Comerica Bank Reduces Holdings in Extreme Networks, Inc. $EXTR

Key Points

• Comerica Bank has reduced its stake in Extreme Networks, Inc. by 6.8%, selling 29,991 shares and holding 409,629 shares valued at $5.4 million as of the end of the first quarter.
• Extreme Networks reported earnings of $0.25 per share for the recent quarter, exceeding expectations, with revenue of $307 million reflecting a 19.6% year-over-year increase.
• Multiple analysts have upgraded their ratings for Extreme Networks, with price targets reaching as high as $25.00, indicating a strong market confidence in the company's growth potential.

Comerica Bank lessened its holdings in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 6.8% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 409,629 shares of the technology company's stock after selling 29,991 shares during the period. Comerica Bank owned about 0.31% of Extreme Networks worth $5,419,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in EXTR. Envestnet Asset Management Inc. raised its stake 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 period. MetLife Investment Management LLC raised its stake in Extreme Networks by 3.6% during the 4th quarter. MetLife Investment Management LLC now owns 76,739 shares of the technology company's stock worth $1,285,000 after acquiring an additional 2,672 shares during the period. Hsbc Holdings PLC raised its stake in Extreme Networks by 263.3% during the 4th quarter. Hsbc Holdings PLC now owns 93,005 shares of the technology company's stock worth $1,555,000 after acquiring an additional 67,405 shares during the period. Price T Rowe Associates Inc. MD raised its stake in Extreme Networks by 1.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 758,164 shares of the technology company's stock worth $12,692,000 after acquiring an additional 7,856 shares during the period. Finally, Aquatic Capital Management LLC bought a new stake in Extreme Networks during the 4th quarter worth approximately $1,021,000. Institutional investors own 91.05% of the company's stock.

Extreme Networks Price Performance

Shares of EXTR stock traded down $0.70 on Monday, reaching $21.38. The company's stock had a trading volume of 2,289,485 shares, compared to its average volume of 1,559,399. The stock's fifty day simple moving average is $18.76 and its 200-day simple moving average is $16.02. Extreme Networks, Inc. has a 1 year low of $10.10 and a 1 year high of $22.10. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50. The company has a market capitalization of $2.85 billion, a price-to-earnings ratio of -427.60, a price-to-earnings-growth ratio of 2.24 and a beta of 1.84.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.03. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The firm had revenue of $307.00 million during the quarter, compared to analyst estimates of $299.88 million. During the same period last year, the firm posted ($0.08) earnings per share. Extreme Networks's revenue for the quarter was up 19.6% compared to the same quarter last year. Analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

EXTR has been the topic of a number of recent analyst reports. Rosenblatt Securities raised their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. UBS Group raised their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective for the company in a report on Thursday, August 7th. Finally, Needham & Company LLC increased their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $22.92.

Insider Activity at Extreme Networks

In related news, Director Raj Khanna sold 15,000 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $19.91, for a total value of $298,650.00. Following the completion of the transaction, the director directly owned 216,708 shares of the company's stock, valued at approximately $4,314,656.28. This trade represents a 6.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the completion of the transaction, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at approximately $26,479,224.76. This trade represents a 2.27% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 121,450 shares of company stock valued at $2,235,674. 3.70% of the stock is owned by corporate insiders.

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.