Dark Forest Capital Management LP Acquires New Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Dark Forest Capital Management LP bought a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 29,833 shares of the technology company's stock, valued at approximately $499,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Byrne Asset Management LLC bought a new position in shares of Extreme Networks in the fourth quarter worth about $30,000. Sterling Capital Management LLC grew its holdings in Extreme Networks by 603.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock valued at $32,000 after buying an additional 1,665 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Extreme Networks by 385.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock valued at $37,000 after buying an additional 1,733 shares during the last quarter. Pacer Advisors Inc. raised 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 last quarter. Finally, Nisa Investment Advisors LLC boosted its position in shares of Extreme Networks by 146.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company's stock worth $83,000 after acquiring an additional 2,935 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Monday, February 3rd. The shares were 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 directly owns 1,478,941 shares of the company's stock, valued at approximately $22,760,901.99. The trade was a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.70% of the company's stock.

Extreme Networks Trading Up 1.1 %

EXTR opened at $12.49 on Friday. Extreme Networks, Inc. has a 12 month low of $10.10 and a 12 month high of $19.24. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. The stock has a 50-day moving average of $13.54 and a 200 day moving average of $15.41. The firm has a market cap of $1.66 billion, a P/E ratio of -13.29, a P/E/G ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its earnings results 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 11.98% and a negative return on equity of 110.86%. As a group, research analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Extreme Networks announced that its Board of Directors has authorized a stock repurchase program on Tuesday, February 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company's board believes its stock is undervalued.

Analyst Upgrades and Downgrades

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

About Extreme Networks

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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