its average volume of 1,418,421. The stock has a 50 day simple moving average of $13.30 and a 200-day simple moving average of $15.34. The company has a market cap of $1.94 billion, a PE ratio of -15.51, a PEG ratio of 3.06 and a beta of 1.67. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $19.24. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The company had revenue of $284.51 million during the quarter, compared to the consensus estimate of $280.32 million. During the same period last year, the company earned ($0.19) EPS. Extreme Networks's revenue for the quarter was up 34.8% on a year-over-year basis. As a group, research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its board has authorized a share repurchase plan on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total transaction of $490,504.25. Following the completion of the sale, the chief executive officer now directly owns 1,510,719 shares in the company, valued at approximately $20,742,171.87. The trade was a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 3.70% of the company's stock.

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.