Proficio Capital Partners LLC Makes New Investment in Extreme Networks, Inc. (NASDAQ:EXTR)

Proficio Capital Partners LLC purchased a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 11,936 shares of the technology company’s stock, valued at approximately $200,000.

A number of other hedge funds have also recently added to or reduced their stakes in EXTR. Natixis Advisors LLC bought a new position in shares of Extreme Networks in the third quarter valued at approximately $224,000. Charles Schwab Investment Management Inc. raised its position in Extreme Networks by 0.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,159,633 shares of the technology company’s stock worth $17,429,000 after purchasing an additional 8,169 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Extreme Networks in the third quarter valued at $651,000. Verition Fund Management LLC bought a new position in shares of Extreme Networks in the third quarter valued at approximately $2,113,000. Finally, Edgestream Partners L.P. bought a new stake in shares of Extreme Networks during the third quarter worth $1,758,000. Institutional investors and hedge funds own 91.05% of the company’s stock.

Analyst Ratings Changes

EXTR has been the topic of a number of recent research reports. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price objective on shares of Extreme Networks in a research report on Friday, February 7th. Lake Street Capital raised 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. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Finally, StockNews.com raised Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Extreme Networks presently has a consensus rating of “Moderate Buy” and an average target price of $20.30.

Extreme Networks Price Performance

Shares of EXTR stock opened at $14.68 on Friday. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. Extreme Networks, Inc. has a 12-month low of $10.50 and a 12-month high of $19.24. The firm has a fifty day moving average of $15.52 and a 200-day moving average of $15.88. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -15.62, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (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%. On average, equities research analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks announced that its Board of Directors has initiated a share repurchase 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 reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the transaction, the chief executive officer now 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 3.70% of the stock is currently owned by company 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.