Extreme Networks, Inc. (NASDAQ:EXTR) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Extreme Networks, Inc. (NASDAQ:EXTR) has received a consensus rating of "Moderate Buy" from six brokerages, with five analysts recommending to buy and one suggesting to hold the stock.
• Recent analyst upgrades include Lake Street Capital raising its price target to $24.00 and Rosenblatt Securities increasing it to $25.00.
• Insiders have sold a total of 149,450 shares worth approximately $2.8 million in the last three months, indicating potential profit-taking actions among company executives.

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the six ratings firms that are covering the company, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $22.9167.

A number of analysts recently commented on the stock. Lake Street Capital upgraded 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. Rosenblatt Securities raised their price target on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Needham & Company LLC increased their price objective on Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a report on Thursday, August 7th. Finally, UBS Group raised their target price on Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th.

Insider Activity

In related news, Director Raj Khanna sold 15,000 shares of the company's stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $19.91, for a total transaction of $298,650.00. Following the sale, the director owned 216,708 shares of the company's stock, valued at approximately $4,314,656.28. This represents a 6.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin R. Rhodes sold 14,000 shares of the stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $21.52, for a total transaction of $301,280.00. Following the completion of the sale, the chief financial officer owned 126,202 shares in the company, valued at $2,715,867.04. This represents a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 149,450 shares of company stock worth $2,838,234 in the last three months. Insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Extreme Networks

A number of institutional investors have recently added to or reduced their stakes in the business. Squarepoint Ops LLC boosted its position in shares of Extreme Networks by 25.4% during the 2nd quarter. Squarepoint Ops LLC now owns 83,322 shares of the technology company's stock valued at $1,496,000 after acquiring an additional 16,857 shares during the last quarter. Public Sector Pension Investment Board lifted its position in Extreme Networks by 4.4% during 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 increased its holdings in shares of Extreme Networks by 94.7% in the 2nd quarter. Headlands Technologies LLC now owns 38,836 shares of the technology company's stock worth $697,000 after buying an additional 18,890 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its position in shares of Extreme Networks by 2.6% during the 2nd quarter. CANADA LIFE ASSURANCE Co now owns 142,482 shares of the technology company's stock valued at $2,560,000 after buying an additional 3,568 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its holdings in shares of Extreme Networks by 309.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 23,896 shares of the technology company's stock worth $429,000 after acquiring an additional 18,066 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Trading Up 1.9%

Shares of EXTR opened at $22.08 on Wednesday. Extreme Networks has a fifty-two week low of $10.10 and a fifty-two week high of $22.63. The business has a 50-day moving average of $19.31 and a 200 day moving average of $16.30. The firm has a market cap of $2.94 billion, a P/E ratio of -441.60, a price-to-earnings-growth ratio of 2.27 and a beta of 1.84. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.74 and a current ratio of 0.91.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.22 by $0.03. The business had revenue of $307.00 million for the quarter, compared to the consensus estimate of $299.88 million. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The company's revenue was up 19.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.08) earnings per share. As a group, research analysts forecast that Extreme Networks will post 0.31 EPS for the current year.

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.

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