Sirios Capital Management L P Boosts Stock Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Sirios Capital Management L P increased its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 89.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 162,866 shares of the technology company’s stock after acquiring an additional 76,770 shares during the period. Sirios Capital Management L P’s holdings in Extreme Networks were worth $2,726,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Byrne Asset Management LLC purchased a new position in Extreme Networks during the fourth quarter valued at $30,000. Sterling Capital Management LLC lifted its stake in Extreme Networks by 603.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company’s stock valued at $32,000 after buying an additional 1,665 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in Extreme Networks by 385.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock worth $37,000 after buying an additional 1,733 shares during the last quarter. Pacer Advisors Inc. increased its stake in Extreme Networks by 31.4% during the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock worth $52,000 after buying an additional 741 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in shares of Extreme Networks by 146.2% during the fourth quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company’s stock valued at $83,000 after acquiring an additional 2,935 shares during the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

Extreme Networks Stock Up 2.7 %

Shares of NASDAQ EXTR opened at $11.41 on Wednesday. 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 business has a 50-day moving average price of $13.79 and a 200 day moving average price of $15.47. The stock has a market cap of $1.51 billion, a PE ratio of -12.14, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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 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 authorized a share buyback program on Tuesday, February 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks 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 completion of the sale, 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 3.70% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on EXTR. Rosenblatt Securities dropped their target price on shares of Extreme Networks from $22.00 to $18.00 and set a “buy” rating for the company in a report on Tuesday. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a research note on Thursday, January 30th. Finally, Lake Street Capital raised their price target on Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Extreme Networks currently has a consensus rating of “Moderate Buy” and an average target price of $19.50.

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.