SpiderRock Advisors LLC Takes Position in Extreme Networks, Inc. (NASDAQ:EXTR)

SpiderRock Advisors LLC acquired a new stake in Extreme Networks, Inc. (NASDAQ:EXTR) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 18,153 shares of the technology company’s stock, valued at approximately $204,000.

Several other hedge funds have also added to or reduced their stakes in EXTR. Pacer Advisors Inc. lifted its holdings in Extreme Networks by 167,176.8% during the 4th quarter. Pacer Advisors Inc. now owns 3,409,102 shares of the technology company’s stock worth $60,137,000 after purchasing an additional 3,407,064 shares during the last quarter. Norges Bank acquired a new position in Extreme Networks in the 4th quarter valued at $33,267,000. Vanguard Group Inc. raised its holdings in Extreme Networks by 17.0% in the 3rd quarter. Vanguard Group Inc. now owns 12,895,107 shares of the technology company’s stock valued at $312,191,000 after acquiring an additional 1,877,727 shares in the last quarter. Schroder Investment Management Group raised its holdings in Extreme Networks by 126.8% in the 3rd quarter. Schroder Investment Management Group now owns 1,400,467 shares of the technology company’s stock valued at $33,905,000 after acquiring an additional 782,969 shares in the last quarter. Finally, Voss Capital LLC raised its holdings in Extreme Networks by 55.6% in the 4th quarter. Voss Capital LLC now owns 2,170,500 shares of the technology company’s stock valued at $38,288,000 after acquiring an additional 775,500 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EXTR. B. Riley lifted their price target on Extreme Networks from $14.00 to $15.00 and gave the company a “buy” rating in a research note on Thursday, May 2nd. Rosenblatt Securities upgraded Extreme Networks from a “neutral” rating to a “buy” rating and lifted their price target for the company from $15.00 to $17.00 in a research note on Thursday, May 2nd. Craig Hallum upgraded Extreme Networks from a “hold” rating to a “buy” rating and lifted their price target for the company from $13.00 to $14.00 in a research note on Thursday, May 16th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $16.50 price target on shares of Extreme Networks in a research note on Monday, June 10th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $18.25.

Extreme Networks Stock Performance

Shares of NASDAQ EXTR traded up $0.06 during trading on Friday, reaching $12.91. The company had a trading volume of 475,765 shares, compared to its average volume of 2,228,914. The company’s fifty day moving average price is $11.76 and its 200-day moving average price is $12.96. Extreme Networks, Inc. has a 12 month low of $10.49 and a 12 month high of $32.73. The company has a current ratio of 0.96, a quick ratio of 0.61 and a debt-to-equity ratio of 2.78.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings results on Wednesday, May 1st. The technology company reported ($0.33) EPS for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.06). Extreme Networks had a negative net margin of 0.52% and a positive return on equity of 37.36%. The company had revenue of $211.04 million during the quarter, compared to the consensus estimate of $207.80 million. As a group, sell-side analysts predict 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.