Extreme Networks, Inc. (NASDAQ:EXTR) Shares Sold by Bank of America Corp DE

Bank of America Corp DE reduced its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 19.5% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 285,238 shares of the technology company's stock after selling 68,925 shares during the period. Bank of America Corp DE owned approximately 0.21% of Extreme Networks worth $4,775,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Algert Global LLC raised its position in Extreme Networks by 109.4% in the fourth quarter. Algert Global LLC now owns 183,443 shares of the technology company's stock worth $3,071,000 after acquiring an additional 95,857 shares in the last quarter. Manatuck Hill Partners LLC acquired a new position in shares of Extreme Networks during the 4th quarter worth $1,055,000. Comerica Bank grew its stake in shares of Extreme Networks by 850.7% during the 4th quarter. Comerica Bank now owns 439,620 shares of the technology company's stock worth $7,359,000 after purchasing an additional 393,380 shares during the period. Lido Advisors LLC increased its holdings in shares of Extreme Networks by 25.1% in the 4th quarter. Lido Advisors LLC now owns 17,893 shares of the technology company's stock valued at $300,000 after purchasing an additional 3,585 shares in the last quarter. Finally, Northern Trust Corp lifted its stake in shares of Extreme Networks by 15.6% in the fourth quarter. Northern Trust Corp now owns 1,482,113 shares of the technology company's stock valued at $24,811,000 after purchasing an additional 200,193 shares during the period. 91.05% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EXTR has been the topic of several recent analyst reports. Rosenblatt Securities restated a "buy" rating and set a $18.00 target price on shares of Extreme Networks in a research report on Thursday, May 1st. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Lake Street Capital reduced their price objective on Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Needham & Company LLC reiterated a "buy" rating and set a $20.00 target price on shares of Extreme Networks in a research report on Thursday, May 15th. Finally, UBS Group dropped their price target on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $18.58.

Extreme Networks Price Performance

Shares of Extreme Networks stock traded down $0.29 during trading on Friday, hitting $15.64. 1,307,674 shares of the company were exchanged, compared to its average volume of 1,369,226. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $19.24. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. The firm has a 50 day moving average price of $13.64 and a 200 day moving average price of $15.38. The stock has a market capitalization of $2.08 billion, a price-to-earnings ratio of -16.64, a P/E/G ratio of 3.06 and a beta of 1.67.

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

Extreme Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $13.73, for a total transaction of $490,504.25. Following the completion of the sale, the chief executive officer now directly owns 1,510,719 shares in the company, valued at $20,742,171.87. The trade was a 2.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.70% of the stock is owned by insiders.

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.