Legato Capital Management LLC Makes New Investment in Extreme Networks, Inc. (NASDAQ:EXTR)

Legato Capital Management LLC acquired a new position in Extreme Networks, Inc. (NASDAQ:EXTR) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 17,675 shares of the technology company’s stock, valued at approximately $238,000.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. grew its holdings in shares of Extreme Networks by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock worth $175,191,000 after acquiring an additional 2,191,181 shares during the period. Dimensional Fund Advisors LP lifted its position in Extreme Networks by 8.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,492,869 shares of the technology company’s stock valued at $43,976,000 after buying an additional 194,802 shares during the period. Norges Bank bought a new stake in shares of Extreme Networks during the 4th quarter valued at $33,267,000. Congress Asset Management Co. MA grew its position in shares of Extreme Networks by 11.4% in the 4th quarter. Congress Asset Management Co. MA now owns 1,376,654 shares of the technology company’s stock worth $24,284,000 after buying an additional 141,015 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Extreme Networks by 13.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,313,441 shares of the technology company’s stock worth $23,169,000 after acquiring an additional 158,906 shares in the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on EXTR. B. Riley upped their price objective on shares of Extreme Networks from $14.00 to $15.00 and gave the stock a “buy” rating in a report on Thursday, May 2nd. Craig Hallum boosted their target price on Extreme Networks from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Rosenblatt Securities upgraded Extreme Networks from a “neutral” rating to a “buy” rating and raised their price target for the company from $15.00 to $17.00 in a report on Thursday, May 2nd. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $16.50 price target on shares of Extreme Networks in a research report on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.90.

Extreme Networks Stock Performance

Shares of EXTR traded up $0.05 during mid-day trading on Tuesday, hitting $15.08. 451,639 shares of the company traded hands, compared to its average volume of 2,072,638. The stock has a market cap of $1.96 billion, a price-to-earnings ratio of -214.71, a P/E/G ratio of 2.24 and a beta of 1.79. The stock has a 50-day moving average price of $13.59 and a two-hundred day moving average price of $12.27. Extreme Networks, Inc. has a 1 year low of $10.49 and a 1 year high of $27.92. The company has a debt-to-equity ratio of 2.78, a quick ratio of 0.61 and a current ratio of 0.96.

Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.21). Extreme Networks had a negative net margin of 0.52% and a positive return on equity of 37.36%. The company had revenue of $256.65 million for the quarter, compared to analysts’ expectations of $253.21 million. During the same quarter in the prior year, the firm posted $0.24 earnings per share. Extreme Networks’s quarterly revenue was down 29.5% on a year-over-year basis. Equities analysts anticipate that Extreme Networks, Inc. will post 0.08 earnings per share for the current year.

Extreme Networks 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.