Geode Capital Management LLC Sells 312,825 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Geode Capital Management LLC cut its stake in Extreme Networks, Inc. (NASDAQ:EXTR) by 9.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,018,966 shares of the technology company’s stock after selling 312,825 shares during the period. Geode Capital Management LLC owned about 2.28% of Extreme Networks worth $45,384,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its position in Extreme Networks by 318.7% in the 3rd quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock valued at $67,124,000 after buying an additional 3,399,288 shares during the period. William Blair Investment Management LLC bought a new stake in shares of Extreme Networks during the second quarter valued at approximately $25,409,000. Rubric Capital Management LP boosted its holdings in shares of Extreme Networks by 52.3% in 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 purchasing an additional 1,804,744 shares during the period. Portolan Capital Management LLC grew its stake in Extreme Networks by 194.6% in the third quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after purchasing an additional 700,724 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its holdings in 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 purchasing an additional 531,500 shares during the period. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Insider Activity at Extreme Networks

In related news, Director Raj Khanna sold 10,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $16.53, for a total transaction of $165,300.00. Following the transaction, the director now directly owns 228,733 shares in the company, valued at $3,780,956.49. The trade was a 4.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Carinalli sold 5,000 shares of the stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $16.70, for a total value of $83,500.00. Following the completion of the sale, the director now owns 366,793 shares of the company’s stock, valued at approximately $6,125,443.10. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 91,450 shares of company stock valued at $1,390,490 over the last 90 days. Insiders own 3.70% of the company’s stock.

Extreme Networks Stock Performance

EXTR stock opened at $17.64 on Tuesday. Extreme Networks, Inc. has a one year low of $10.49 and a one year high of $19.24. The firm has a market cap of $2.33 billion, a price-to-earnings ratio of -18.19, a PEG ratio of 3.87 and a beta of 1.76. The company has a debt-to-equity ratio of 5.33, a quick ratio of 0.63 and a current ratio of 0.91. The firm has a 50-day simple moving average of $16.30 and a two-hundred day simple moving average of $14.79.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on EXTR shares. Craig Hallum upped their target price on Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a report on Thursday, October 31st. B. Riley upped their price objective on shares of Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Rosenblatt Securities reissued a “buy” rating and set a $21.00 target price on shares of Extreme Networks in a research report on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Extreme Networks presently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

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.