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

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

Several other hedge funds have also modified their holdings of EXTR. Comerica Bank increased its stake in shares of Extreme Networks by 850.7% during the 4th quarter. Comerica Bank now owns 439,620 shares of the technology company's stock worth $7,359,000 after purchasing an additional 393,380 shares in the last quarter. Lido Advisors LLC increased its position in Extreme Networks by 25.1% during the fourth quarter. Lido Advisors LLC now owns 17,893 shares of the technology company's stock worth $300,000 after buying an additional 3,585 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Extreme Networks by 15.6% in the fourth quarter. Northern Trust Corp now owns 1,482,113 shares of the technology company's stock worth $24,811,000 after acquiring an additional 200,193 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Extreme Networks by 7.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 69,273 shares of the technology company's stock valued at $1,160,000 after acquiring an additional 4,826 shares in the last quarter. Finally, Quarry LP boosted its stake in shares of Extreme Networks by 42.1% during the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after acquiring an additional 719 shares during the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the sale, the chief executive officer now owns 1,510,719 shares of the company's stock, valued at $20,742,171.87. The trade was a 2.31 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

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

Extreme Networks Stock Up 1.3 %

Shares of NASDAQ:EXTR traded up $0.18 during trading on Tuesday, reaching $14.19. 1,464,880 shares of the company traded hands, compared to its average volume of 1,429,295. 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, Inc. has a 1-year low of $10.10 and a 1-year high of $19.24. The firm has a fifty day simple moving average of $13.32 and a 200 day simple moving average of $15.34. The firm has a market cap of $1.89 billion, a P/E ratio of -15.10, a price-to-earnings-growth ratio of 3.06 and a beta of 1.67.

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

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

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.