Raymond James Financial Inc. Acquires New Shares in Extreme Networks, Inc. (NASDAQ:EXTR)

Raymond James Financial Inc. purchased a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 495,253 shares of the technology company's stock, valued at approximately $8,291,000. Raymond James Financial Inc. owned about 0.37% of Extreme Networks at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EXTR. Byrne Asset Management LLC purchased a new stake in shares of Extreme Networks during the 4th quarter worth approximately $30,000. Smartleaf Asset Management LLC raised its stake in Extreme Networks by 385.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock valued at $37,000 after purchasing an additional 1,733 shares in the last quarter. Pacer Advisors Inc. lifted its position in Extreme Networks by 31.4% during the fourth 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. Nisa Investment Advisors LLC grew its stake in shares of Extreme Networks by 146.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company's stock worth $83,000 after buying an additional 2,935 shares in the last quarter. Finally, New Age Alpha Advisors LLC bought a new stake in shares of Extreme Networks in the 4th quarter worth about $98,000. 91.05% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently commented on EXTR shares. Rosenblatt Securities dropped their price target on Extreme Networks from $22.00 to $18.00 and set a "buy" rating for the company in a research report on Tuesday. Lake Street Capital lifted their target price on Extreme Networks from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Thursday, January 30th. Finally, 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. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.50.

Insider Transactions 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 transaction, the chief executive officer now directly owns 1,478,941 shares of the company's stock, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 3.70% of the company's stock.

Extreme Networks Trading Up 1.1 %

Shares of NASDAQ:EXTR traded up $0.14 during trading hours on Friday, hitting $12.49. 644,203 shares of the company's stock traded hands, compared to its average volume of 1,459,612. The firm has a market capitalization of $1.66 billion, a P/E ratio of -13.29, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57. The business has a fifty day moving average price of $13.62 and a 200-day moving average price of $15.42. Extreme Networks, Inc. has a 1 year low of $10.10 and a 1 year 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.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings data 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 net margin of 11.98% and a negative return on equity of 110.86%. Equities analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its board has approved a stock repurchase program 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 programs are generally a sign that the company's leadership believes its stock is undervalued.

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.