Victory Capital Management Inc. Decreases Stock Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Victory Capital Management Inc. reduced its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 1.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,400,924 shares of the technology company’s stock after selling 65,107 shares during the quarter. Victory Capital Management Inc. owned 3.31% of Extreme Networks worth $73,671,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Portolan Capital Management LLC grew its holdings in shares of Extreme Networks by 194.6% in the 3rd quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after acquiring an additional 700,724 shares during the period. New York State Common Retirement Fund grew its holdings in Extreme Networks by 1,639.7% in the fourth quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company’s stock valued at $10,474,000 after purchasing an additional 589,713 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Extreme Networks by 57.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 738,297 shares of the technology company’s stock valued at $11,097,000 after buying an additional 269,459 shares in the last quarter. Barclays PLC raised its stake in shares of Extreme Networks by 369.8% during the 3rd quarter. Barclays PLC now owns 217,875 shares of the technology company’s stock worth $3,274,000 after buying an additional 171,500 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new stake in shares of Extreme Networks in the 3rd quarter worth about $2,113,000. 91.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Lake Street Capital raised 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. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a research note on Thursday, January 30th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target 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 given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the sale, the chief executive officer now owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 3.70% of the stock is owned by company insiders.

Extreme Networks Stock Down 3.3 %

Shares of NASDAQ EXTR opened at $14.66 on Friday. Extreme Networks, Inc. has a 1 year low of $10.50 and a 1 year high of $19.24. The firm’s 50 day moving average price is $16.20 and its 200 day moving average price is $15.90. The firm has a market cap of $1.95 billion, a P/E ratio of -15.60, a price-to-earnings-growth ratio of 3.06 and a beta of 1.73. 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 (NASDAQ:EXTR) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. As a group, sell-side analysts anticipate that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has authorized a share buyback plan on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership 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.