Invesco Ltd. Sells 18,335 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Invesco Ltd. lessened its holdings in Extreme Networks, Inc. (NASDAQ:EXTR) by 3.4% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 516,418 shares of the technology company’s stock after selling 18,335 shares during the period. Invesco Ltd. owned approximately 0.39% of Extreme Networks worth $8,645,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of EXTR. Bank of Montreal Can increased its holdings in shares of Extreme Networks by 8.4% in the 4th quarter. Bank of Montreal Can now owns 18,071 shares of the technology company’s stock worth $303,000 after buying an additional 1,393 shares during the last quarter. Russell Investments Group Ltd. increased its stake in Extreme Networks by 37.4% during the fourth quarter. Russell Investments Group Ltd. now owns 210,852 shares of the technology company’s stock worth $3,530,000 after acquiring an additional 57,448 shares during the last quarter. Envestnet Asset Management Inc. raised its position in Extreme Networks by 27.2% during the fourth 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. Wells Fargo & Company MN raised its position in Extreme Networks by 32.1% during the fourth quarter. Wells Fargo & Company MN now owns 86,521 shares of the technology company’s stock valued at $1,448,000 after purchasing an additional 21,047 shares during the period. Finally, Trexquant Investment LP lifted its stake in shares of Extreme Networks by 54.1% in the 4th quarter. Trexquant Investment LP now owns 498,432 shares of the technology company’s stock valued at $8,344,000 after purchasing an additional 175,082 shares during the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Extreme Networks Stock Up 3.6 %

Shares of EXTR opened at $11.82 on Thursday. The firm has a fifty day moving average price of $13.70 and a 200-day moving average price of $15.44. 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 $1.57 billion, a P/E ratio of -12.57, a P/E/G ratio of 3.06 and a beta of 1.57. Extreme Networks, Inc. has a 12-month low of $10.10 and a 12-month high of $19.24.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data 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 net margin of 11.98% and a negative return on equity of 110.86%. Equities research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

EXTR has been the topic of several recent research reports. Rosenblatt Securities decreased their price target on Extreme Networks from $22.00 to $18.00 and set a “buy” rating on the stock in a report on Tuesday. Needham & Company LLC restated a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Finally, Lake Street Capital lifted their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Extreme Networks has a consensus rating of “Moderate Buy” and an average target price of $19.50.

Insiders Place Their Bets

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $15.39, for a total transaction of $549,807.75. Following the transaction, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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.