Fox Run Management L.L.C. Invests $1.62 Million in Extreme Networks, Inc. (NASDAQ:EXTR)

Fox Run Management L.L.C. purchased a new position in Extreme Networks, Inc. (NASDAQ:EXTR) during the fourth quarter, Holdings Channel reports. The fund purchased 96,511 shares of the technology company’s stock, valued at approximately $1,616,000.

Several other institutional investors also recently added to or reduced their stakes in EXTR. KBC Group NV boosted its stake in Extreme Networks by 54.3% in the third quarter. KBC Group NV now owns 4,959 shares of the technology company’s stock valued at $75,000 after acquiring an additional 1,745 shares during the last quarter. Natixis Advisors LLC purchased a new position in Extreme Networks in the third quarter valued at approximately $224,000. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Extreme Networks by 57.5% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 738,297 shares of the technology company’s stock valued at $11,097,000 after purchasing an additional 269,459 shares during the period. Intech Investment Management LLC raised its stake in shares of Extreme Networks by 36.6% in the third quarter. Intech Investment Management LLC now owns 81,087 shares of the technology company’s stock valued at $1,219,000 after buying an additional 21,739 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Extreme Networks by 0.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,159,633 shares of the technology company’s stock valued at $17,429,000 after buying an additional 8,169 shares during the last quarter. Institutional investors own 91.05% of the company’s stock.

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were 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 approximately $22,760,901.99. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

EXTR has been the subject of several recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a report on Thursday, January 30th. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Rosenblatt Securities restated a “buy” rating and set a $22.00 price target on shares of Extreme Networks in a research note on Friday, February 7th. Finally, 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. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Extreme Networks presently has an average rating of “Moderate Buy” and an average target price of $20.30.

Extreme Networks Stock Performance

Extreme Networks stock opened at $14.89 on Friday. Extreme Networks, Inc. has a 1-year low of $10.50 and a 1-year 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. The firm has a market capitalization of $1.98 billion, a PE ratio of -15.84, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. The firm’s 50 day simple moving average is $15.69 and its 200 day simple moving average is $15.85.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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%. As a group, analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its board has initiated a share repurchase program on Tuesday, February 18th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

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.