Engineers Gate Manager LP Sells 345,219 Shares of Extreme Networks, Inc. $EXTR

Engineers Gate Manager LP decreased its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 67.8% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 164,025 shares of the technology company’s stock after selling 345,219 shares during the period. Engineers Gate Manager LP’s holdings in Extreme Networks were worth $5,309,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in EXTR. BlackRock Inc. acquired a new position in shares of Extreme Networks in the second quarter worth approximately $674,661,000. State Street Corp increased its position in Extreme Networks by 3.9% during the 4th quarter. State Street Corp now owns 5,664,493 shares of the technology company’s stock valued at $94,314,000 after purchasing an additional 213,094 shares during the period. Paradigm Capital Management Inc. NY increased its position in Extreme Networks by 5.3% during the 1st quarter. Paradigm Capital Management Inc. NY now owns 5,234,900 shares of the technology company’s stock valued at $78,942,000 after purchasing an additional 262,400 shares during the period. California State Teachers Retirement System increased its position in Extreme Networks by 3,051.6% during the 2nd quarter. California State Teachers Retirement System now owns 5,121,420 shares of the technology company’s stock valued at $158,215,000 after purchasing an additional 4,958,920 shares during the period. Finally, Arrowstreet Capital Limited Partnership raised its holdings in Extreme Networks by 7.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,247,680 shares of the technology company’s stock worth $48,975,000 after purchasing an additional 230,617 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Stock Performance

Shares of EXTR stock opened at $22.20 on Friday. The firm has a 50 day moving average of $26.40 and a 200-day moving average of $23.26. The company has a market cap of $2.90 billion, a price-to-earnings ratio of 71.62, a price-to-earnings-growth ratio of 1.39 and a beta of 1.76. The company has a quick ratio of 0.81, a current ratio of 0.93 and a debt-to-equity ratio of 1.63. Extreme Networks, Inc. has a 52 week low of $13.48 and a 52 week high of $33.73.

Extreme Networks (NASDAQ:EXTR) last released its earnings results on Wednesday, August 5th. The technology company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.03. The company had revenue of $338.55 million for the quarter, compared to the consensus estimate of $332.49 million. Extreme Networks had a net margin of 3.28% and a return on equity of 88.88%. Extreme Networks’s quarterly revenue was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.25 EPS. Extreme Networks has set its FY 2027 guidance at 1.280-1.330 EPS and its Q1 2027 guidance at 0.270-0.290 EPS. On average, equities analysts forecast that Extreme Networks, Inc. will post 0.75 earnings per share for the current year.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 50,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $29.79, for a total value of $1,489,500.00. Following the completion of the sale, the chief executive officer directly owned 1,596,475 shares in the company, valued at $47,558,990.25. This trade represents a 3.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin R. Rhodes sold 21,825 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $22.30, for a total value of $486,697.50. Following the completion of the sale, the chief financial officer directly owned 196,803 shares of the company’s stock, valued at $4,388,706.90. The trade was a 9.98% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.60% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. Bank of America increased their price objective on shares of Extreme Networks from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Craig Hallum restated a “buy” rating and issued a $31.00 target price on shares of Extreme Networks in a report on Thursday, August 6th. Rosenblatt Securities cut their price target on shares of Extreme Networks from $39.00 to $38.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Lake Street Capital increased their price target on Extreme Networks from $25.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, June 15th. Finally, Weiss Ratings raised Extreme Networks from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, August 31st. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, Extreme Networks has an average rating of “Moderate Buy” and a consensus target price of $32.25.

Extreme Networks Company Profile

Extreme Networks, Inc (NASDAQ: EXTR) provides cloud-driven networking solutions for enterprises and organizations. Its portfolio includes wired and wireless network infrastructure, Ethernet switches, wireless access points, routers, network management software, analytics, and security tools designed to help customers build, monitor, and operate modern networks.

The company’s cloud networking offerings include ExtremeCloud IQ, a platform for managing and analyzing network environments across distributed locations.