Icon Advisers Inc. Co. Sells 26,979 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Icon Advisers Inc. Co. lessened its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 25.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 80,000 shares of the technology company’s stock after selling 26,979 shares during the quarter. Icon Advisers Inc. Co. owned 0.06% of Extreme Networks worth $1,339,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of EXTR. Barclays PLC raised its holdings in Extreme Networks by 50.0% in the 4th quarter. Barclays PLC now owns 326,711 shares of the technology company’s stock valued at $5,470,000 after acquiring an additional 108,836 shares during the period. Summit Investment Advisors Inc. grew its stake in Extreme Networks by 9.6% during the fourth quarter. Summit Investment Advisors Inc. now owns 13,490 shares of the technology company’s stock worth $226,000 after buying an additional 1,182 shares in the last quarter. Sterling Capital Management LLC raised its position in shares of 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. Paralel Advisors LLC lifted its stake in Extreme Networks by 10.0% during the fourth quarter. Paralel Advisors LLC now owns 217,562 shares of the technology company’s stock worth $3,642,000 after purchasing an additional 19,760 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Extreme Networks during the fourth quarter worth about $8,291,000. 91.05% of the stock is owned by institutional investors and hedge funds.

Extreme Networks Trading Up 0.5 %

Shares of EXTR opened at $11.51 on Monday. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The firm’s 50 day simple moving average is $14.37 and its 200 day simple moving average is $15.64. Extreme Networks, Inc. has a 1-year low of $10.10 and a 1-year high of $19.24. The company has a market capitalization of $1.53 billion, a P/E ratio of -12.24, a P/E/G ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data 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%. Sell-side analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its Board of Directors has initiated 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 repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $15.39, for a total value of $549,807.75. Following the completion of the sale, the chief executive officer now owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on EXTR shares. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 price target on shares of Extreme Networks in a report on Friday, February 7th. Lake Street Capital lifted their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, January 30th. Finally, StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Extreme Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Extreme Networks 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.