Paralel Advisors LLC Takes Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Paralel Advisors LLC acquired a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 197,802 shares of the technology company’s stock, valued at approximately $2,660,000. Paralel Advisors LLC owned about 0.15% of Extreme Networks as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of Extreme Networks by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock worth $175,191,000 after purchasing an additional 2,191,181 shares during the period. Norges Bank purchased a new position in shares of Extreme Networks during the 4th quarter valued at approximately $33,267,000. Victory Capital Management Inc. grew its stake in Extreme Networks by 373.4% in the second quarter. Victory Capital Management Inc. now owns 1,066,743 shares of the technology company’s stock worth $14,348,000 after purchasing an additional 841,395 shares in the last quarter. M&G Plc bought a new position in shares of Extreme Networks in the 1st quarter worth about $4,175,000. Finally, Horrell Capital Management Inc. acquired a new position in shares of Extreme Networks during the first quarter valued at $3,808,000. Institutional investors and hedge funds own 91.05% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $16.50 target price on shares of Extreme Networks in a research note on Thursday, August 8th. Craig Hallum upped their target price on Extreme Networks from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Extreme Networks presently has a consensus rating of “Moderate Buy” and an average target price of $15.90.

Insiders Place Their Bets

In related news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $15.02, for a total value of $536,589.50. Following the transaction, the chief executive officer now directly owns 1,448,378 shares of the company’s stock, valued at approximately $21,754,637.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.32% of the company’s stock.

Extreme Networks Price Performance

Shares of NASDAQ EXTR traded down $0.52 during mid-day trading on Friday, reaching $13.70. The company had a trading volume of 900,216 shares, compared to its average volume of 2,040,034. Extreme Networks, Inc. has a one year low of $10.49 and a one year high of $26.32. The firm has a market cap of $1.78 billion, a price-to-earnings ratio of -195.71, a PEG ratio of 3.63 and a beta of 1.77. The company has a debt-to-equity ratio of 7.05, a quick ratio of 0.63 and a current ratio of 0.90. The business’s 50-day simple moving average is $13.99 and its 200 day simple moving average is $12.44.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, August 7th. The technology company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.21). The business had revenue of $256.65 million during the quarter, compared to the consensus estimate of $253.21 million. Extreme Networks had a negative return on equity of 24.51% and a negative net margin of 7.69%. The business’s revenue for the quarter was down 29.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 EPS. On average, research analysts predict that Extreme Networks, Inc. will post 0.25 earnings per share for the current fiscal year.

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.