Quantbot Technologies LP Takes $230,000 Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Quantbot Technologies LP purchased a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) in the fourth quarter, HoldingsChannel.com reports. The institutional investor purchased 13,744 shares of the technology company’s stock, valued at approximately $230,000.

Other hedge funds also recently added to or reduced their stakes in the company. Barclays PLC lifted its stake in Extreme Networks by 369.8% in the third quarter. Barclays PLC now owns 217,875 shares of the technology company’s stock worth $3,274,000 after purchasing an additional 171,500 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Extreme Networks during the 4th quarter worth approximately $2,599,000. Legato Capital Management LLC boosted its holdings in Extreme Networks by 225.2% during the 4th quarter. Legato Capital Management LLC now owns 107,948 shares of the technology company’s stock valued at $1,807,000 after acquiring an additional 74,758 shares during the period. Principal Financial Group Inc. grew its position in Extreme Networks by 4.4% in the 4th quarter. Principal Financial Group Inc. now owns 642,531 shares of the technology company’s stock valued at $10,756,000 after acquiring an additional 26,853 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new stake in Extreme Networks in the fourth quarter worth $551,000. 91.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling

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

Extreme Networks Trading Down 5.3 %

NASDAQ EXTR opened at $13.90 on Friday. Extreme Networks, Inc. has a one year low of $10.50 and a one year high of $19.24. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of -14.79, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. The company’s 50-day simple moving average is $15.45 and its two-hundred day simple moving average is $15.90.

Extreme Networks (NASDAQ:EXTR) last issued 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 return on equity of 110.86% and a negative net margin of 11.98%. Equities analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks declared that its board has approved a stock repurchase program on Tuesday, February 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

EXTR has been the subject of a number of recent analyst reports. Lake Street Capital boosted their target price 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. Rosenblatt Securities restated a “buy” rating and issued a $22.00 target price on shares of Extreme Networks in a research note on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a research report on Thursday, January 30th. Finally, StockNews.com upgraded Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.