Essex Investment Management Co. LLC Purchases Shares of 155,261 Extreme Networks, Inc. (NASDAQ:EXTR)

Essex Investment Management Co. LLC acquired a new position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 155,261 shares of the technology company's stock, valued at approximately $2,599,000. Essex Investment Management Co. LLC owned about 0.12% of Extreme Networks as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the company. Dynamic Technology Lab Private Ltd purchased a new position in Extreme Networks in the third quarter worth $651,000. Lisanti Capital Growth LLC boosted its position in shares of Extreme Networks by 61.0% in the 3rd quarter. Lisanti Capital Growth LLC now owns 195,490 shares of the technology company's stock worth $2,938,000 after purchasing an additional 74,080 shares in the last quarter. Barclays PLC grew its stake in Extreme Networks by 369.8% during the 3rd quarter. Barclays PLC now owns 217,875 shares of the technology company's stock worth $3,274,000 after buying an additional 171,500 shares during the last quarter. Victory Capital Management Inc. increased its position in Extreme Networks by 318.7% during the 3rd quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company's stock valued at $67,124,000 after buying an additional 3,399,288 shares in the last quarter. Finally, Legato Capital Management LLC raised its stake in Extreme Networks by 225.2% in the fourth quarter. Legato Capital Management LLC now owns 107,948 shares of the technology company's stock valued at $1,807,000 after buying an additional 74,758 shares during the last quarter. Institutional investors own 91.05% of the company's stock.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the sale, the chief executive officer now owns 1,478,941 shares of the company's stock, valued at $22,760,901.99. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 3.70% of the company's stock.

Extreme Networks Stock Performance

EXTR opened at $14.85 on Monday. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. Extreme Networks, Inc. has a 12-month low of $10.50 and a 12-month high of $19.24. The firm has a 50 day moving average of $16.16 and a two-hundred day moving average of $15.91. The firm has a market capitalization of $1.97 billion, a PE ratio of -15.80, a P/E/G ratio of 3.06 and a beta of 1.72.

Remove Ads

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, analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Extreme Networks announced that its board has approved a stock buyback plan on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on EXTR. Rosenblatt Securities restated a "buy" rating and set a $22.00 price target on shares of Extreme Networks in a research note on Friday, February 7th. Needham & Company LLC reissued a "buy" rating and set a $20.00 target price on shares of Extreme Networks in a research report on Thursday, January 30th. StockNews.com raised shares of Extreme Networks from a "hold" rating to a "buy" rating in a report on Thursday, December 19th. Finally, Lake Street Capital boosted their price objective 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. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.30.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.