Clearbridge Investments LLC Sells 26,594 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Clearbridge Investments LLC lessened its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 3.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 822,860 shares of the technology company’s stock after selling 26,594 shares during the period. Clearbridge Investments LLC owned approximately 0.62% of Extreme Networks worth $13,775,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in EXTR. State of Alaska Department of Revenue grew its holdings in shares of Extreme Networks by 1.0% in the fourth quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company’s stock worth $1,257,000 after acquiring an additional 717 shares during the period. Pacer Advisors Inc. boosted its position in Extreme Networks by 31.4% in the fourth 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. Ironwood Investment Management LLC increased its position in shares of Extreme Networks by 0.7% during the 4th quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company’s stock valued at $1,804,000 after purchasing an additional 782 shares during the last quarter. Arizona State Retirement System lifted its stake in shares of Extreme Networks by 2.4% in the 4th quarter. Arizona State Retirement System now owns 38,299 shares of the technology company’s stock worth $641,000 after purchasing an additional 881 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in shares of Extreme Networks by 1.4% in the fourth quarter. Louisiana State Employees Retirement System now owns 63,900 shares of the technology company’s stock worth $1,070,000 after buying an additional 900 shares during the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Extreme Networks Price Performance

Shares of Extreme Networks stock opened at $13.42 on Thursday. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. Extreme Networks, Inc. has a 12 month low of $10.50 and a 12 month high of $19.24. The stock has a 50 day moving average of $15.20 and a 200 day moving average of $15.87. The firm has a market cap of $1.78 billion, a PE ratio of -14.28, a PEG ratio of 3.06 and a beta of 1.72.

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%. On average, research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

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

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $15.39, for a total transaction of $549,807.75. Following the sale, the chief executive officer now directly owns 1,478,941 shares in the company, valued at $22,760,901.99. This represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 3.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

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

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.