Extreme Networks, Inc. (NASDAQ:EXTR) Given Average Recommendation of "Moderate Buy" by Analysts

Key Points

• Extreme Networks, Inc. has received a consensus rating of "Moderate Buy" from six brokerages, with an average 12-month price objective of approximately $22.92.
• CEO Edward Meyercord sold 35,725 shares at an average price of $17.18, while other insiders also reduced their stakes in the company.
• Extreme Networks reported a 19.6% increase in revenue, reaching $307 million for the quarter, surpassing analysts' expectations of $299.88 million.

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) has received a consensus rating of "Moderate Buy" from the six brokerages that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price objective among analysts that have updated their coverage on the stock in the last year is $22.9167.

EXTR has been the topic of several research reports. Needham & Company LLC upped their price objective on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Rosenblatt Securities upped their price objective on 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 upgraded Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective on the stock in a research note on Thursday, August 7th. Finally, UBS Group upped their price objective on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction on Friday, August 1st. The stock was sold at an average price of $17.18, for a total transaction of $613,755.50. Following the transaction, the chief executive officer owned 1,541,282 shares in the company, valued at approximately $26,479,224.76. The trade was a 2.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Edward H. Kennedy sold 25,000 shares of Extreme Networks stock in a transaction on Monday, August 11th. The shares were sold at an average price of $20.01, for a total value of $500,250.00. Following the transaction, the director owned 612,691 shares in the company, valued at $12,259,946.91. This represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 106,450 shares of company stock worth $1,937,024. 3.70% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Sterling Capital Management LLC lifted its position in shares of Extreme Networks by 603.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock worth $32,000 after buying an additional 1,665 shares during the last quarter. Orion Capital Management LLC acquired a new position in Extreme Networks in the 4th quarter valued at approximately $33,000. Quarry LP raised its holdings in 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. GAMMA Investing LLC raised its holdings in Extreme Networks by 105.6% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after acquiring an additional 1,628 shares in the last quarter. Finally, Byrne Asset Management LLC raised its holdings in Extreme Networks by 115.6% in the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after acquiring an additional 2,081 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

Extreme Networks Stock Down 0.2%

Shares of NASDAQ EXTR opened at $19.72 on Friday. Extreme Networks has a 1 year low of $10.10 and a 1 year high of $21.34. The firm has a market cap of $2.63 billion, a price-to-earnings ratio of -394.40, a PEG ratio of 2.07 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's 50-day simple moving average is $17.94 and its 200-day simple moving average is $15.66.

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, topping analysts' consensus estimates of $0.22 by $0.03. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%. The business had revenue of $307.00 million for the quarter, compared to analyst estimates of $299.88 million. During the same period in the previous year, the company earned ($0.08) earnings per share. The company's revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, equities analysts anticipate that Extreme Networks will post 0.31 earnings per share for the current fiscal year.

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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