Comerica Bank Buys 393,380 Shares of Extreme Networks, Inc. (NASDAQ:EXTR)

Comerica Bank lifted its position in Extreme Networks, Inc. (NASDAQ:EXTR) by 850.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 439,620 shares of the technology company’s stock after buying an additional 393,380 shares during the quarter. Comerica Bank owned approximately 0.33% of Extreme Networks worth $7,359,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Lido Advisors LLC grew its position in shares of Extreme Networks by 25.1% during 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. Northern Trust Corp grew its position in Extreme Networks by 15.6% during the fourth quarter. Northern Trust Corp now owns 1,482,113 shares of the technology company’s stock worth $24,811,000 after buying an additional 200,193 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Extreme Networks by 7.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 69,273 shares of the technology company’s stock worth $1,160,000 after acquiring an additional 4,826 shares during the last quarter. Quarry LP raised its holdings in shares of Extreme Networks by 42.1% in the 4th quarter. Quarry LP now owns 2,426 shares of the technology company’s stock valued at $41,000 after acquiring an additional 719 shares in the last quarter. Finally, Aquatic Capital Management LLC bought a new stake in shares of Extreme Networks during the 4th quarter valued at about $1,021,000. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Stock Performance

NASDAQ:EXTR opened at $13.99 on Friday. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. Extreme Networks, Inc. has a fifty-two week low of $10.10 and a fifty-two week high of $19.24. The firm has a market cap of $1.86 billion, a PE ratio of -14.88, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57. The business has a 50 day moving average price of $13.34 and a 200-day moving average price of $15.35.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 11.98% and a negative return on equity of 110.86%. The company’s revenue for the quarter was up 34.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.19) earnings per share. Equities research analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has initiated a share repurchase plan on Tuesday, February 18th that allows the company to buyback $200.00 million in outstanding shares. This buyback authorization allows the technology company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Lake Street Capital cut their price target on shares of Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday. Rosenblatt Securities restated a “buy” rating and set a $18.00 price target on shares of Extreme Networks in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a report on Wednesday. Finally, UBS Group decreased their price objective on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating on the stock in a report on Thursday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Extreme Networks has an average rating of “Moderate Buy” and a consensus price target of $18.58.

Insider Activity at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the completion of the sale, the chief executive officer now directly owns 1,510,719 shares of the company’s stock, valued at approximately $20,742,171.87. This trade represents a 2.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 3.70% of the stock is owned by corporate 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.