Smith Group Asset Management LLC Purchases New Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Smith Group Asset Management LLC acquired a new stake in Extreme Networks, Inc. (NASDAQ:EXTR) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 64,000 shares of the technology company’s stock, valued at approximately $1,071,000.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Squarepoint Ops LLC acquired a new stake in shares of Extreme Networks during the second quarter valued at about $1,745,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Extreme Networks by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 64,433 shares of the technology company’s stock worth $867,000 after purchasing an additional 1,749 shares during the period. Mackenzie Financial Corp grew its stake in shares of Extreme Networks by 75.3% in the second quarter. Mackenzie Financial Corp now owns 26,888 shares of the technology company’s stock worth $362,000 after purchasing an additional 11,549 shares during the last quarter. Point72 Asset Management L.P. increased its holdings in Extreme Networks by 61.1% in the second quarter. Point72 Asset Management L.P. now owns 689,222 shares of the technology company’s stock valued at $9,270,000 after purchasing an additional 261,322 shares during the period. Finally, Clearbridge Investments LLC raised its position in Extreme Networks by 42.9% during the 2nd quarter. Clearbridge Investments LLC now owns 855,541 shares of the technology company’s stock worth $11,507,000 after purchasing an additional 256,765 shares during the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

Extreme Networks Stock Performance

Shares of EXTR stock opened at $16.25 on Wednesday. Extreme Networks, Inc. has a fifty-two week low of $10.49 and a fifty-two week high of $19.24. The company has a debt-to-equity ratio of 5.33, a quick ratio of 0.63 and a current ratio of 0.91. The stock has a 50 day simple moving average of $17.18 and a two-hundred day simple moving average of $15.59. The company has a market cap of $2.15 billion, a P/E ratio of -16.75, a PEG ratio of 3.76 and a beta of 1.75.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative net margin of 12.11% and a negative return on equity of 80.55%. Research analysts forecast that Extreme Networks, Inc. will post 0.27 earnings per share for the current year.

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 dated Friday, November 1st. The stock was sold at an average price of $14.96, for a total value of $534,446.00. Following the completion of the sale, the chief executive officer now directly owns 1,448,378 shares of the company’s stock, valued at $21,667,734.88. The trade was a 2.41 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles Carinalli sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $16.70, for a total value of $83,500.00. Following the transaction, the director now directly owns 366,793 shares in the company, valued at approximately $6,125,443.10. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 45,725 shares of company stock valued at $698,246. Corporate insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Craig Hallum upped their price target on Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a research report on Thursday, October 31st. B. Riley increased their target price on shares of Extreme Networks from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Rosenblatt Securities restated a “buy” rating and set a $21.00 price target on shares of Extreme Networks in a report on Wednesday, November 6th. Finally, StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

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.