Principal Financial Group Inc. Reduces Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Principal Financial Group Inc. lessened its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 20.7% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 615,678 shares of the technology company’s stock after selling 160,332 shares during the quarter. Principal Financial Group Inc. owned 0.47% of Extreme Networks worth $9,254,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position 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 valued at $175,191,000 after purchasing an additional 2,191,181 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in Extreme Networks during the second quarter valued at approximately $25,409,000. Rubric Capital Management LP increased its holdings in Extreme Networks by 52.3% during the second quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock valued at $70,676,000 after buying an additional 1,804,744 shares during the last quarter. Victory Capital Management Inc. raised its position in Extreme Networks by 373.4% in the second quarter. Victory Capital Management Inc. now owns 1,066,743 shares of the technology company’s stock worth $14,348,000 after acquiring an additional 841,395 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Extreme Networks by 265.8% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 731,500 shares of the technology company’s stock worth $9,839,000 after acquiring an additional 531,500 shares during the last quarter. Institutional investors own 91.05% of the company’s stock.

Extreme Networks Trading Down 1.8 %

EXTR stock opened at $15.33 on Tuesday. The company has a market capitalization of $2.03 billion, a price-to-earnings ratio of -16.09, a PEG ratio of 3.40 and a beta of 1.77. The company has a debt-to-equity ratio of 5.33, a current ratio of 0.91 and a quick ratio of 0.63. Extreme Networks, Inc. has a 1-year low of $10.49 and a 1-year high of $18.77. The business has a 50 day simple moving average of $15.14 and a two-hundred day simple moving average of $13.71.

Wall Street Analyst Weigh In

A number of brokerages recently commented on EXTR. B. Riley raised their target price on Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Extreme Networks in a research note on Wednesday, November 6th. Needham & Company LLC reiterated a “buy” rating and set a $16.50 price objective on shares of Extreme Networks in a research note on Thursday, August 8th. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, Craig Hallum upped their price target on shares of Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Insider Buying and Selling

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $14.75, for a total transaction of $526,943.75. Following the completion of the transaction, the chief executive officer now owns 1,448,378 shares in the company, valued at $21,363,575.50. This trade represents a 2.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Raj Khanna sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $16.53, for a total value of $165,300.00. Following the sale, the director now directly owns 228,733 shares in the company, valued at $3,780,956.49. This trade represents a 4.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 117,175 shares of company stock worth $1,763,279. 3.70% of the stock is owned by insiders.

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.