SpiderRock Advisors LLC Takes $204,000 Position in Extreme Networks, Inc. (NASDAQ:EXTR)

SpiderRock Advisors LLC bought a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 18,153 shares of the technology company’s stock, valued at approximately $204,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EXTR. Allworth Financial LP lifted its position in Extreme Networks by 4,924.4% during the fourth quarter. Allworth Financial LP now owns 2,060 shares of the technology company’s stock valued at $36,000 after purchasing an additional 2,019 shares during the period. Tucker Asset Management LLC acquired a new position in Extreme Networks during the third quarter valued at $41,000. Hennessy Advisors Inc. acquired a new position in Extreme Networks during the fourth quarter valued at $82,000. Quest Partners LLC acquired a new position in Extreme Networks during the fourth quarter valued at $104,000. Finally, Harvest Fund Management Co. Ltd lifted its position in Extreme Networks by 66.2% during the fourth quarter. Harvest Fund Management Co. Ltd now owns 6,227 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,481 shares during the period. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EXTR. Rosenblatt Securities upgraded shares of Extreme Networks from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $15.00 to $17.00 in a research report on Thursday, May 2nd. Needham & Company LLC reiterated a “buy” rating and issued a $16.50 price objective on shares of Extreme Networks in a research report on Monday, June 10th. B. Riley upped their price objective on shares of Extreme Networks from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Finally, Craig Hallum upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating and upped their price objective for the stock from $13.00 to $14.00 in a research report on Thursday, May 16th. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Extreme Networks currently has a consensus rating of “Moderate Buy” and an average price target of $18.25.

Extreme Networks Trading Up 0.5 %

Shares of EXTR traded up $0.06 during mid-day trading on Friday, hitting $12.91. 475,765 shares of the company were exchanged, compared to its average volume of 2,228,914. Extreme Networks, Inc. has a 1-year low of $10.49 and a 1-year high of $32.73. The company has a quick ratio of 0.61, a current ratio of 0.96 and a debt-to-equity ratio of 2.78. The company has a 50 day moving average of $11.76 and a 200-day moving average of $12.96.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings results on Wednesday, May 1st. The technology company reported ($0.33) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.06). Extreme Networks had a positive return on equity of 37.36% and a negative net margin of 0.52%. The company had revenue of $211.04 million for the quarter, compared to analyst estimates of $207.80 million. Equities analysts forecast that Extreme Networks, Inc. will post 0.08 EPS for the current year.

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.