990,000 Shares in Extreme Networks, Inc. (NASDAQ:EXTR) Bought by LMR Partners LLP

LMR Partners LLP purchased a new stake in Extreme Networks, Inc. (NASDAQ:EXTR) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 990,000 shares of the technology company’s stock, valued at approximately $16,573,000. LMR Partners LLP owned 0.75% of Extreme Networks at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of EXTR. Focus Partners Wealth lifted its stake in Extreme Networks by 29.5% in the fourth quarter. Focus Partners Wealth now owns 259,201 shares of the technology company’s stock valued at $4,339,000 after buying an additional 59,060 shares during the last quarter. Cresset Asset Management LLC grew its holdings in shares of Extreme Networks by 1.2% during the fourth quarter. Cresset Asset Management LLC now owns 131,617 shares of the technology company’s stock worth $2,203,000 after buying an additional 1,522 shares in the last quarter. Crestline Management LP lifted its position in Extreme Networks by 65.5% during the fourth quarter. Crestline Management LP now owns 662,249 shares of the technology company’s stock worth $11,086,000 after buying an additional 261,992 shares during the period. Capital Advantage Inc. increased its holdings in shares of Extreme Networks by 6.1% during the 4th quarter. Capital Advantage Inc. now owns 225,475 shares of the technology company’s stock worth $3,774,000 after buying an additional 12,975 shares during the last quarter. Finally, Balyasny Asset Management L.P. increased its position in shares of Extreme Networks by 146.3% in the fourth quarter. Balyasny Asset Management L.P. now owns 362,221 shares of the technology company’s stock worth $6,064,000 after acquiring an additional 215,175 shares in the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $13.73, for a total value of $490,504.25. Following the completion of 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.70% of the stock is currently owned by company insiders.

Extreme Networks Trading Down 0.1%

NASDAQ:EXTR opened at $14.80 on Monday. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of -15.74, a price-to-earnings-growth ratio of 3.06 and a beta of 1.67. The firm has a 50-day moving average price of $13.28 and a two-hundred day moving average price of $15.34. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $19.24.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.19 by $0.02. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The firm had revenue of $284.51 million during the quarter, compared to analysts’ expectations of $280.32 million. During the same period in the prior year, the business earned ($0.19) EPS. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. On average, equities analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks declared that its Board of Directors has initiated a stock buyback 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 purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several equities research analysts recently issued reports on EXTR shares. UBS Group dropped their price target on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Lake Street Capital dropped their price target on shares of Extreme Networks from $16.00 to $15.00 and set a “hold” rating on the stock in a research note on Thursday, May 1st. Rosenblatt Securities reaffirmed a “buy” rating and set a $18.00 price objective on shares of Extreme Networks in a research 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 research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $18.58.

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.