Proficio Capital Partners LLC Invests $200,000 in Extreme Networks, Inc. (NASDAQ:EXTR)

Proficio Capital Partners LLC bought a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 11,936 shares of the technology company’s stock, valued at approximately $200,000.

Other hedge funds have also recently added to or reduced their stakes in the company. State of Alaska Department of Revenue boosted its position in shares of Extreme Networks by 1.0% in the fourth quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company’s stock worth $1,257,000 after acquiring an additional 717 shares during the last quarter. Pacer Advisors Inc. raised its stake in Extreme Networks by 31.4% during the fourth quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock worth $52,000 after purchasing an additional 741 shares during the period. Louisiana State Employees Retirement System boosted its holdings in shares of Extreme Networks by 1.4% in the 4th quarter. Louisiana State Employees Retirement System now owns 63,900 shares of the technology company’s stock valued at $1,070,000 after purchasing an additional 900 shares during the last quarter. Andina Capital Management LLC grew its stake in shares of Extreme Networks by 8.2% during the 4th quarter. Andina Capital Management LLC now owns 22,076 shares of the technology company’s stock valued at $370,000 after buying an additional 1,671 shares during the period. Finally, Quarry LP acquired a new stake in shares of Extreme Networks during the 3rd quarter worth $26,000. 91.05% of the stock is owned by institutional investors and hedge funds.

Extreme Networks Price Performance

Shares of NASDAQ EXTR opened at $14.68 on Friday. The company has a market capitalization of $1.95 billion, a price-to-earnings ratio of -15.62, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72. Extreme Networks, Inc. has a twelve month low of $10.50 and a twelve month high of $19.24. The business has a 50 day simple moving average of $15.52 and a 200-day simple moving average of $15.88. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. As a group, equities research analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks announced that its board has initiated a stock buyback program on Tuesday, February 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to buy up to 9.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the transaction, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 3.70% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EXTR shares. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a report on Thursday, January 30th. Lake Street Capital increased their target price on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $22.00 price target on shares of Extreme Networks in a research report on Friday, February 7th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.30.

Extreme Networks Company 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.