In the second quarter of this year, Harbor Capital Advisors Inc. acquired a new stake in Extreme Networks, Inc. (NASDAQ:EXTR) as per its recent filing with the Securities & Exchange Commission. The investment firm purchased 24,789 shares of the technology company’s stock, valued at approximately $646,000.
Extreme Networks, Inc., listed on NASDAQ as EXTR, started trading at $24.21 on Tuesday. The company boasts a solid financial standing with a debt-to-equity ratio of 1.61 and both a current ratio of 1.00 and a quick ratio of 0.85. The firm also showcases stability in its stock performance, with a 50-day moving average of $27.63 and a 200-day moving average of $22.54.
With an impressive market capitalization of $3.15 billion, Extreme Networks positions itself as a notable player in the technology industry. Its price-to-earnings (PE) ratio stands at 41.74, indicating that investors value each dollar of earnings generated by the company relatively highly compared to its competitors within the sector.
The PEG ratio, which compares the PE ratio to future earnings growth expectations, comes in at 1.22 for Extreme Networks. This implies that investors are willing to pay a premium for the company’s potential growth prospects in relation to its current valuation.
Extreme Networks has displayed some volatility in its stock price over the past year. It recorded a one-year low of $12.09 and reached as high as $32.73 during this period.
Overall, Harbor Capital Advisors’ purchase serves as an expression of confidence in Extreme Networks’ future prospects within the technology industry landscape.
Please note that this information is based on data available as of September 19, 2023.
Updated on: 28/09/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
11:00 AM (UTC)
Date:28 September, 2023
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Extreme Networks sees notable changes in institutional investor landscape: AE Wealth Management and Nordea Investment Management increase stakes, State Board of Administration of Florida Retirement System and Level Four Advisory Services acquire positions. CRO Joseph A. Vitalone sells shares, while the company exceeds earnings estimates and receives positive analyst ratings. Overall consensus rating classified as Moderate Buy.
In a recent turn of events, Extreme Networks (NASDAQ:EXTR) has witnessed notable changes in its institutional investor landscape. AE Wealth Management LLC recently acquired a new position in the technology company during the second quarter, with this move being valued at $401,000. Nordea Investment Management AB also increased their stake in Extreme Networks by 145.4% during the same period and now owns 227,704 shares. The value of these holdings amounts to $5,929,000 after purchasing an additional 134,927 shares.
State Board of Administration of Florida Retirement System also saw a surge in their holdings by 22.2% in the first quarter, bringing their total ownership to 54,244 shares worth $1,037,000. Level Four Advisory Services LLC similarly acquired a new position in Extreme Networks during the first quarter for $411,000. Additionally, Prelude Capital Management LLC made an entry into Extreme Networks’ stocks during the first quarter as well with a valuation of $502,000.
With regards to insider trading activities, it has been reported that CRO Joseph A. Vitalone recently sold 45,090 shares on Friday September 15th for an average price of $23.71 per share. This transaction amounted to a total sum of $1,069,083.90. Following the sale completion, Vitalone now owns 107,804 shares directly valued at $2,556,032.84.
Moving onto financial performance news, Extreme Networks released its earnings results on Wednesday August 2nd. The company surpassed consensus estimates by reporting earnings per share (EPS) of $0.24 for the quarter whereas analysts predicted an EPS of $0.21 – beating predictions by $0.03 per share.. They also boasted revenue figures of $363.91 million during the same period against analyst expectations set at $344.85 million.
Extreme Networks recorded a net margin of 5.95% and a return on equity (ROE) of 95.31%. Given these strong results, equities research analysts predict that Extreme Networks, Inc. will achieve an EPS of 1.15 for the current fiscal year.
Several equities analysts have also recently issued reports on EXTR shares. Notably, Needham & Company LLC reaffirmed their “buy” rating and set a target price of $35.00 on shares of Extreme Networks in a report released on Monday. StockNews.com likewise initiated coverage of Extreme Networks with a “buy” rating on Thursday August 17th. Lake Street Capital adjusted their price target from $27 to $33 in another report published on Wednesday August 2nd. They also recommended holding the stock at its current value.
Oppenheimer also mirrored this sentiment in their initiation coverage report as they assigned Extreme Networks an “outperform” rating along with a price objective of $35 in late June. Finally, Craig Hallum raised its price target from $17.50 to $29 and labeled the company as a hold in a report made available on Thursday August 3rd.
Overall, Bloomberg.com indicates that the general consensus rating for Extreme Networks is classified as a “Moderate Buy”. The average target price for the stock stands at approximately $30.71.
As we await further developments surrounding Extreme Networks, investors and analysts will undoubtedly continue to monitor the company’s financial performance and institutional investor activities closely.