Alliancebernstein L.P. Reduces Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Alliancebernstein L.P. reduced its position in Extreme Networks, Inc. (NASDAQ:EXTR) by 8.8% in the 4th quarter, Holdings Channel reports. The firm owned 1,950,163 shares of the technology company’s stock after selling 187,104 shares during the period. Alliancebernstein L.P.’s holdings in Extreme Networks were worth $32,646,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in EXTR. Barclays PLC lifted its stake in Extreme Networks by 369.8% in the third quarter. Barclays PLC now owns 217,875 shares of the technology company’s stock valued at $3,274,000 after buying an additional 171,500 shares during the last quarter. Essex Investment Management Co. LLC purchased a new stake in Extreme Networks in the 4th quarter valued at $2,599,000. Legato Capital Management LLC boosted its stake in Extreme Networks by 225.2% during the 4th quarter. Legato Capital Management LLC now owns 107,948 shares of the technology company’s stock worth $1,807,000 after purchasing an additional 74,758 shares during the period. Principal Financial Group Inc. boosted its stake in Extreme Networks by 4.4% during the 4th quarter. Principal Financial Group Inc. now owns 642,531 shares of the technology company’s stock worth $10,756,000 after purchasing an additional 26,853 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Extreme Networks during the 4th quarter worth $8,291,000. 91.05% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction dated 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 owns 1,478,941 shares in the company, valued at $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 3.70% of the company’s stock.

Extreme Networks Price Performance

Shares of NASDAQ:EXTR opened at $11.03 on Monday. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. The company has a 50-day moving average price of $14.97 and a 200 day moving average price of $15.82. Extreme Networks, Inc. has a 52 week low of $10.17 and a 52 week high of $19.24. The company has a market cap of $1.46 billion, a P/E ratio of -11.73, a PEG ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.11 EPS 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%. Research analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

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

Analyst Upgrades and Downgrades

EXTR has been the subject of several recent research reports. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 target price on shares of Extreme Networks in a research note on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Finally, Lake Street Capital increased their price target on Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

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.