Tower Research Capital LLC TRC Sells 4,624 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Tower Research Capital LLC TRC reduced its holdings in Extreme Networks, Inc. (NASDAQ:EXTR) by 52.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,117 shares of the technology company’s stock after selling 4,624 shares during the quarter. Tower Research Capital LLC TRC’s holdings in Extreme Networks were worth $69,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in shares of Extreme Networks by 27.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company’s stock valued at $361,000 after purchasing an additional 4,610 shares during the period. 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 valued at $3,274,000 after buying an additional 171,500 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in shares of Extreme Networks in the fourth quarter valued at approximately $2,599,000. Geode Capital Management LLC increased its position in shares of Extreme Networks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company’s stock worth $51,385,000 after acquiring an additional 49,888 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Extreme Networks by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company’s stock worth $299,965,000 after acquiring an additional 690,262 shares in the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $13.73, for a total transaction of $490,504.25. Following the transaction, the chief executive officer now owns 1,510,719 shares of the company’s stock, valued at $20,742,171.87. The trade was a 2.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 3.70% of the company’s stock.

Extreme Networks Stock Down 0.1%

Shares of EXTR stock opened at $14.80 on Monday. 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, Inc. has a 1 year low of $10.10 and a 1 year high of $19.24. The firm’s fifty day moving average price is $13.28 and its two-hundred day moving average price is $15.34. The firm has a market capitalization of $1.97 billion, a P/E ratio of -15.74, a PEG ratio of 3.06 and a beta of 1.67.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.02. The company had revenue of $284.51 million during the quarter, compared to analysts’ expectations of $280.32 million. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. Extreme Networks’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same quarter last year, the company earned ($0.19) EPS. On average, equities analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 target price on shares of Extreme Networks in a research note on Thursday, May 1st. UBS Group cut their price target on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Lake Street Capital reduced their price objective on Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Finally, Needham & Company LLC reiterated a “buy” rating and set a $20.00 price objective on shares of Extreme Networks in a report on Wednesday, April 30th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $18.58.

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.