LMR Partners LLP Acquires New Position in Extreme Networks, Inc. (NASDAQ:EXTR)

LMR Partners LLP purchased a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) in the fourth quarter, HoldingsChannel reports. The firm purchased 990,000 shares of the technology company’s stock, valued at approximately $16,573,000.

Several other large investors have also recently made changes to their positions in the stock. Barclays PLC increased its position 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 worth $3,274,000 after purchasing an additional 171,500 shares in the last quarter. First Hawaiian Bank acquired a new position in Extreme Networks in the fourth quarter valued at $411,000. Mirador Capital Partners LP lifted its stake in shares of Extreme Networks by 0.5% in the 4th quarter. Mirador Capital Partners LP now owns 367,197 shares of the technology company’s stock valued at $6,147,000 after purchasing an additional 1,873 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Extreme Networks by 146.2% in the fourth 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 during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Extreme Networks in the fourth quarter worth about $833,000. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the transaction, the chief executive officer now owns 1,510,719 shares of the company’s stock, valued at $20,742,171.87. This represents a 2.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.70% of the company’s stock.

Extreme Networks Price Performance

Extreme Networks stock opened at $14.80 on Monday. The stock’s 50 day moving average is $13.28 and its 200-day moving average is $15.34. Extreme Networks, Inc. has a 12 month low of $10.10 and a 12 month high of $19.24. The company has a market capitalization of $1.97 billion, a price-to-earnings ratio of -15.74, a PEG ratio of 3.06 and a beta of 1.67. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The firm had revenue of $284.51 million for the quarter, compared to analyst estimates of $280.32 million. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The business’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same period last year, the firm posted ($0.19) earnings per share. Equities 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 repurchase plan on Tuesday, February 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Analysts Set New Price Targets

EXTR has been the subject of a number of research reports. Lake Street Capital decreased their price objective on shares of Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, May 1st. UBS Group decreased their price target on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 price target on shares of Extreme Networks in a report on Thursday, May 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price target on shares of Extreme Networks in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $18.58.

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.