Principal Financial Group Inc. Buys 26,853 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Principal Financial Group Inc. grew its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 4.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 642,531 shares of the technology company’s stock after acquiring an additional 26,853 shares during the period. Principal Financial Group Inc.’s holdings in Extreme Networks were worth $10,756,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of EXTR. Quarry LP purchased a new position in Extreme Networks in the third quarter valued at approximately $26,000. Byrne Asset Management LLC bought a new stake in shares of Extreme Networks in the fourth quarter valued at $30,000. Pacer Advisors Inc. lifted its position in shares of Extreme Networks by 31.4% during the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock valued at $52,000 after buying an additional 741 shares during the last quarter. KBC Group NV grew its stake in shares of Extreme Networks by 54.3% during the 3rd quarter. KBC Group NV now owns 4,959 shares of the technology company’s stock worth $75,000 after acquiring an additional 1,745 shares during the period. Finally, Nisa Investment Advisors LLC increased its holdings in Extreme Networks by 146.2% in the 4th quarter. Nisa Investment Advisors LLC now owns 4,942 shares of the technology company’s stock worth $83,000 after acquiring an additional 2,935 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Analysts Set New Price Targets

EXTR has been the topic of several recent research reports. Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Extreme Networks in a report on Friday, February 7th. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Lake Street Capital lifted their price objective on shares of Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $20.00 target price 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 assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $20.30.

Extreme Networks Trading Up 0.2 %

Shares of Extreme Networks stock opened at $15.45 on Friday. The company’s 50-day moving average price is $16.48 and its 200-day moving average price is $15.87. The company has a market cap of $2.05 billion, a price-to-earnings ratio of -16.44, a PEG ratio of 3.06 and a beta of 1.73. Extreme Networks, Inc. has a 12-month low of $10.50 and a 12-month high of $19.24. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly 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 net margin of 11.98% and a negative return on equity of 110.86%. On average, equities analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its Board of Directors has authorized a share repurchase 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 repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity at Extreme Networks

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 stock was 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 through 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.