Rock Creek Group LP Trims Stock Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Rock Creek Group LP trimmed its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 33.3% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 50,000 shares of the technology company’s stock after selling 25,000 shares during the period. Rock Creek Group LP’s holdings in Extreme Networks were worth $837,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. grew its holdings in shares of Extreme Networks by 312.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company’s stock worth $20,078,000 after purchasing an additional 908,336 shares during the last quarter. Portolan Capital Management LLC boosted its position in shares of Extreme Networks by 194.6% in the 3rd quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock valued at $15,944,000 after purchasing an additional 700,724 shares during the period. Vanguard Group Inc. grew its stake in Extreme Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company’s stock worth $299,965,000 after buying an additional 690,262 shares during the last quarter. New York State Common Retirement Fund increased its position in Extreme Networks by 1,639.7% during the fourth quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company’s stock worth $10,474,000 after buying an additional 589,713 shares during the period. Finally, Norges Bank purchased a new stake in Extreme Networks in the fourth quarter valued at approximately $9,363,000. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Extreme Networks Stock Down 5.3 %

Shares of Extreme Networks stock opened at $13.90 on Friday. The company has a market cap of $1.85 billion, a P/E ratio of -14.79, a PEG ratio of 3.06 and a beta of 1.72. The firm has a fifty day moving average of $15.45 and a two-hundred day moving average of $15.90. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. Extreme Networks, Inc. has a one year low of $10.50 and a one year high of $19.24.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results 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 return on equity of 110.86% and a negative net margin of 11.98%. On average, analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks announced that its board has approved a share buyback program on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. 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. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target on shares of Extreme Networks in a report on Friday, February 7th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 3.70% of the company’s stock.

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.