Bank of New York Mellon Corp Reduces Stock Holdings in Extreme Networks, Inc. $EXTR

Key Points

• Bank of New York Mellon reduced its Extreme Networks stake by 8.9% in the first quarter, selling 72,593 shares and retaining 742,898 shares valued at approximately $11.2 million. Institutional investors collectively own 91.05% of the company.
• Wall Street sentiment remains positive, with six analysts rating EXTR a Buy and two rating it Hold. The stock has a “Moderate Buy” consensus and an average price target of $32.83, while several firms recently raised their targets.
• Extreme Networks beat quarterly expectations, reporting $0.26 in earnings per share on $316.87 million in revenue, with revenue up 11.4% year over year. However, insiders sold 532,182 shares worth about $14.1 million over the past 90 days.

Bank of New York Mellon Corp reduced its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 8.9% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 742,898 shares of the technology company's stock after selling 72,593 shares during the quarter. Bank of New York Mellon Corp owned 0.55% of Extreme Networks worth $11,203,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of Extreme Networks in the third quarter worth approximately $31,000. Rockefeller Capital Management L.P. grew its position in shares of Extreme Networks by 313.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,957 shares of the technology company's stock valued at $33,000 after acquiring an additional 1,484 shares during the period. CWM LLC increased its stake in shares of Extreme Networks by 51.7% in the 4th quarter. CWM LLC now owns 3,179 shares of the technology company's stock worth $53,000 after purchasing an additional 1,084 shares in the last quarter. Quarry LP increased its stake in shares of Extreme Networks by 74.9% in the 3rd quarter. Quarry LP now owns 2,610 shares of the technology company's stock worth $54,000 after purchasing an additional 1,118 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in Extreme Networks by 136.8% in the 4th quarter. Advisors Asset Management Inc. now owns 3,221 shares of the technology company's stock worth $54,000 after purchasing an additional 1,861 shares during the period. Hedge funds and other institutional investors own 91.05% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EXTR. Rosenblatt Securities boosted their price target on Extreme Networks from $29.00 to $39.00 and gave the company a "buy" rating in a report on Thursday, June 11th. Bank of America lifted their price objective 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 boosted their price objective on Extreme Networks from $25.00 to $34.00 and gave the company a "buy" rating in a research note on Monday, June 15th. Needham & Company LLC increased their target price on shares of Extreme Networks from $26.00 to $38.00 and gave the stock a "buy" rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen cut shares of Extreme Networks from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat, Extreme Networks currently has an average rating of "Moderate Buy" and a consensus price target of $32.83.

Extreme Networks Stock Performance

NASDAQ:EXTR opened at $30.14 on Friday. The stock has a 50-day moving average price of $30.18 and a 200 day moving average price of $21.48. The stock has a market capitalization of $3.94 billion, a P/E ratio of 251.17, a P/E/G ratio of 1.85 and a beta of 1.77. Extreme Networks, Inc. has a 12-month low of $13.48 and a 12-month high of $33.73. The company has a current ratio of 0.91, a quick ratio of 0.78 and a debt-to-equity ratio of 1.89.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 29th. The technology company reported $0.26 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.02. The company had revenue of $316.87 million for the quarter, compared to analysts' expectations of $311.48 million. Extreme Networks had a return on equity of 81.88% and a net margin of 1.30%.The firm's revenue was up 11.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.21 EPS. Equities research analysts forecast that Extreme Networks, Inc. will post 0.53 EPS for the current fiscal year.

Insider Activity at Extreme Networks

In related news, Director Kathleen M. Holmgren sold 19,521 shares of the firm's stock in a transaction on Friday, May 15th. The shares were sold at an average price of $24.78, for a total transaction of $483,730.38. Following the completion of the transaction, the director directly owned 219,308 shares of the company's stock, valued at approximately $5,434,452.24. This trade represents a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin R. Rhodes sold 35,000 shares of the stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $30.43, for a total transaction of $1,065,050.00. Following the transaction, the chief financial officer directly owned 151,296 shares of the company's stock, valued at $4,603,937.28. This trade represents a 18.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 532,182 shares of company stock valued at $14,097,978 in the last ninety days. Corporate insiders own 3.60% of the company's stock.

About Extreme Networks

Extreme Networks, Inc NASDAQ: EXTR is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company's product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme's Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.

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