Y Intercept Hong Kong Ltd Makes New $551,000 Investment in Extreme Networks, Inc. (NASDAQ:EXTR)

Y Intercept Hong Kong Ltd acquired a new position in Extreme Networks, Inc. (NASDAQ:EXTR) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 32,918 shares of the technology company’s stock, valued at approximately $551,000.

Several other institutional investors also recently modified their holdings of the business. Lyell Wealth Management LP grew its stake in shares of Extreme Networks by 2.3% in the fourth quarter. Lyell Wealth Management LP now owns 568,991 shares of the technology company’s stock worth $9,525,000 after purchasing an additional 12,975 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Extreme Networks by 1,639.7% in the fourth quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company’s stock worth $10,474,000 after purchasing an additional 589,713 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Extreme Networks by 4.4% in the fourth 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 last quarter. Rhumbline Advisers grew its stake in shares of Extreme Networks by 1.3% in the fourth quarter. Rhumbline Advisers now owns 372,591 shares of the technology company’s stock worth $6,237,000 after purchasing an additional 4,610 shares during the last quarter. Finally, Legato Capital Management LLC grew its stake in shares of Extreme Networks by 225.2% in the fourth 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 last quarter. Institutional investors own 91.05% of the company’s stock.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the transaction, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at $22,760,901.99. This represents a 2.36 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a research note on Thursday, January 30th. 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 report on Thursday, January 30th. StockNews.com upgraded Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price target on shares of Extreme Networks in a report on Friday, February 7th. One research 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 company presently has an average rating of “Moderate Buy” and an average target price of $20.30.

Extreme Networks Stock Performance

Shares of Extreme Networks stock opened at $15.45 on Friday. The company has a market cap of $2.05 billion, a P/E ratio of -16.44, a PEG ratio of 3.06 and a beta of 1.73. The business has a 50-day moving average price of $16.44 and a two-hundred day moving average price of $15.89. 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, Inc. has a 1-year low of $10.50 and a 1-year high of $19.24.

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

Extreme Networks declared that its Board of Directors has authorized a stock buyback plan on Tuesday, February 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 9.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board believes its shares are undervalued.

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.