Penn Capital Management Company LLC Buys Shares of 850,029 Extreme Networks, Inc. (NASDAQ:EXTR)

Penn Capital Management Company LLC purchased a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 850,029 shares of the technology company's stock, valued at approximately $14,229,000. Extreme Networks makes up 1.4% of Penn Capital Management Company LLC's holdings, making the stock its 18th largest holding. Penn Capital Management Company LLC owned approximately 0.64% of Extreme Networks as of its most recent filing with the SEC.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue grew its holdings in Extreme Networks by 1.0% in the fourth quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company's stock worth $1,257,000 after purchasing an additional 717 shares during the period. Pacer Advisors Inc. grew its stake in shares of Extreme Networks by 31.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company's stock valued at $52,000 after buying an additional 741 shares during the period. Ironwood Investment Management LLC increased its position in Extreme Networks by 0.7% in the 4th quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company's stock valued at $1,804,000 after buying an additional 782 shares in the last quarter. Arizona State Retirement System raised its stake in Extreme Networks by 2.4% during the 4th quarter. Arizona State Retirement System now owns 38,299 shares of the technology company's stock worth $641,000 after buying an additional 881 shares during the period. Finally, Louisiana State Employees Retirement System raised its stake in Extreme Networks by 1.4% during the 4th quarter. Louisiana State Employees Retirement System now owns 63,900 shares of the technology company's stock worth $1,070,000 after buying an additional 900 shares during the period. Institutional investors and hedge funds own 91.05% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on EXTR. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 target price on shares of Extreme Networks in a research report on Thursday, January 30th. Lake Street Capital lifted their price objective on shares of Extreme Networks from $15.00 to $16.00 and gave the company a "hold" rating in a report on Thursday, January 30th. Finally, Rosenblatt Securities lowered their target price on shares of Extreme Networks from $22.00 to $18.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $19.50.

Extreme Networks Stock Performance

Shares of EXTR stock traded up $0.20 during trading on Tuesday, hitting $13.27. The company's stock had a trading volume of 1,159,960 shares, compared to its average volume of 1,178,863. The business has a fifty day moving average of $13.48 and a 200-day moving average of $15.39. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $19.24. The company has a market cap of $1.76 billion, a PE ratio of -14.10, a P/E/G ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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, research analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has authorized a share repurchase program on Tuesday, February 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to buy up to 9.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the transaction, the chief executive officer now owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 3.70% of the company's stock.

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.