Ballast Asset Management LP Reduces Stock Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Ballast Asset Management LP trimmed its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 3.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 137,716 shares of the technology company’s stock after selling 4,646 shares during the quarter. Ballast Asset Management LP owned 0.10% of Extreme Networks worth $2,305,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. Quarry LP bought a new stake in Extreme Networks during the third quarter worth approximately $26,000. Byrne Asset Management LLC purchased a new position in shares of Extreme Networks in the 4th quarter worth approximately $30,000. Smartleaf Asset Management LLC increased its position in shares of Extreme Networks by 385.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock valued at $37,000 after purchasing an additional 1,733 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Extreme Networks by 31.4% during the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock valued at $52,000 after buying an additional 741 shares during the period. Finally, Nisa Investment Advisors LLC lifted its position in 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 last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Extreme Networks Price Performance

Extreme Networks stock opened at $13.23 on Tuesday. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The stock has a market cap of $1.76 billion, a price-to-earnings ratio of -14.07, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. The firm has a 50-day moving average of $15.37 and a two-hundred day moving average of $15.90. Extreme Networks, Inc. has a 1 year low of $10.50 and a 1 year high of $19.24.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results 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 net margin of 11.98% and a negative return on equity of 110.86%. On average, research analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has approved a share repurchase program on Tuesday, February 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

EXTR has been the topic of a number of analyst reports. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Lake Street Capital increased their price objective on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a research report on Thursday, January 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 target price on shares of Extreme Networks in a research note on Friday, February 7th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred on 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 directly owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 3.70% of the company’s stock.

Extreme Networks Company 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.