Bank of New York Mellon Corp Trims Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

Bank of New York Mellon Corp decreased its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 4.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 870,726 shares of the technology company's stock after selling 38,344 shares during the period. Bank of New York Mellon Corp owned about 0.66% of Extreme Networks worth $11,520,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of EXTR. Proficio Capital Partners LLC bought a new position in Extreme Networks in the 4th quarter worth $200,000. Raymond James Financial Inc. bought a new position in Extreme Networks in the 4th quarter worth $8,291,000. Swiss National Bank boosted its holdings in Extreme Networks by 2.6% in the 4th quarter. Swiss National Bank now owns 259,700 shares of the technology company's stock worth $4,347,000 after buying an additional 6,500 shares during the period. Natixis Advisors LLC boosted its holdings in Extreme Networks by 12.6% in the 4th quarter. Natixis Advisors LLC now owns 16,801 shares of the technology company's stock worth $281,000 after buying an additional 1,874 shares during the period. Finally, Cibc World Markets Corp bought a new position in Extreme Networks in the 4th quarter worth $202,000. Institutional investors own 91.05% of the company's stock.

Extreme Networks Price Performance

Shares of NASDAQ EXTR traded down $0.15 during mid-day trading on Thursday, hitting $17.71. 797,252 shares of the company's stock traded hands, compared to its average volume of 1,151,848. The company's 50-day moving average is $17.01 and its two-hundred day moving average is $15.46. The company has a debt-to-equity ratio of 2.33, a current ratio of 0.93 and a quick ratio of 0.70. The company has a market capitalization of $2.36 billion, a P/E ratio of -43.20, a PEG ratio of 2.10 and a beta of 1.73. Extreme Networks, Inc. has a 1 year low of $10.10 and a 1 year high of $19.24.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.19 by $0.02. The firm had revenue of $284.51 million for the quarter, compared to analysts' expectations of $280.32 million. Extreme Networks had a negative net margin of 4.94% and a positive return on equity of 13.79%. The business's revenue was up 34.8% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.19) EPS. On average, equities analysts anticipate that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity

In other news, Director Raj Khanna sold 2,027 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $17.43, for a total transaction of $35,330.61. Following the sale, the director directly owned 231,708 shares in the company, valued at approximately $4,038,670.44. This represents a 0.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $18.21, for a total transaction of $650,552.25. Following the sale, the chief executive officer owned 1,541,282 shares in the company, valued at $28,066,745.22. This represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 81,450 shares of company stock worth $1,313,523 over the last 90 days. Corporate insiders own 3.70% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on EXTR shares. UBS Group dropped their target price on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Needham & Company LLC reiterated a "buy" rating and issued a $20.00 price target on shares of Extreme Networks in a research note on Thursday, May 15th. Rosenblatt Securities boosted their price target on shares of Extreme Networks from $18.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Lake Street Capital decreased their price target on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Finally, Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Two equities research 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. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.92.

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.