Capital Fund Management S.A. Decreases Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Capital Fund Management S.A. lowered its position in Extreme Networks, Inc. (NASDAQ:EXTR) by 52.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 98,990 shares of the technology company’s stock after selling 110,330 shares during the period. Capital Fund Management S.A. owned approximately 0.07% of Extreme Networks worth $1,657,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in Extreme Networks in the fourth quarter valued at $8,291,000. Bank of Montreal Can grew its stake in Extreme Networks by 8.4% in the 4th quarter. Bank of Montreal Can now owns 18,071 shares of the technology company’s stock valued at $303,000 after acquiring an additional 1,393 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Extreme Networks by 37.4% during the 4th quarter. Russell Investments Group Ltd. now owns 210,852 shares of the technology company’s stock valued at $3,530,000 after acquiring an additional 57,448 shares in the last quarter. Envestnet Asset Management Inc. raised its position in Extreme Networks by 27.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company’s stock worth $361,000 after acquiring an additional 4,610 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its holdings in shares of Extreme Networks by 32.1% in the fourth quarter. Wells Fargo & Company MN now owns 86,521 shares of the technology company’s stock valued at $1,448,000 after purchasing an additional 21,047 shares in the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on EXTR. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Extreme Networks in a report on Thursday, January 30th. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Extreme Networks in a research note on Friday, February 7th. Finally, Lake Street Capital boosted their target price on shares of Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Extreme Networks Stock Performance

Extreme Networks stock opened at $11.75 on Wednesday. The stock has a fifty day moving average price of $14.22 and a 200 day moving average price of $15.59. Extreme Networks, Inc. has a 52 week low of $10.10 and a 52 week high of $19.24. The firm has a market capitalization of $1.56 billion, a P/E ratio of -12.50, a PEG ratio of 3.06 and a beta of 1.57. 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 posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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%. 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 has initiated a share buyback plan on Tuesday, February 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction on Monday, February 3rd. The stock was 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 in the company, valued at $22,760,901.99. This represents a 2.36 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.70% of the stock is currently owned by insiders.

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.