Bank of America Corp DE Buys Shares of 1,406,591 Extreme Networks, Inc. $EXTR

Bank of America Corp DE purchased a new position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,406,591 shares of the technology company's stock, valued at approximately $45,531,000. Bank of America Corp DE owned 1.08% of Extreme Networks at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. First Bank & Trust boosted its holdings in shares of Extreme Networks by 2.4% during the second quarter. First Bank & Trust now owns 13,191 shares of the technology company's stock valued at $427,000 after acquiring an additional 306 shares during the period. GAMMA Investing LLC increased its holdings in shares of Extreme Networks by 13.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,001 shares of the technology company's stock worth $130,000 after acquiring an additional 465 shares during the period. ProShare Advisors LLC increased its holdings in shares of Extreme Networks by 3.0% in the 4th quarter. ProShare Advisors LLC now owns 25,609 shares of the technology company's stock worth $426,000 after acquiring an additional 735 shares during the period. PNC Financial Services Group Inc. lifted its position in Extreme Networks by 7.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 11,001 shares of the technology company's stock valued at $166,000 after purchasing an additional 735 shares during the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in Extreme Networks by 313.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,957 shares of the technology company's stock valued at $33,000 after purchasing an additional 1,484 shares during the last quarter. Institutional investors own 91.05% of the company's stock.

Extreme Networks Trading Up 1.9%

NASDAQ:EXTR opened at $22.73 on Tuesday. The company has a quick ratio of 0.81, a current ratio of 0.93 and a debt-to-equity ratio of 1.63. Extreme Networks, Inc. has a 1-year low of $13.48 and a 1-year high of $33.73. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 73.32, a price-to-earnings-growth ratio of 1.47 and a beta of 1.76. The stock has a fifty day simple moving average of $25.21 and a 200 day simple moving average of $23.67.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.29 by $0.03. Extreme Networks had a net margin of 3.28% and a return on equity of 88.88%. The business had revenue of $338.55 million during the quarter, compared to the consensus estimate of $332.49 million. During the same quarter in the prior year, the firm earned $0.25 EPS. The firm's quarterly revenue was up 10.3% on a year-over-year basis. Extreme Networks has set its FY 2027 guidance at 1.280-1.330 EPS and its Q1 2027 guidance at 0.270-0.290 EPS. Sell-side analysts forecast that Extreme Networks, Inc. will post 0.75 earnings per share for the current year.

Insider Buying and Selling at Extreme Networks

In related news, CFO Kevin R. Rhodes sold 21,825 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $22.30, for a total value of $486,697.50. Following the completion of the sale, the chief financial officer directly owned 196,803 shares in the company, valued at approximately $4,388,706.90. This represents a 9.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Edward Meyercord sold 50,000 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $29.79, for a total value of $1,489,500.00. Following the completion of the sale, the chief executive officer owned 1,596,475 shares of the company's stock, valued at approximately $47,558,990.25. This trade represents a 3.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.60% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on EXTR shares. Needham & Company LLC reduced their price objective on Extreme Networks from $38.00 to $35.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Bank of America raised their target price on Extreme Networks from $28.00 to $33.00 and gave the company a "buy" rating in a research report on Monday, June 8th. Lake Street Capital lifted their target price on Extreme Networks from $25.00 to $34.00 and gave the company a "buy" rating in a research note on Monday, June 15th. B. Riley Financial boosted their price target on Extreme Networks from $28.00 to $34.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. Finally, Weiss Ratings raised Extreme Networks from a "sell (d+)" rating to a "hold (c-)" rating in a research note on Monday, August 31st. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, Extreme Networks currently has an average rating of "Moderate Buy" and a consensus target price of $32.25.

About Extreme Networks

Extreme Networks, Inc NASDAQ: EXTR provides cloud-driven networking solutions for enterprises and organizations. Its portfolio includes wired and wireless network infrastructure, Ethernet switches, wireless access points, routers, network management software, analytics, and security tools designed to help customers build, monitor, and operate modern networks.

The company's cloud networking offerings include ExtremeCloud IQ, a platform for managing and analyzing network environments across distributed locations.

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