Millrace Asset Group Inc. Invests $829,000 in Extreme Networks, Inc. (NASDAQ:EXTR)

Millrace Asset Group Inc. acquired a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 55,124 shares of the technology company’s stock, valued at approximately $829,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Andina Capital Management LLC grew its position in Extreme Networks by 3.8% during the second quarter. Andina Capital Management LLC now owns 19,610 shares of the technology company’s stock valued at $264,000 after buying an additional 719 shares during the period. GAMMA Investing LLC boosted its stake in shares of Extreme Networks by 109.5% during the 3rd quarter. GAMMA Investing LLC now owns 1,980 shares of the technology company’s stock worth $30,000 after acquiring an additional 1,035 shares during the last quarter. OneDigital Investment Advisors LLC boosted its stake in shares of Extreme Networks by 2.2% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 70,841 shares of the technology company’s stock worth $1,065,000 after acquiring an additional 1,541 shares during the last quarter. Louisiana State Employees Retirement System grew its position in shares of Extreme Networks by 2.5% during the 2nd quarter. Louisiana State Employees Retirement System now owns 65,400 shares of the technology company’s stock valued at $880,000 after acquiring an additional 1,600 shares during the period. Finally, KBC Group NV increased its stake in shares of Extreme Networks by 54.3% in the 3rd quarter. KBC Group NV now owns 4,959 shares of the technology company’s stock worth $75,000 after purchasing an additional 1,745 shares in the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Extreme Networks Price Performance

Shares of NASDAQ:EXTR opened at $16.49 on Tuesday. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of -17.00, a P/E/G ratio of 3.49 and a beta of 1.77. The firm has a fifty day moving average price of $15.32 and a 200 day moving average price of $13.91. Extreme Networks, Inc. has a fifty-two week low of $10.49 and a fifty-two week high of $18.77. The company has a debt-to-equity ratio of 5.33, a quick ratio of 0.63 and a current ratio of 0.91.

Insiders Place Their Bets

In related news, Director Raj Khanna sold 10,000 shares of the company’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $16.53, for a total transaction of $165,300.00. Following the sale, the director now owns 228,733 shares of the company’s stock, valued at $3,780,956.49. This represents a 4.19 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction 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 directly owns 1,448,378 shares of the company’s stock, valued at $21,363,575.50. The trade was a 2.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 117,175 shares of company stock worth $1,763,279 in the last 90 days. 3.70% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have commented on EXTR. StockNews.com cut Extreme Networks from a “buy” rating to a “hold” rating in a research report on Monday. B. Riley increased their target price on shares of 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 set a $21.00 price target on shares of Extreme Networks in a report on Wednesday, November 6th. Craig Hallum increased their price objective on shares of Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Finally, Needham & Company LLC restated a “buy” rating and set a $16.50 price objective on shares of Extreme Networks in a research report on Thursday, August 8th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $19.00.

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.