Comerica Bank Buys 393,380 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Comerica Bank raised its stake in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 850.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 439,620 shares of the technology company's stock after buying an additional 393,380 shares during the period. Comerica Bank owned 0.33% of Extreme Networks worth $7,359,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Envestnet Asset Management Inc. grew its position in Extreme Networks by 27.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock worth $361,000 after acquiring an additional 4,610 shares during the last quarter. Barclays PLC raised its holdings in Extreme Networks by 369.8% in the 3rd quarter. Barclays PLC now owns 217,875 shares of the technology company's stock valued at $3,274,000 after buying an additional 171,500 shares during the last quarter. Essex Investment Management Co. LLC acquired a new stake in Extreme Networks during the 4th quarter worth approximately $2,599,000. Geode Capital Management LLC grew its holdings in Extreme Networks by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company's stock worth $51,385,000 after acquiring an additional 49,888 shares during the last quarter. Finally, Vanguard Group Inc. increased its position in Extreme Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock valued at $299,965,000 after acquiring an additional 690,262 shares during the period. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

EXTR has been the topic of several analyst reports. Lake Street Capital reduced their target price on Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC reissued a "buy" rating and set a $20.00 target price on shares of Extreme Networks in a research note on Wednesday, April 30th. UBS Group cut their price target on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price objective on shares of Extreme Networks in a research report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Extreme Networks presently has an average rating of "Moderate Buy" and a consensus target price of $18.58.

Insiders Place Their Bets

In related news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $13.73, for a total value of $490,504.25. Following the completion of the sale, the chief executive officer now owns 1,510,719 shares of the company's stock, valued at approximately $20,742,171.87. This trade represents a 2.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 3.70% of the company's stock.

Extreme Networks Stock Up 0.4 %

Shares of NASDAQ:EXTR traded up $0.06 during midday trading on Friday, hitting $14.88. 317,510 shares of the company's stock were exchanged, compared to its average volume of 1,410,902. Extreme Networks, Inc. has a 12 month low of $10.10 and a 12 month high of $19.24. The company has a market cap of $1.98 billion, a PE ratio of -15.83, a price-to-earnings-growth ratio of 3.06 and a beta of 1.67. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The stock has a 50 day moving average price of $13.28 and a 200-day moving average price of $15.33.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. The business had revenue of $284.51 million during the quarter, compared to the consensus estimate of $280.32 million. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. Extreme Networks's revenue was up 34.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.19) earnings per share. On average, sell-side analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks announced that its board has initiated a stock repurchase plan on Tuesday, February 18th that allows the company to repurchase $200.00 million in outstanding shares. This repurchase authorization allows the technology company to buy up to 9.2% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Extreme Networks 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.