Vanguard Group Inc. Purchases 690,262 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Vanguard Group Inc. grew its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 4.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,919,069 shares of the technology company's stock after buying an additional 690,262 shares during the period. Vanguard Group Inc. owned 13.50% of Extreme Networks worth $299,965,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EXTR. Quarry LP purchased a new stake in Extreme Networks in the third quarter worth about $26,000. Byrne Asset Management LLC purchased a new stake in shares of Extreme Networks in the 4th quarter worth approximately $30,000. Smartleaf Asset Management LLC boosted its holdings in Extreme Networks by 385.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock worth $37,000 after acquiring an additional 1,733 shares in the last quarter. Pacer Advisors Inc. grew its stake in shares of Extreme Networks by 31.4% in the fourth quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company's stock worth $52,000 after acquiring an additional 741 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Extreme Networks by 146.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company's stock valued at $83,000 after acquiring an additional 2,935 shares in the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

Extreme Networks Stock Performance

Shares of NASDAQ EXTR traded up $1.44 during trading on Wednesday, reaching $12.28. 2,260,552 shares of the company traded hands, compared to its average volume of 1,483,892. The firm has a 50 day simple moving average of $14.66 and a 200-day simple moving average of $15.73. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $19.24. The stock has a market capitalization of $1.63 billion, a PE ratio of -13.06, a P/E/G ratio of 3.06 and a beta of 1.57. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34.

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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 (EPS) for the quarter, missing the consensus estimate 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%. Equities research analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks announced that its Board of Directors has initiated a share repurchase plan on Tuesday, February 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. 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 research report on Thursday, January 30th. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a report on Thursday, January 30th. StockNews.com raised shares of Extreme Networks from a "hold" rating to a "buy" rating in a research report on Thursday, December 19th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $22.00 price objective 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 issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $20.30.

Insider Buying and Selling

In other Extreme Networks 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 completion of the sale, the chief executive officer now directly 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.70% of the stock is currently owned by corporate insiders.

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.