Norges Bank Takes Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Norges Bank acquired a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 559,304 shares of the technology company's stock, valued at approximately $9,363,000. Norges Bank owned about 0.42% of Extreme Networks at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Barclays PLC lifted its holdings in Extreme Networks by 369.8% during the third quarter. Barclays PLC now owns 217,875 shares of the technology company's stock worth $3,274,000 after acquiring an additional 171,500 shares during the period. Essex Investment Management Co. LLC purchased a new stake in shares of Extreme Networks during the 4th quarter valued at $2,599,000. Vanguard Group Inc. raised its stake in shares of Extreme Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock worth $299,965,000 after purchasing an additional 690,262 shares during the period. Legato Capital Management LLC boosted its holdings in shares of Extreme Networks by 225.2% in the 4th quarter. Legato Capital Management LLC now owns 107,948 shares of the technology company's stock worth $1,807,000 after buying an additional 74,758 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in Extreme Networks by 4.4% during the fourth quarter. Principal Financial Group Inc. now owns 642,531 shares of the technology company's stock valued at $10,756,000 after buying an additional 26,853 shares during the period. Hedge funds and other institutional investors own 91.05% of the company's stock.

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Analysts Set New Price Targets

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

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the company'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 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 is accessible through this hyperlink. Insiders own 3.70% of the company's stock.

Extreme Networks Stock Performance

Extreme Networks stock traded up $0.06 during mid-day trading on Friday, reaching $11.51. The company's stock had a trading volume of 685,652 shares, compared to its average volume of 1,479,700. The firm's fifty day moving average price is $14.37 and its two-hundred day moving average price is $15.64. 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, Inc. has a 12-month low of $10.10 and a 12-month high of $19.24. The company has a market capitalization of $1.53 billion, a P/E ratio of -12.24, a PEG ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly 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%. Sell-side analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

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

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.