AXQ Capital LP Takes Position in Extreme Networks, Inc. (NASDAQ:EXTR)

AXQ Capital LP bought a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) during the 4th quarter, according to its most recent disclosure with the SEC. The fund bought 10,495 shares of the technology company’s stock, valued at approximately $176,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Portolan Capital Management LLC boosted its position in shares of Extreme Networks by 194.6% during the 3rd quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after purchasing an additional 700,724 shares in the last quarter. New York State Common Retirement Fund lifted its holdings in Extreme Networks by 1,639.7% during the fourth quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company’s stock worth $10,474,000 after acquiring an additional 589,713 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Extreme Networks in the 4th quarter worth about $8,291,000. American Century Companies Inc. boosted its stake in Extreme Networks by 11.4% in the fourth quarter. American Century Companies Inc. now owns 2,837,171 shares of the technology company’s stock valued at $47,494,000 after acquiring an additional 290,184 shares during the last quarter. Finally, Barclays PLC lifted its stake in Extreme Networks by 369.8% in the third quarter. Barclays PLC now owns 217,875 shares of the technology company’s stock valued at $3,274,000 after purchasing an additional 171,500 shares during the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on EXTR shares. Lake Street Capital lifted their target price on 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 reissued a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a research note on Thursday, January 30th. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $22.00 target price on shares of Extreme Networks in a research note 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 has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Extreme Networks Stock Up 2.7 %

Shares of EXTR stock opened at $15.29 on Tuesday. Extreme Networks, Inc. has a 12 month low of $10.50 and a 12 month high of $19.24. The company has a 50 day simple moving average of $15.66 and a two-hundred day simple moving average of $15.88. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. The stock has a market cap of $2.03 billion, a P/E ratio of -16.27, a P/E/G ratio of 3.06 and a beta of 1.72.

Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) 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%. On average, research 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 stock buyback plan on Tuesday, February 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $15.39, for a total value of $549,807.75. Following the transaction, 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.70% of the stock is owned by corporate insiders.

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.