Rubric Capital Management LP Purchases 1,804,744 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Rubric Capital Management LP boosted its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 52.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,254,744 shares of the technology company’s stock after purchasing an additional 1,804,744 shares during the quarter. Extreme Networks comprises 1.9% of Rubric Capital Management LP’s holdings, making the stock its 16th biggest position. Rubric Capital Management LP owned 4.04% of Extreme Networks worth $70,676,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Acadian Asset Management LLC acquired a new position in shares of Extreme Networks during the 1st quarter worth about $27,000. Allspring Global Investments Holdings LLC lifted its stake in Extreme Networks by 1,635.1% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,997 shares of the technology company’s stock valued at $67,000 after acquiring an additional 4,709 shares in the last quarter. Hennessy Advisors Inc. bought a new stake in Extreme Networks in the 4th quarter valued at approximately $82,000. Gladius Capital Management LP bought a new stake in Extreme Networks in the 2nd quarter valued at approximately $90,000. Finally, Quest Partners LLC bought a new stake in Extreme Networks in the 4th quarter valued at approximately $104,000. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on EXTR shares. Craig Hallum upped their price objective on Extreme Networks from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and issued a $16.50 price target on shares of Extreme Networks in a research note on Thursday, August 8th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Extreme Networks currently has an average rating of “Moderate Buy” and a consensus price target of $15.90.

Extreme Networks Stock Performance

EXTR opened at $15.32 on Friday. The firm has a market cap of $1.99 billion, a P/E ratio of -218.86, a price-to-earnings-growth ratio of 3.19 and a beta of 1.77. Extreme Networks, Inc. has a 52-week low of $10.49 and a 52-week high of $25.51. The company has a debt-to-equity ratio of 7.05, a quick ratio of 0.63 and a current ratio of 0.90. The business’s fifty day moving average is $14.27 and its 200-day moving average is $12.60.

Extreme Networks (NASDAQ:EXTR) last released its earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.21). The company had revenue of $256.65 million for the quarter, compared to analyst estimates of $253.21 million. Extreme Networks had a negative return on equity of 24.51% and a negative net margin of 7.69%. The business’s revenue for the quarter was down 29.5% compared to the same quarter last year. During the same period last year, the company posted $0.24 earnings per share. Sell-side analysts expect that Extreme Networks, Inc. will post 0.25 EPS for the current fiscal year.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $15.02, for a total transaction of $536,589.50. Following the completion of the transaction, the chief executive officer now directly owns 1,448,378 shares in the company, valued at $21,754,637.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.32% of the stock is owned by corporate 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.