American International Group Inc. cut its holdings in Extreme Networks, Inc (NASDAQ:EXTR) by 3.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 87,504 shares of the technology company’s stock after selling 3,528 shares during the period. American International Group Inc.’s holdings in Extreme Networks were worth $655,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its holdings in Extreme Networks by 449.3% in the 3rd quarter. JPMorgan Chase & Co. now owns 225,181 shares of the technology company’s stock valued at $1,235,000 after purchasing an additional 184,184 shares in the last quarter. Bank of Montreal Can lifted its holdings in Extreme Networks by 1,439.6% in the 4th quarter. Bank of Montreal Can now owns 34,657 shares of the technology company’s stock valued at $211,000 after purchasing an additional 32,406 shares in the last quarter. Arizona State Retirement System lifted its holdings in Extreme Networks by 6.2% in the 4th quarter. Arizona State Retirement System now owns 182,238 shares of the technology company’s stock valued at $1,112,000 after purchasing an additional 10,599 shares in the last quarter. Rhumbline Advisers lifted its holdings in Extreme Networks by 21.9% in the 4th quarter. Rhumbline Advisers now owns 330,507 shares of the technology company’s stock valued at $2,016,000 after purchasing an additional 59,484 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in Extreme Networks in the 4th quarter valued at about $1,012,000. Institutional investors and hedge funds own 80.90% of the company’s stock.
A number of research analysts have issued reports on EXTR shares. BidaskClub lowered shares of Extreme Networks from a “buy” rating to a “hold” rating in a report on Wednesday, March 13th. Zacks Investment Research lowered shares of Extreme Networks from a “hold” rating to a “sell” rating in a report on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $9.00.
In other news, insider Edward Meyercord sold 50,000 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $7.67, for a total transaction of $383,500.00. Following the transaction, the insider now directly owns 482,692 shares in the company, valued at approximately $3,702,247.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 2.45% of the company’s stock.
Shares of EXTR stock opened at $5.85 on Wednesday. The stock has a market cap of $694.72 million, a PE ratio of 13.30 and a beta of 1.56. Extreme Networks, Inc has a 1-year low of $4.81 and a 1-year high of $9.35. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.10 and a current ratio of 1.29.
Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.08 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The business had revenue of $250.90 million for the quarter, compared to analyst estimates of $253.49 million. Extreme Networks had a negative net margin of 1.41% and a positive return on equity of 26.15%. The company’s revenue was down 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. Analysts forecast that Extreme Networks, Inc will post 0.08 earnings per share for the current fiscal year.
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About Extreme Networks
Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. It designs, develops, and manufactures wired and wireless network infrastructure equipment; and develops the software for network management, policy, analytics, security, and access controls. The company offers edge/access Ethernet switching systems that deliver Ethernet connectivity for edge of the network; aggregation/core Ethernet switching systems for aggregation, top-of-rack, and campus core environments; data center switching systems for enterprises and cloud data centers; and wireless access point products, as well as distributed Wi-Fi networks.
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