Vestcor Inc Purchases Shares of 21,474 Extreme Networks, Inc. (NASDAQ:EXTR)

Vestcor Inc acquired a new position in Extreme Networks, Inc. (NASDAQ:EXTR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 21,474 shares of the technology company’s stock, valued at approximately $359,000.

Several other institutional investors have also recently modified their holdings of EXTR. Swiss National Bank lifted its position in Extreme Networks by 2.6% in the 4th quarter. Swiss National Bank now owns 259,700 shares of the technology company’s stock worth $4,347,000 after buying an additional 6,500 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Extreme Networks by 3.1% in the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 761,283 shares of the technology company’s stock worth $12,744,000 after acquiring an additional 22,986 shares during the last quarter. Essex Investment Management Co. LLC bought a new stake in shares of Extreme Networks in the 4th quarter worth approximately $2,599,000. Amundi boosted its stake in shares of Extreme Networks by 82.1% in the 4th quarter. Amundi now owns 88,308 shares of the technology company’s stock valued at $1,545,000 after purchasing an additional 39,819 shares in the last quarter. Finally, Edgestream Partners L.P. grew its holdings in shares of Extreme Networks by 58.2% during the 4th quarter. Edgestream Partners L.P. now owns 185,024 shares of the technology company’s stock valued at $3,097,000 after purchasing an additional 68,059 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the sale, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. The trade was a 2.36 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 3.70% of the company’s stock.

Analyst Ratings Changes

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

Extreme Networks Stock Performance

Shares of NASDAQ:EXTR opened at $14.80 on Tuesday. 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 company has a 50-day moving average price of $15.87 and a 200-day moving average price of $15.88. The company has a market cap of $1.96 billion, a price-to-earnings ratio of -15.74, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. Extreme Networks, Inc. has a 12 month low of $10.50 and a 12 month high of $19.24.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 earnings per share 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%. As a group, equities analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Extreme Networks declared that its board has authorized a share repurchase 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 buy up to 9.2% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its shares are 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.