Cornercap Investment Counsel Inc. Invests $1.07 Million in Extreme Networks, Inc. (NASDAQ:EXTR)

Cornercap Investment Counsel Inc. purchased a new stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 60,535 shares of the technology company’s stock, valued at approximately $1,068,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Asset Management One Co. Ltd. acquired a new stake in Extreme Networks during the third quarter valued at approximately $37,000. Tucker Asset Management LLC acquired a new stake in Extreme Networks during the third quarter valued at approximately $41,000. Meeder Asset Management Inc. boosted its holdings in Extreme Networks by 49.8% during the fourth quarter. Meeder Asset Management Inc. now owns 1,781 shares of the technology company’s stock valued at $33,000 after purchasing an additional 592 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Extreme Networks by 101.9% during the third quarter. Advisors Asset Management Inc. now owns 1,876 shares of the technology company’s stock valued at $45,000 after purchasing an additional 947 shares in the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Extreme Networks by 4,924.4% in the 4th quarter. Allworth Financial LP now owns 2,060 shares of the technology company’s stock worth $36,000 after acquiring an additional 2,019 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on EXTR. TheStreet downgraded Extreme Networks from a “b-” rating to a “c+” rating in a report on Tuesday, February 20th. Rosenblatt Securities downgraded Extreme Networks from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $19.00 to $15.00 in a report on Thursday, February 1st. Needham & Company LLC reduced their price objective on Extreme Networks from $23.00 to $16.50 and set a “buy” rating on the stock in a report on Thursday, February 1st. UBS Group downgraded Extreme Networks from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $22.00 to $14.00 in a report on Thursday, February 1st. Finally, StockNews.com downgraded Extreme Networks from a “buy” rating to a “hold” rating in a report on Thursday, February 1st. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Extreme Networks presently has a consensus rating of “Hold” and an average target price of $22.36.

Extreme Networks Stock Performance

Shares of Extreme Networks stock opened at $11.13 on Tuesday. The company has a debt-to-equity ratio of 1.69, a quick ratio of 0.74 and a current ratio of 1.02. Extreme Networks, Inc. has a 52 week low of $10.57 and a 52 week high of $32.73. The firm has a fifty day moving average of $11.81 and a two-hundred day moving average of $15.92. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 3.81 and a beta of 1.90.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.05). Extreme Networks had a net margin of 5.96% and a return on equity of 98.24%. The firm had revenue of $296.38 million during the quarter, compared to the consensus estimate of $295.50 million. As a group, equities research analysts predict that Extreme Networks, Inc. will post 0.17 EPS for the current year.

Insider Activity at Extreme Networks

In related news, CEO Edward Meyercord sold 28,443 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $13.24, for a total value of $376,585.32. Following the completion of the sale, the chief executive officer now owns 1,129,611 shares in the company, valued at approximately $14,956,049.64. The transaction was disclosed in a filing with the SEC, which is available through this link. 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.