Extreme Networks, Inc. (NASDAQ:EXTR) Shares Sold by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. cut its position in Extreme Networks, Inc. (NASDAQ:EXTR) by 29.4% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 592,661 shares of the technology company’s stock after selling 247,307 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Extreme Networks were worth $9,921,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC grew its stake in shares of Extreme Networks by 397,835.5% during the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company’s stock worth $38,103,000 after purchasing an additional 2,275,619 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Extreme Networks by 312.1% in the fourth quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company’s stock valued at $20,078,000 after buying an additional 908,336 shares in the last quarter. Penn Capital Management Company LLC acquired a new stake in Extreme Networks in the fourth quarter valued at $14,229,000. Vanguard Group Inc. lifted its holdings in Extreme Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company’s stock worth $299,965,000 after buying an additional 690,262 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its holdings in Extreme Networks by 1,639.7% during the 4th quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company’s stock worth $10,474,000 after buying an additional 589,713 shares during the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

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

Analysts Set New Price Targets

A number of research firms have recently commented on EXTR. StockNews.com upgraded Extreme Networks from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Lake Street Capital lowered their price target on Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, May 1st. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price target on shares of Extreme Networks in a research note on Wednesday, April 30th. Rosenblatt Securities reissued a “buy” rating and set a $18.00 price objective on shares of Extreme Networks in a report on Thursday, May 1st. Finally, UBS Group lowered their target price on shares of Extreme Networks from $16.50 to $15.00 and set a “neutral” rating for the company in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $18.58.

Extreme Networks Stock Down 0.6%

Extreme Networks stock opened at $15.97 on Thursday. The company has a market capitalization of $2.13 billion, a P/E ratio of -16.99, a PEG ratio of 3.06 and a beta of 1.67. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $19.24. The stock has a 50-day simple moving average of $13.32 and a 200-day simple moving average of $15.36.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. The company had revenue of $284.51 million for the quarter, compared to analyst estimates of $280.32 million. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The firm’s revenue was up 34.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) earnings per share. Equities research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks announced that its Board of Directors has approved a share repurchase plan 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 plans are typically a sign that the company’s board believes its shares are undervalued.

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.