Extreme Networks, Inc. (NASDAQ:EXTR) Shares Sold by Horrell Capital Management Inc.

Horrell Capital Management Inc. trimmed its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 33.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 305,000 shares of the technology company’s stock after selling 155,000 shares during the period. Extreme Networks comprises about 1.5% of Horrell Capital Management Inc.’s holdings, making the stock its 23rd biggest position. Horrell Capital Management Inc. owned about 0.23% of Extreme Networks worth $5,106,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. State of Alaska Department of Revenue raised its position in shares of Extreme Networks by 1.0% during the 4th quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company’s stock worth $1,257,000 after purchasing an additional 717 shares during the last quarter. Pacer Advisors Inc. increased its position in Extreme Networks by 31.4% during the fourth quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock worth $52,000 after buying an additional 741 shares in the last quarter. Ironwood Investment Management LLC raised its holdings in shares of Extreme Networks by 0.7% in the fourth quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company’s stock worth $1,804,000 after acquiring an additional 782 shares during the last quarter. Arizona State Retirement System lifted its position in shares of Extreme Networks by 2.4% in the fourth quarter. Arizona State Retirement System now owns 38,299 shares of the technology company’s stock valued at $641,000 after acquiring an additional 881 shares in the last quarter. Finally, Louisiana State Employees Retirement System boosted its stake in shares of Extreme Networks by 1.4% during the fourth quarter. Louisiana State Employees Retirement System now owns 63,900 shares of the technology company’s stock valued at $1,070,000 after acquiring an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the firm’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 owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 3.70% of the company’s stock.

Extreme Networks Price Performance

Extreme Networks stock opened at $14.89 on Monday. Extreme Networks, Inc. has a 1 year low of $10.50 and a 1 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 firm has a 50 day moving average price of $15.69 and a 200 day moving average price of $15.87. The company has a market cap of $1.98 billion, a price-to-earnings ratio of -15.84, a PEG ratio of 3.06 and a beta of 1.72.

Extreme Networks (NASDAQ:EXTR) last released 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%. Sell-side analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on EXTR. 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. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, January 30th. Rosenblatt Securities restated a “buy” rating and set a $22.00 target price on shares of Extreme Networks in a research report on Friday, February 7th. 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 issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $20.30.

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.