Glenmede Trust Co. NA Makes New Investment in Extreme Networks, Inc. $EXTR

Key Points

• Glenmede Trust Co. NA initiated a position in Extreme Networks, purchasing 671,676 shares valued at approximately $10.1 million, or about 0.51% of the company. Institutional investors collectively own 91.05% of the stock.
• Extreme Networks shares opened at $29.98, near the $30.27 50-day moving average, while the stock’s 52-week range is $13.48 to $33.73. The company has a market capitalization of roughly $3.92 billion and a high P/E ratio of 249.83.
• Analysts maintain a generally positive outlook, with six Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $32.83. Meanwhile, company insiders have sold 372,182 shares worth approximately $10.4 million over the past 90 days.

Glenmede Trust Co. NA bought a new position in Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 671,676 shares of the technology company's stock, valued at approximately $10,129,000. Glenmede Trust Co. NA owned approximately 0.51% of Extreme Networks as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in Extreme Networks by 20.8% in the first quarter. Royal Bank of Canada now owns 73,610 shares of the technology company's stock worth $974,000 after purchasing an additional 12,667 shares in the last quarter. AQR Capital Management LLC lifted its position in Extreme Networks by 6.6% during the first quarter. AQR Capital Management LLC now owns 34,375 shares of the technology company's stock valued at $455,000 after buying an additional 2,122 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of Extreme Networks by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 76,723 shares of the technology company's stock valued at $1,015,000 after buying an additional 3,349 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Extreme Networks by 163.0% during the 1st quarter. Millennium Management LLC now owns 1,260,362 shares of the technology company's stock valued at $16,675,000 after buying an additional 781,103 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Extreme Networks by 7.5% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 319,434 shares of the technology company's stock worth $4,226,000 after buying an additional 22,209 shares during the period. Hedge funds and other institutional investors own 91.05% of the company's stock.

Insiders Place Their Bets

In other news, CFO Kevin R. Rhodes sold 35,000 shares of the business's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $30.43, for a total value of $1,065,050.00. Following the completion of the transaction, the chief financial officer owned 151,296 shares in the company, valued at $4,603,937.28. The trade was a 18.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Edward Meyercord sold 100,000 shares of the company's stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $26.10, for a total value of $2,610,000.00. Following the transaction, the chief executive officer directly owned 1,721,902 shares in the company, valued at approximately $44,941,642.20. The trade was a 5.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 372,182 shares of company stock valued at $10,415,705. Insiders own 3.60% of the company's stock.

Extreme Networks Trading Down 0.5%

Shares of NASDAQ EXTR opened at $29.98 on Tuesday. The firm's 50 day moving average price is $30.27 and its 200-day moving average price is $21.62. Extreme Networks, Inc. has a 52-week low of $13.48 and a 52-week high of $33.73. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.78 and a current ratio of 0.91. The company has a market cap of $3.92 billion, a PE ratio of 249.83, a P/E/G ratio of 1.85 and a beta of 1.79.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. B. Riley Financial reiterated a "buy" rating on shares of Extreme Networks in a research note on Thursday, April 30th. Needham & Company LLC upped their price objective 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. UBS Group set a $28.00 target price on shares of Extreme Networks in a research note on Thursday, April 30th. Rosenblatt Securities lifted their target price on shares of Extreme Networks from $29.00 to $39.00 and gave the company a "buy" rating in a report on Thursday, June 11th. Finally, Wall Street Zen cut Extreme Networks from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 18th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $32.83.

Extreme Networks Profile

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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