Extreme Networks, Inc. (NASDAQ:EXTR) Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 7.0% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 909,070 shares of the technology company’s stock after selling 68,010 shares during the period. Bank of New York Mellon Corp owned approximately 0.68% of Extreme Networks worth $15,218,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Y Intercept Hong Kong Ltd purchased a new stake in Extreme Networks during the fourth quarter worth about $551,000. Lyell Wealth Management LP lifted its position in shares of Extreme Networks by 2.3% during the 4th quarter. Lyell Wealth Management LP now owns 568,991 shares of the technology company’s stock valued at $9,525,000 after acquiring an additional 12,975 shares during the period. New York State Common Retirement Fund boosted its stake in shares of Extreme Networks by 1,639.7% during the 4th quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company’s stock worth $10,474,000 after acquiring an additional 589,713 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Extreme Networks by 4.4% in the 4th quarter. Principal Financial Group Inc. now owns 642,531 shares of the technology company’s stock worth $10,756,000 after acquiring an additional 26,853 shares during the period. Finally, Rhumbline Advisers increased its stake in Extreme Networks by 1.3% in the 4th quarter. Rhumbline Advisers now owns 372,591 shares of the technology company’s stock valued at $6,237,000 after purchasing an additional 4,610 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Extreme Networks Trading Down 0.4 %

Extreme Networks stock opened at $14.31 on Thursday. The stock has a market cap of $1.90 billion, a PE ratio of -15.22, a P/E/G ratio of 3.06 and a beta of 1.72. Extreme Networks, Inc. has a 52 week low of $10.50 and a 52 week high of $19.24. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. The stock has a 50-day moving average price of $16.00 and a 200 day moving average price of $15.89.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. Equities research analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Extreme Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, February 18th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have commented on EXTR. StockNews.com upgraded Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Rosenblatt Securities reiterated a “buy” rating and issued a $22.00 price objective on shares of Extreme Networks in a research report on Friday, February 7th. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a research note on Thursday, January 30th. Finally, Lake Street Capital lifted their target price on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $20.30.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the transaction, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at $22,760,901.99. This represents a 2.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.70% of the company’s stock.

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.