Renaissance Technologies LLC Sells 38,400 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Renaissance Technologies LLC lowered its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 2.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,495,601 shares of the technology company's stock after selling 38,400 shares during the quarter. Renaissance Technologies LLC owned 1.13% of Extreme Networks worth $25,036,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of EXTR. State of Alaska Department of Revenue grew its holdings in Extreme Networks by 1.0% during the fourth quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company's stock valued at $1,257,000 after purchasing an additional 717 shares during the period. Pacer Advisors Inc. raised its stake in 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 acquiring an additional 741 shares during the period. Ironwood Investment Management LLC lifted its holdings in Extreme Networks by 0.7% during the fourth quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company's stock valued at $1,804,000 after purchasing an additional 782 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Extreme Networks by 2.4% in the fourth quarter. Arizona State Retirement System now owns 38,299 shares of the technology company's stock worth $641,000 after purchasing an additional 881 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its position in shares of Extreme Networks by 1.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 63,900 shares of the technology company's stock valued at $1,070,000 after purchasing an additional 900 shares during the period. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Price Performance

EXTR stock traded down $0.17 during midday trading on Friday, reaching $11.38. The company had a trading volume of 1,114,959 shares, compared to its average volume of 1,467,044. The firm has a 50-day moving average price of $14.06 and a 200-day moving average price of $15.54. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The company has a market capitalization of $1.51 billion, a P/E ratio of -12.11, a P/E/G ratio of 3.06 and a beta of 1.57. Extreme Networks, Inc. has a 1 year low of $10.10 and a 1 year high of $19.24.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released 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 net margin of 11.98% and a negative return on equity of 110.86%. On average, research analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its board has authorized a share buyback program on Tuesday, February 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.

Wall Street Analyst Weigh In

EXTR has been the subject of a number of recent research reports. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price objective on shares of Extreme Networks in a research note on Thursday, January 30th. Lake Street Capital increased their price objective on Extreme Networks from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Thursday, January 30th. Rosenblatt Securities reaffirmed a "buy" rating and set a $22.00 target price on shares of Extreme Networks in a report on Friday, February 7th. Finally, StockNews.com upgraded shares of Extreme Networks from a "hold" rating to a "buy" rating in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, Extreme Networks presently has a consensus rating of "Moderate Buy" and an average target price of $20.30.

Insider Activity at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred 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 sale, the chief executive officer now owns 1,478,941 shares of the company's stock, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.70% of the stock is currently owned by company insiders.

Extreme Networks Company 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.