M&T Bank Corp Cuts Stake in Extreme Networks, Inc. (NASDAQ:EXTR)

M&T Bank Corp cut its position in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 7.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,640 shares of the technology company’s stock after selling 939 shares during the period. M&T Bank Corp’s holdings in Extreme Networks were worth $154,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Envestnet Asset Management Inc. raised its holdings in shares of Extreme Networks by 27.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company’s stock worth $361,000 after buying an additional 4,610 shares during the period. Principal Financial Group Inc. increased its holdings in Extreme Networks by 3.0% during the 1st quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company’s stock worth $8,755,000 after purchasing an additional 19,248 shares during the period. GAMMA Investing LLC increased its holdings in Extreme Networks by 2,619.8% during the 1st quarter. GAMMA Investing LLC now owns 41,939 shares of the technology company’s stock worth $555,000 after purchasing an additional 40,397 shares during the period. Impax Asset Management Group plc increased its holdings in Extreme Networks by 41.5% during the 1st quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company’s stock worth $12,637,000 after purchasing an additional 280,000 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Extreme Networks by 24.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 297,225 shares of the technology company’s stock worth $4,976,000 after purchasing an additional 57,810 shares during the period. 91.05% of the stock is owned by institutional investors.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EXTR. UBS Group cut their price target on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, May 15th. Wall Street Zen raised Extreme Networks from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 22nd. Rosenblatt Securities raised their price objective on Extreme Networks from $18.00 to $20.00 and gave the stock a “buy” rating in a research report on Friday, June 13th. Finally, Lake Street Capital lowered their price objective on Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Extreme Networks currently has an average rating of “Moderate Buy” and a consensus target price of $18.92.

Extreme Networks Price Performance

NASDAQ:EXTR opened at $17.52 on Friday. Extreme Networks, Inc. has a 12 month low of $10.10 and a 12 month high of $19.24. The stock has a 50 day moving average of $16.87 and a two-hundred day moving average of $15.42. The company has a current ratio of 0.93, a quick ratio of 0.70 and a debt-to-equity ratio of 2.33. The firm has a market cap of $2.33 billion, a P/E ratio of -42.73, a price-to-earnings-growth ratio of 2.06 and a beta of 1.73.

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

About Extreme Networks

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.