97,791 Extreme Networks, Inc. $EXTR Shares Bought by CenterBook Partners LP

CenterBook Partners LP grew its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 95.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 199,728 shares of the technology company’s stock after purchasing an additional 97,791 shares during the period. CenterBook Partners LP’s holdings in Extreme Networks were worth $4,284,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in EXTR. Cantor Fitzgerald Investment Advisors L.P. bought a new stake in shares of Extreme Networks during the 3rd quarter worth $1,373,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Extreme Networks during the second quarter worth $2,329,000. Oppenheimer Asset Management Inc. acquired a new stake in shares of Extreme Networks during the second quarter worth $2,931,000. Jupiter Topco LLC acquired a new stake in shares of Extreme Networks during the second quarter worth $1,985,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Extreme Networks during the second quarter valued at $23,896,000. Institutional investors and hedge funds own 91.05% of the company’s stock.

Extreme Networks Price Performance

Shares of NASDAQ:EXTR opened at $24.03 on Friday. The company’s fifty day moving average is $22.46 and its two-hundred day moving average is $22.16. The company has a quick ratio of 0.87, a current ratio of 1.02 and a debt-to-equity ratio of 2.27. Extreme Networks, Inc. has a 12-month low of $13.48 and a 12-month high of $33.73. The company has a market cap of $3.15 billion, a P/E ratio of 61.62, a price-to-earnings-growth ratio of 1.55 and a beta of 1.81.

Extreme Networks (NASDAQ:EXTR) last released its earnings results on Wednesday, October 28th. The technology company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. The company had revenue of $341.09 million during the quarter, compared to analyst estimates of $336.75 million. Extreme Networks had a return on equity of 102.41% and a net margin of 3.99%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.22 earnings per share. Equities analysts expect that Extreme Networks, Inc. will post 0.86 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on EXTR shares. B. Riley Financial increased their price target on Extreme Networks from $28.00 to $34.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Rosenblatt Securities restated a “buy” rating and set a $38.00 price objective on shares of Extreme Networks in a report on Thursday, October 29th. Zacks Research upgraded Extreme Networks from a “hold” rating to a “strong-buy” rating in a report on Monday, November 2nd. Weiss Ratings raised shares of Extreme Networks from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday, November 2nd. Finally, Oppenheimer reiterated an “outperform” rating on shares of Extreme Networks in a report on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Extreme Networks has a consensus rating of “Moderate Buy” and an average target price of $33.86.

Extreme Networks News Summary

Here are the key news stories impacting Extreme Networks this week:

• Positive Sentiment: Sale exploration and buyer interest: Extreme Networks is reportedly considering a sale, with Cisco, Fortinet and NetApp named as possible interested parties. A competitive process could support expectations of a takeover premium, but the reports do not confirm an offer or deal. Reuters report SDxCentral report
• Positive Sentiment: New customer deployment: Bayer 04 Leverkusen selected Extreme Networks for a Wi-Fi 7 deployment, offering a customer win that showcases demand for its networking products. Technology Magazine article
• Neutral Sentiment: Unusually high call-option activity: Investors bought 3,027 call options, versus an average of 361. This signals heightened bullish positioning but does not establish the direction of future trading. Benzinga article
• Neutral Sentiment: Sanctions case resolved: Extreme Networks reached a DOJ non-prosecution agreement related to alleged sanctions violations, and OFAC and DOJ have resolved the matter. The resolution may reduce uncertainty, though the headlines do not specify its terms. JDSupra article
• Neutral Sentiment: Shareholders approved directors and key proposals at the company’s annual meeting; no immediate financial or strategic impact is indicated. TipRanks article

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 50,000 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $21.77, for a total transaction of $1,088,500.00. Following the transaction, the chief executive officer directly owned 1,710,097 shares of the company’s stock, valued at approximately $37,228,811.69. The trade was a 2.84% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin Rhodes sold 21,825 shares of the stock in a transaction dated Friday, August 21st. The stock was 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 approximately $4,388,706.90. This represents 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. 3.20% of the stock is currently owned by insiders.

About Extreme Networks

Extreme Networks, Inc develops networking solutions that help organizations connect, manage and secure users, devices and applications across campus, data center and distributed environments. Its portfolio includes wired and wireless network infrastructure, Ethernet switches, access points, software-defined wide-area networking (SD-WAN), network access control and cloud-based network management.

The company’s ExtremeCloud platform supports centralized monitoring, configuration, analytics and automation for network operations.