96,511 Shares in Extreme Networks, Inc. (NASDAQ:EXTR) Bought by Fox Run Management L.L.C.

Fox Run Management L.L.C. bought a new stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 96,511 shares of the technology company's stock, valued at approximately $1,616,000. Fox Run Management L.L.C. owned about 0.07% of Extreme Networks as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. State Street Corp grew its position in Extreme Networks by 1.0% during the third quarter. State Street Corp now owns 5,134,008 shares of the technology company's stock valued at $77,164,000 after acquiring an additional 49,905 shares during the last quarter. American Century Companies Inc. raised its position in Extreme Networks by 11.4% in the 4th quarter. American Century Companies Inc. now owns 2,837,171 shares of the technology company's stock worth $47,494,000 after purchasing an additional 290,184 shares during the period. William Blair Investment Management LLC lifted its stake in Extreme Networks by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 2,141,387 shares of the technology company's stock worth $35,847,000 after purchasing an additional 52,621 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Extreme Networks by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,221,500 shares of the technology company's stock worth $20,448,000 after purchasing an additional 61,867 shares during the last quarter. Finally, Portolan Capital Management LLC grew its stake in shares of Extreme Networks by 194.6% during the third quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company's stock valued at $15,944,000 after buying an additional 700,724 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

Remove Ads

Extreme Networks Stock Performance

Shares of NASDAQ:EXTR traded down $0.29 during midday trading on Wednesday, reaching $14.91. 685,738 shares of the company's stock traded hands, compared to its average volume of 1,403,272. Extreme Networks, Inc. has a one year low of $10.50 and a one year high of $19.24. The stock has a 50 day moving average of $15.62 and a 200 day moving average of $15.89. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -15.86, a P/E/G ratio of 3.06 and a beta of 1.72. 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 released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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%. As a group, equities research analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks declared that its Board of Directors has approved a stock repurchase 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 purchase up to 9.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction that occurred 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 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 SEC, which can be accessed through the SEC website. Company insiders own 3.70% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Lake Street Capital increased their target price on Extreme Networks from $15.00 to $16.00 and gave the company a "hold" rating in a report on Thursday, January 30th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $22.00 target price on shares of Extreme Networks in a research note on Friday, February 7th. StockNews.com raised shares of Extreme Networks from a "hold" rating to a "buy" rating in a research report on Thursday, December 19th. Finally, Needham & Company LLC restated a "buy" rating and issued a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, January 30th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $20.30.

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.