Intech Investment Management LLC Increases Stock Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Intech Investment Management LLC raised its stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 104.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 165,712 shares of the technology company's stock after buying an additional 84,625 shares during the quarter. Intech Investment Management LLC owned approximately 0.12% of Extreme Networks worth $2,774,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quarry LP purchased a new stake in Extreme Networks in the 3rd quarter valued at about $26,000. Byrne Asset Management LLC acquired a new position in shares of Extreme Networks in the 4th quarter worth approximately $30,000. Smartleaf Asset Management LLC boosted its position 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 worth $37,000 after purchasing an additional 1,733 shares during the period. Pacer Advisors Inc. increased its holdings in Extreme Networks by 31.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company's stock valued at $52,000 after purchasing an additional 741 shares during the last quarter. Finally, KBC Group NV raised its position in Extreme Networks by 54.3% in the third quarter. KBC Group NV now owns 4,959 shares of the technology company's stock valued at $75,000 after purchasing an additional 1,745 shares during the period. 91.05% of the stock is owned by institutional investors and hedge funds.

Extreme Networks Stock Up 2.7 %

NASDAQ EXTR traded up $0.40 during trading hours on Monday, hitting $15.29. 895,870 shares of the company were exchanged, compared to its average volume of 1,408,124. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. The firm has a market cap of $2.03 billion, a price-to-earnings ratio of -16.27, a PEG ratio of 3.06 and a beta of 1.72. The company has a 50 day moving average of $15.69 and a two-hundred day moving average of $15.87. Extreme Networks, Inc. has a 52-week low of $10.50 and a 52-week high of $19.24.

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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 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%. Equities research analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has approved a stock buyback plan on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $15.39, for a total value of $549,807.75. Following the transaction, the chief executive officer now owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.70% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Lake Street Capital lifted their price objective on Extreme Networks from $15.00 to $16.00 and gave the company a "hold" rating in a research note 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 report on Friday, February 7th. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a research note on Thursday, January 30th. 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 analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $20.30.

Extreme Networks Company 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.