New York State Common Retirement Fund Grows Holdings in Extreme Networks, Inc. (NASDAQ:EXTR)

New York State Common Retirement Fund increased its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 1,639.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 625,678 shares of the technology company’s stock after buying an additional 589,713 shares during the period. New York State Common Retirement Fund’s holdings in Extreme Networks were worth $10,474,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quarry LP acquired a new position in Extreme Networks during the 3rd quarter worth $26,000. Byrne Asset Management LLC bought a new position in shares of Extreme Networks during the fourth quarter worth about $30,000. Pacer Advisors Inc. grew its stake 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 in the last quarter. KBC Group NV increased its holdings in Extreme Networks by 54.3% in the third quarter. KBC Group NV now owns 4,959 shares of the technology company’s stock valued at $75,000 after buying an additional 1,745 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in Extreme Networks by 146.2% during the fourth 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 in the last quarter. Institutional investors own 91.05% of the company’s stock.

Insider Activity at Extreme Networks

In other 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 transaction, the chief executive officer now owns 1,478,941 shares of the company’s stock, 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 this link. 3.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on EXTR. B. Riley lifted their target price on Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Rosenblatt Securities reiterated a “buy” rating and set a $22.00 target price on shares of Extreme Networks in a research note on Friday, February 7th. Lake Street Capital increased their target price 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. Craig Hallum lifted their price target on shares of Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Extreme Networks currently has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Extreme Networks Stock Down 0.7 %

Extreme Networks stock opened at $15.12 on Tuesday. 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 one year low of $10.49 and a one year high of $19.24. The company has a 50-day simple moving average of $16.63 and a 200-day simple moving average of $15.87. The firm has a market capitalization of $2.01 billion, a P/E ratio of -16.09, a P/E/G ratio of 3.06 and a beta of 1.73.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.11 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%. As a group, equities analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its board has approved a stock buyback plan on Tuesday, February 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.