Extreme Networks, Inc. (NASDAQ:EXTR) Receives $22.92 Average PT from 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 been assigned a consensus recommendation of "Moderate Buy" from the six research firms that are currently covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. The average 1-year 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 a number of research reports. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a research note on Thursday, August 7th. UBS Group upped their price target on shares of Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Needham & Company LLC increased their target price on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Finally, Rosenblatt Securities increased their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th.

Extreme Networks Stock Down 0.5%

Shares of NASDAQ EXTR traded down $0.10 during mid-day trading on Friday, reaching $19.89. The company had a trading volume of 1,002,958 shares, compared to its average volume of 1,369,003. Extreme Networks has a twelve month low of $10.10 and a twelve month high of $21.34. 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 market capitalization of $2.65 billion, a PE ratio of -397.80, a price-to-earnings-growth ratio of 2.10 and a beta of 1.75. The stock's 50 day moving average is $18.13 and its 200-day moving average is $15.75.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $299.88 million. During the same period in the prior year, the business posted ($0.08) earnings per share. Extreme Networks'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.

Insiders Place Their Bets

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the transaction, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at $26,479,224.76. 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 the SEC website. Also, Director Edward H. Kennedy sold 25,000 shares of the stock in a transaction on 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 directly owned 612,691 shares in the company, valued at $12,259,946.91. The trade was a 3.92% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 106,450 shares of company stock valued at $1,937,024 over the last three months. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extreme Networks

Hedge funds have recently bought and sold shares of the business. Public Sector Pension Investment Board grew its position in shares of Extreme Networks by 4.4% in the second quarter. Public Sector Pension Investment Board now owns 779,992 shares of the technology company's stock valued at $14,001,000 after purchasing an additional 32,974 shares during the last quarter. Headlands Technologies LLC grew its position in shares of Extreme Networks by 94.7% in the second quarter. Headlands Technologies LLC now owns 38,836 shares of the technology company's stock valued at $697,000 after purchasing an additional 18,890 shares during the last quarter. CANADA LIFE ASSURANCE Co grew its position in shares of Extreme Networks by 2.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 142,482 shares of the technology company's stock valued at $2,560,000 after purchasing an additional 3,568 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Extreme Networks by 309.9% in the second quarter. Tower Research Capital LLC TRC now owns 23,896 shares of the technology company's stock valued at $429,000 after purchasing an additional 18,066 shares during the last quarter. Finally, SkyView Investment Advisors LLC grew its position in shares of Extreme Networks by 3.0% in the second quarter. SkyView Investment Advisors LLC now owns 47,695 shares of the technology company's stock valued at $850,000 after purchasing an additional 1,401 shares during the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

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.