Extreme Networks, Inc. $EXTR Shares Acquired by Fifth Third Bancorp

Fifth Third Bancorp increased its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 3,769.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,609 shares of the technology company’s stock after buying an additional 29,818 shares during the period. Fifth Third Bancorp’s holdings in Extreme Networks were worth $462,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EXTR. Caitong International Asset Management Co. Ltd acquired a new position in Extreme Networks during the third quarter worth $31,000. Rockefeller Capital Management L.P. raised its position in shares of Extreme Networks by 313.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,957 shares of the technology company’s stock worth $33,000 after purchasing an additional 1,484 shares during the last quarter. CWM LLC raised its position in shares of Extreme Networks by 51.7% during the 4th quarter. CWM LLC now owns 3,179 shares of the technology company’s stock worth $53,000 after purchasing an additional 1,084 shares during the last quarter. Quarry LP lifted its stake in Extreme Networks by 74.9% in the 3rd quarter. Quarry LP now owns 2,610 shares of the technology company’s stock valued at $54,000 after buying an additional 1,118 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its stake in Extreme Networks by 136.8% in the 4th quarter. Advisors Asset Management Inc. now owns 3,221 shares of the technology company’s stock valued at $54,000 after buying an additional 1,861 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Extreme Networks Stock Performance

NASDAQ:EXTR opened at $29.07 on Thursday. The company has a market cap of $3.80 billion, a P/E ratio of 242.25, a P/E/G ratio of 1.84 and a beta of 1.77. Extreme Networks, Inc. has a twelve month low of $13.48 and a twelve month high of $33.73. The company’s 50-day moving average price is $29.97 and its 200-day moving average price is $21.32. The company has a current ratio of 0.91, a quick ratio of 0.78 and a debt-to-equity ratio of 1.89.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, April 29th. The technology company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The company had revenue of $316.87 million during the quarter, compared to analysts’ expectations of $311.48 million. Extreme Networks had a net margin of 1.30% and a return on equity of 81.88%. Extreme Networks’s revenue was up 11.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.21 EPS. On average, sell-side analysts forecast that Extreme Networks, Inc. will post 0.53 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on EXTR shares. Wall Street Zen lowered Extreme Networks from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 18th. Weiss Ratings upgraded Extreme Networks from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Rosenblatt Securities raised their target price on Extreme Networks from $29.00 to $39.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. Needham & Company LLC lifted their price target on Extreme Networks from $26.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. Finally, Bank of America boosted their price target on Extreme Networks from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.83.

Insiders Place Their Bets

In related news, Director Edward H. Kennedy sold 50,000 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $22.86, for a total value of $1,143,000.00. Following the completion of the sale, the director owned 576,045 shares of the company’s stock, valued at approximately $13,168,388.70. This trade represents a 7.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathleen M. Holmgren sold 19,521 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $24.78, for a total value of $483,730.38. Following the completion of the sale, the director directly owned 219,308 shares of the company’s stock, valued at approximately $5,434,452.24. This represents a 8.17% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 588,978 shares of company stock worth $15,352,849. 3.60% of the stock is currently owned by insiders.

About Extreme Networks

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.