Brooktree Capital Management Raises Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Brooktree Capital Management lifted its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 0.7% during the fourth quarter, HoldingsChannel reports. The firm owned 180,669 shares of the technology company’s stock after purchasing an additional 1,221 shares during the period. Extreme Networks accounts for about 2.2% of Brooktree Capital Management’s holdings, making the stock its 13th largest position. Brooktree Capital Management’s holdings in Extreme Networks were worth $3,024,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its stake in Extreme Networks by 1.0% in the 3rd quarter. State Street Corp now owns 5,134,008 shares of the technology company’s stock worth $77,164,000 after acquiring an additional 49,905 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Extreme Networks by 2.5% in the fourth quarter. William Blair Investment Management LLC now owns 2,141,387 shares of the technology company’s stock valued at $35,847,000 after purchasing an additional 52,621 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Extreme Networks by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,221,500 shares of the technology company’s stock worth $20,448,000 after purchasing an additional 61,867 shares in the last quarter. Portolan Capital Management LLC increased its holdings in Extreme Networks by 194.6% during the 3rd quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after purchasing an additional 700,724 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in Extreme Networks by 3.1% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 761,283 shares of the technology company’s stock valued at $12,744,000 after purchasing an additional 22,986 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the business’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 transaction, the chief executive officer now directly owns 1,478,941 shares in the company, valued at $22,760,901.99. The trade was a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 3.70% of the company’s stock.

Extreme Networks Price Performance

EXTR opened at $14.80 on Tuesday. The firm has a market capitalization of $1.96 billion, a PE ratio of -15.74, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. The business’s 50-day moving average is $15.87 and its two-hundred day moving average is $15.88. Extreme Networks, Inc. has a 1 year low of $10.50 and a 1 year high of $19.24. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68.

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 the consensus estimate 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%. Research analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its Board of Directors has authorized a share buyback program 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 programs are typically a sign that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

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