Friday's market news was highlighted by UBS initiating coverage on Extreme Networks (NASDAQ:EXTR), a renowned technology firm known for its advancements in machine learning, artificial intelligence, analytics, and automation. The financial services firm recommended the technology company as a potential buy, setting a one-year average price target at $33.95. This figure indicates a significant potential upside of 46.91% from Extreme Network's last reported closing price of $23.11.
Extreme Networks is expected to see its annual revenue reach $1,439 million, marking an increase of 9.64%. Its projected annual non-GAAP EPS stands at 1.41.
Institutional interest in the company has been on the rise over the past quarter. As of now, 650 funds or institutions hold positions in Extreme Networks, marking an increase of 4.84% in ownership changes from the previous quarter. However, total institutional shares have seen a slight decrease of 2.76%, coming down to 128,274K shares in the last three months. The put/call ratio for EXTR stands at 1.87, indicating a bearish market sentiment.
Among the institutional shareholders, iShares Core S&P Small-Cap ETF holds 5,839K shares or 4.51% ownership of Extreme Networks with no change recorded in the last quarter. Paradigm Capital Management holds 5,241K shares or 4.05% ownership after decreasing its holdings by 1.98% from the previous quarter despite increasing its portfolio allocation in EXTR by 14.94%.
Vanguard Total Stock Market Index Fund Investor Shares increased its ownership by 0.36% to 4,039K shares or 3.12% of the company, simultaneously boosting its portfolio allocation in EXTR by 26.16%. Goldman Sachs Group (NYSE:GS), with a 2.70% ownership, also increased its holdings by 15.32% to 3,494K shares and raised its portfolio allocation in EXTR substantially by 422.95%. Millennium Management holds 2.29% of the company with an increase of 33.77% to 2,971K shares and has increased its portfolio allocation in EXTR by 76.92%.
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