Voya Investment Management LLC Reduces Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Voya Investment Management LLC cut its position in Extreme Networks, Inc. (NASDAQ:EXTR) by 18.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 68,837 shares of the technology company’s stock after selling 15,987 shares during the quarter. Voya Investment Management LLC owned 0.05% of Extreme Networks worth $1,152,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in EXTR. Byrne Asset Management LLC purchased a new position in Extreme Networks in the 4th quarter valued at about $30,000. Sterling Capital Management LLC boosted its holdings in Extreme Networks by 603.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,665 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in 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 in the last quarter. Pacer Advisors Inc. increased 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 worth $52,000 after purchasing an additional 741 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in shares of Extreme Networks by 146.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company’s stock valued at $83,000 after purchasing an additional 2,935 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $13.73, for a total transaction of $490,504.25. Following the completion of the transaction, the chief executive officer now directly owns 1,510,719 shares of the company’s stock, valued at $20,742,171.87. The trade was a 2.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.70% of the company’s stock.

Extreme Networks Price Performance

EXTR opened at $14.01 on Tuesday. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. The company’s 50-day moving average price is $13.32 and its 200 day moving average price is $15.34. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $19.24. The firm has a market cap of $1.86 billion, a price-to-earnings ratio of -14.90, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. The business had revenue of $284.51 million for the quarter, compared to the consensus estimate of $280.32 million. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The business’s revenue was up 34.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.19) EPS. As a group, sell-side analysts expect 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 repurchase $200.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

EXTR has been the subject of a number of research analyst reports. Rosenblatt Securities restated a “buy” rating and issued a $18.00 price target on shares of Extreme Networks in a research note on Thursday, May 1st. Lake Street Capital dropped their target price on shares of Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. UBS Group decreased their price target on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating for the company in a research note on Thursday, May 1st. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Extreme Networks in a research note on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.58.

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.