Extreme Networks, Inc. (NASDAQ:EXTR) Stock Holdings Lowered by West Tower Group LLC

West Tower Group LLC reduced its holdings in Extreme Networks, Inc. (NASDAQ:EXTR) by 13.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,000 shares of the technology company’s stock after selling 2,000 shares during the quarter. West Tower Group LLC’s holdings in Extreme Networks were worth $218,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. State of Alaska Department of Revenue raised its holdings in shares of Extreme Networks by 1.0% in the 4th quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company’s stock worth $1,257,000 after purchasing an additional 717 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Extreme Networks by 31.4% during 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 during the period. Ironwood Investment Management LLC raised its holdings in shares of Extreme Networks by 0.7% during the fourth quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company’s stock valued at $1,804,000 after acquiring an additional 782 shares during the period. Arizona State Retirement System raised its holdings in shares of Extreme Networks by 2.4% during the fourth quarter. Arizona State Retirement System now owns 38,299 shares of the technology company’s stock valued at $641,000 after acquiring an additional 881 shares during the period. Finally, Louisiana State Employees Retirement System raised its holdings in shares of Extreme Networks by 1.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 63,900 shares of the technology company’s stock valued at $1,070,000 after acquiring an additional 900 shares during the period. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Stock Performance

Shares of EXTR opened at $14.82 on Wednesday. The company’s 50 day moving average price is $15.83 and its 200 day moving average price is $15.87. Extreme Networks, Inc. has a 52 week low of $10.50 and a 52 week high of $19.24. The company has a market capitalization of $1.97 billion, a PE ratio of -15.77, a PEG 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 (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates 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%. Research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks announced that its board has approved a stock buyback program on Tuesday, February 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on EXTR. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Rosenblatt Securities restated 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 boosted their price target 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. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, January 30th. One 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, Extreme Networks presently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Insiders Place Their Bets

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business’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 value of $549,807.75. Following the completion of the sale, the chief executive officer now directly owns 1,478,941 shares of the company’s stock, valued at $22,760,901.99. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.70% of the company’s stock.

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.