Trexquant Investment LP Boosts Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

Trexquant Investment LP lifted its position in Extreme Networks, Inc. (NASDAQ:EXTR) by 54.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 498,432 shares of the technology company’s stock after acquiring an additional 175,082 shares during the period. Trexquant Investment LP owned 0.38% of Extreme Networks worth $8,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quarry LP purchased a new stake in shares of Extreme Networks in the 3rd quarter valued at approximately $26,000. Byrne Asset Management LLC purchased a new stake in Extreme Networks during the fourth quarter worth about $30,000. Smartleaf Asset Management LLC lifted its holdings in Extreme Networks by 385.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock worth $37,000 after buying an additional 1,733 shares in the last quarter. Pacer Advisors Inc. raised its stake in shares of Extreme Networks by 31.4% in the fourth quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock valued at $52,000 after acquiring an additional 741 shares in the last quarter. Finally, Nisa Investment Advisors LLC boosted its stake in shares of Extreme Networks by 146.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company’s stock valued at $83,000 after buying an additional 2,935 shares during the period. Institutional investors and hedge funds own 91.05% of the company’s stock.

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the company’s 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 transaction, the chief executive officer now directly owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 3.70% of the stock is owned by insiders.

Extreme Networks Stock Down 13.4 %

Extreme Networks stock opened at $11.62 on Friday. The firm has a market capitalization of $1.54 billion, a price-to-earnings ratio of -12.36, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. 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 $10.50 and a fifty-two week high of $19.24. The stock’s fifty day moving average is $15.09 and its two-hundred day moving average is $15.84.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data 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 return on equity of 110.86% and a negative net margin of 11.98%. Analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks announced that its board has initiated a share repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EXTR. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price target on shares of Extreme Networks in a report on Friday, February 7th. Needham & Company LLC restated a “buy” rating and set a $20.00 price target 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 report on Thursday, December 19th. Finally, Lake Street Capital lifted their price target on Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. One investment 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 an average rating of “Moderate Buy” and a consensus price target of $20.30.

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.