Arizona State Retirement System Raises Stock Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Arizona State Retirement System boosted its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 2.4% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,299 shares of the technology company’s stock after purchasing an additional 881 shares during the quarter. Arizona State Retirement System’s holdings in Extreme Networks were worth $641,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in EXTR. State Street Corp increased its stake in shares of Extreme Networks by 1.0% in the third quarter. State Street Corp now owns 5,134,008 shares of the technology company’s stock worth $77,164,000 after buying an additional 49,905 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Extreme Networks by 318.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock worth $67,124,000 after purchasing an additional 3,399,288 shares during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Extreme Networks by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,221,500 shares of the technology company’s stock valued at $20,448,000 after purchasing an additional 61,867 shares in the last quarter. Portolan Capital Management LLC lifted its position in shares of Extreme Networks by 194.6% during the third quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after purchasing an additional 700,724 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. grew its stake in Extreme Networks by 57.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 738,297 shares of the technology company’s stock worth $11,097,000 after purchasing an additional 269,459 shares in the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on EXTR. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 target price on shares of Extreme Networks in a report on Friday, February 7th. Lake Street Capital lifted their price objective on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Finally, StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. 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 currently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Extreme Networks Price Performance

Shares of NASDAQ EXTR opened at $14.53 on Friday. Extreme Networks, Inc. has a 1-year low of $10.50 and a 1-year high of $19.24. The firm has a market capitalization of $1.93 billion, a PE ratio of -15.46, a P/E/G ratio of 3.06 and a beta of 1.72. 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 business’s fifty day moving average price is $15.91 and its two-hundred day moving average price is $15.88.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 earnings per share 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%. On average, research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current year.

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

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $15.39, for a total value of $549,807.75. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 3.70% of the company’s stock.

Extreme Networks 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.