Raymond James Financial Inc. Makes New Investment in Extreme Networks, Inc. (NASDAQ:EXTR)

Raymond James Financial Inc. purchased a new stake in Extreme Networks, Inc. (NASDAQ:EXTR) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 495,253 shares of the technology company’s stock, valued at approximately $8,291,000. Raymond James Financial Inc. owned approximately 0.37% of Extreme Networks as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in EXTR. Barclays PLC increased its holdings in Extreme Networks by 369.8% in the third quarter. Barclays PLC now owns 217,875 shares of the technology company’s stock valued at $3,274,000 after buying an additional 171,500 shares in the last quarter. SkyView Investment Advisors LLC grew its holdings in shares of Extreme Networks by 8.7% in the 3rd quarter. SkyView Investment Advisors LLC now owns 101,439 shares of the technology company’s stock worth $1,525,000 after acquiring an additional 8,131 shares during the period. Central Pacific Bank Trust Division purchased a new position in Extreme Networks in the 4th quarter valued at approximately $267,000. First Hawaiian Bank purchased a new position in Extreme Networks in the 4th quarter valued at approximately $411,000. Finally, Mirador Capital Partners LP raised its holdings in Extreme Networks by 0.5% during the fourth quarter. Mirador Capital Partners LP now owns 367,197 shares of the technology company’s stock worth $6,147,000 after purchasing an additional 1,873 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Extreme Networks Trading Up 2.7 %

Shares of EXTR stock opened at $11.41 on Wednesday. Extreme Networks, Inc. has a twelve month low of $10.10 and a twelve month high of $19.24. The company has a market capitalization of $1.51 billion, a price-to-earnings ratio of -12.14, a PEG ratio of 3.06 and a beta of 1.57. The firm has a 50-day moving average price of $13.79 and a 200 day moving average price of $15.47. 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 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 net margin of 11.98% and a negative return on equity of 110.86%. Research analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

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

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $15.39, for a total transaction of $549,807.75. Following 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 filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on EXTR. Lake Street Capital raised their price target on Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a research report on Thursday, January 30th. Needham & Company LLC restated a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Finally, Rosenblatt Securities reduced their price target on shares of Extreme Networks from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $19.50.

Extreme Networks Company Profile

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.