Extreme Networks, Inc. (NASDAQ:EXTR) Director Edward H. Kennedy Sells 25,000 Shares

Key Points

• Edward H. Kennedy, a director at Extreme Networks, sold 25,000 shares at an average price of $20.01, totaling $500,250, and now holds 612,691 shares, a 3.92% decrease in position.
• Extreme Networks reported $0.25 earnings per share, surpassing estimates of $0.22, with revenue of $307 million, marking a 19.6% year-over-year increase.
• Wall Street analysts have a consensus rating of "Buy" for Extreme Networks, with target prices ranging from $21.00 to $25.00.

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) Director Edward H. Kennedy sold 25,000 shares of the stock in a transaction dated Monday, August 11th. The stock was sold at an average price of $20.01, for a total transaction of $500,250.00. Following the transaction, the director owned 612,691 shares of the company's stock, valued at $12,259,946.91. This represents a 3.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Extreme Networks Price Performance

Extreme Networks stock traded up $0.72 during mid-day trading on Tuesday, hitting $20.80. 1,391,138 shares of the company traded hands, compared to its average volume of 1,245,786. Extreme Networks, Inc. has a one year low of $10.10 and a one year high of $21.34. The stock has a market cap of $2.77 billion, a price-to-earnings ratio of -416.00, a price-to-earnings-growth ratio of 2.22 and a beta of 1.75. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.74 and a current ratio of 0.91. The stock has a fifty day moving average price of $17.63 and a 200-day moving average price of $15.54.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.22 by $0.03. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The business had revenue of $307.00 million during the quarter, compared to analyst estimates of $299.88 million. During the same period in the previous year, the business posted ($0.08) earnings per share. Extreme Networks's revenue for the quarter was up 19.6% on a year-over-year basis. On average, equities analysts predict that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Extreme Networks

A number of hedge funds have recently made changes to their positions in EXTR. Sterling Capital Management LLC lifted its holdings in shares of Extreme Networks by 603.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock worth $32,000 after acquiring an additional 1,665 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of Extreme Networks during the fourth quarter valued at about $33,000. Quarry LP raised its holdings in Extreme Networks by 42.1% during the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after buying an additional 719 shares during the last quarter. GAMMA Investing LLC raised its holdings in Extreme Networks by 105.6% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after buying an additional 1,628 shares during the last quarter. Finally, Byrne Asset Management LLC raised its holdings in Extreme Networks by 115.6% during the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after buying an additional 2,081 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. UBS Group increased their target price on shares of Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research report on Thursday, August 7th. Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Rosenblatt Securities boosted their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective for the company in a research note on Thursday, August 7th. Finally, Needham & Company LLC boosted their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. One analyst has rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $22.92.

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.

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