Clearbridge Investments LLC reduced its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 822,860 shares of the technology company's stock after selling 26,594 shares during the quarter. Clearbridge Investments LLC owned about 0.62% of Extreme Networks worth $13,775,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in EXTR. Quarry LP purchased a new stake in Extreme Networks in the third quarter worth $26,000. Byrne Asset Management LLC purchased a new stake in shares of Extreme Networks in the 4th quarter worth about $30,000. Smartleaf Asset Management LLC boosted its stake in shares of Extreme Networks by 385.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock valued at $37,000 after purchasing an additional 1,733 shares in the last quarter. Pacer Advisors Inc. increased its position in shares of Extreme Networks by 31.4% during the fourth 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. Finally, Nisa Investment Advisors LLC raised its stake in Extreme Networks by 146.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company's stock worth $83,000 after buying an additional 2,935 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors.
Insider Buying and Selling at Extreme Networks
In other news, CEO Edward Meyercord sold 35,725 shares of the company's 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 transaction, the chief executive officer now directly owns 1,478,941 shares of the company's stock, valued at $22,760,901.99. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 3.70% of the company's stock.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the company. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Rosenblatt Securities reiterated a "buy" rating and issued a $22.00 price objective on shares of Extreme Networks in a report on Friday, February 7th. Lake Street Capital boosted their target price 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, StockNews.com upgraded shares of Extreme Networks from a "hold" rating to a "buy" rating in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Extreme Networks has a consensus rating of "Moderate Buy" and a consensus target price of $20.30.
Check Out Our Latest Analysis on EXTR
Extreme Networks Stock Up 0.5 %
Shares of EXTR traded up $0.06 during trading hours on Monday, hitting $11.09. The company had a trading volume of 1,719,632 shares, compared to its average volume of 1,477,712. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $19.24. The firm has a fifty day moving average price of $14.87 and a 200-day moving average price of $15.79. The stock has a market capitalization of $1.47 billion, a price-to-earnings ratio of -11.80, a P/E/G ratio of 3.06 and a beta of 1.57. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93.
Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate 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%. On average, equities research analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.
Extreme Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, February 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's leadership believes its stock is undervalued.
Extreme Networks Profile
(
Free Report)
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.
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