Renaissance Technologies LLC Buys 510,215 Shares of Extreme Networks, Inc. $EXTR

Renaissance Technologies LLC grew its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 32.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,076,080 shares of the technology company’s stock after buying an additional 510,215 shares during the period. Renaissance Technologies LLC’s holdings in Extreme Networks were worth $31,307,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EXTR. Caitong International Asset Management Co. Ltd purchased a new position in Extreme Networks during the third quarter valued at approximately $31,000. Rockefeller Capital Management L.P. increased its stake in shares of Extreme Networks by 313.7% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,957 shares of the technology company’s stock worth $33,000 after purchasing an additional 1,484 shares in the last quarter. CWM LLC raised its position in shares of Extreme Networks by 51.7% during the 4th quarter. CWM LLC now owns 3,179 shares of the technology company’s stock valued at $53,000 after purchasing an additional 1,084 shares during the period. Quarry LP lifted its stake in shares of Extreme Networks by 74.9% during the 3rd quarter. Quarry LP now owns 2,610 shares of the technology company’s stock valued at $54,000 after buying an additional 1,118 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in Extreme Networks by 136.8% in the 4th quarter. Advisors Asset Management Inc. now owns 3,221 shares of the technology company’s stock worth $54,000 after buying an additional 1,861 shares during the period. 91.05% of the stock is owned by hedge funds and other institutional investors.

Extreme Networks Stock Up 0.1%

Shares of EXTR stock opened at $29.99 on Wednesday. The stock has a market cap of $3.92 billion, a P/E ratio of 249.92, a PEG ratio of 1.84 and a beta of 1.77. Extreme Networks, Inc. has a 52 week low of $13.48 and a 52 week high of $33.73. The company has a quick ratio of 0.78, a current ratio of 0.91 and a debt-to-equity ratio of 1.89. The company’s fifty day simple moving average is $29.86 and its two-hundred day simple moving average is $21.22.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, April 29th. The technology company reported $0.26 EPS for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $316.87 million during the quarter, compared to the consensus estimate of $311.48 million. Extreme Networks had a net margin of 1.30% and a return on equity of 81.88%. The business’s revenue was up 11.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.21 EPS. Analysts predict that Extreme Networks, Inc. will post 0.53 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on EXTR shares. Lake Street Capital raised their price target on Extreme Networks from $25.00 to $34.00 and gave the company a “buy” rating in a report on Monday, June 15th. Rosenblatt Securities increased their target price on Extreme Networks from $29.00 to $39.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Wall Street Zen downgraded Extreme Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Bank of America boosted their price target on Extreme Networks from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Finally, UBS Group set a $28.00 price target on Extreme Networks in a research note on Thursday, April 30th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $32.83.

Insider Transactions at Extreme Networks

In related news, insider Katayoun Motiey sold 30,000 shares of the business’s stock in a transaction dated Friday, June 12th. The stock was sold at an average price of $31.03, for a total value of $930,900.00. Following the sale, the insider directly owned 120,834 shares in the company, valued at approximately $3,749,479.02. The trade was a 19.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Kevin R. Rhodes sold 35,000 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were sold at an average price of $30.43, for a total value of $1,065,050.00. Following the transaction, the chief financial officer directly owned 151,296 shares of the company’s stock, valued at approximately $4,603,937.28. The trade was a 18.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 592,182 shares of company stock valued at $15,423,978. 3.60% of the stock is owned by company insiders.

Extreme Networks Company Profile

Extreme Networks, Inc (NASDAQ: EXTR) is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company’s product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme’s Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.