Penn Capital Management Company LLC Takes $14.23 Million Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Penn Capital Management Company LLC acquired a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 850,029 shares of the technology company's stock, valued at approximately $14,229,000. Extreme Networks comprises about 1.4% of Penn Capital Management Company LLC's portfolio, making the stock its 18th biggest holding. Penn Capital Management Company LLC owned approximately 0.64% of Extreme Networks at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the company. Barclays PLC grew its holdings in shares of Extreme Networks by 369.8% during the third quarter. Barclays PLC now owns 217,875 shares of the technology company's stock valued at $3,274,000 after purchasing an additional 171,500 shares during the last quarter. SkyView Investment Advisors LLC increased its position in Extreme Networks by 8.7% in the third quarter. SkyView Investment Advisors LLC now owns 101,439 shares of the technology company's stock worth $1,525,000 after buying an additional 8,131 shares during the period. Central Pacific Bank Trust Division bought a new stake in Extreme Networks in the fourth quarter valued at $267,000. First Hawaiian Bank acquired a new position in shares of Extreme Networks during the fourth quarter valued at $411,000. Finally, Mirador Capital Partners LP grew its position in shares of Extreme Networks by 0.5% during the fourth quarter. Mirador Capital Partners LP now owns 367,197 shares of the technology company's stock worth $6,147,000 after acquiring an additional 1,873 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Extreme Networks Trading Up 4.6 %

NASDAQ EXTR traded up $0.58 on Monday, hitting $13.07. 1,544,767 shares of the stock were exchanged, compared to its average volume of 1,457,116. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $19.24. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The company has a market capitalization of $1.74 billion, a price-to-earnings ratio of -13.90, a P/E/G ratio of 3.06 and a beta of 1.57. The company's 50-day moving average price is $13.54 and its two-hundred day moving average price is $15.41.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted 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%. Research analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current year.

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

Analysts Set New Price Targets

Several research firms have commented on EXTR. Rosenblatt Securities decreased their target price on shares of Extreme Networks from $22.00 to $18.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Lake Street Capital increased 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. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price target on shares of Extreme Networks in a research report on Thursday, January 30th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Extreme Networks presently has an average rating of "Moderate Buy" and an average target price of $19.50.

Insider Buying and Selling

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business'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 value of $549,807.75. Following the completion of the sale, the chief executive officer now directly owns 1,478,941 shares of the company's stock, valued at $22,760,901.99. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.70% of the stock is owned by corporate insiders.

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.