Paralel Advisors LLC Boosts Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Paralel Advisors LLC increased its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 10.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 217,562 shares of the technology company’s stock after purchasing an additional 19,760 shares during the period. Paralel Advisors LLC owned approximately 0.16% of Extreme Networks worth $3,642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Extreme Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company’s stock valued at $299,965,000 after acquiring an additional 690,262 shares during the period. State Street Corp boosted its stake in Extreme Networks by 1.0% during the 3rd quarter. State Street Corp now owns 5,134,008 shares of the technology company’s stock worth $77,164,000 after purchasing an additional 49,905 shares during the period. Geode Capital Management LLC raised its position in Extreme Networks by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company’s stock worth $51,385,000 after buying an additional 49,888 shares during the last quarter. American Century Companies Inc. raised its position in Extreme Networks by 11.4% during the 4th quarter. American Century Companies Inc. now owns 2,837,171 shares of the technology company’s stock worth $47,494,000 after buying an additional 290,184 shares during the last quarter. Finally, Barrow Hanley Mewhinney & Strauss LLC increased its holdings in shares of Extreme Networks by 397,835.5% in the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company’s stock valued at $38,103,000 after purchasing an additional 2,275,619 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Extreme Networks Price Performance

Shares of NASDAQ:EXTR traded down $0.56 during trading on Thursday, reaching $11.72. 37,892 shares of the company traded hands, compared to its average volume of 1,478,271. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. 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 PE ratio of -12.47, a PEG ratio of 3.06 and a beta of 1.57. The company’s 50 day moving average is $14.52 and its two-hundred day moving average is $15.68.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share 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%. As a group, sell-side analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has initiated a share repurchase 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 repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $15.39, for a total value 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.70% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price target on shares of Extreme Networks in a report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Finally, Lake Street Capital upped their price target 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. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Extreme Networks presently 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.