Brokerages Set Extreme Networks, Inc. (NASDAQ:EXTR) Price Target at $18.58

Shares of Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) have received an average rating of "Moderate Buy" from the six analysts that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1 year target price among brokerages that have issued a report on the stock in the last year is $18.58.

EXTR has been the subject of several research reports. UBS Group dropped their price objective on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Rosenblatt Securities reiterated a "buy" rating and issued a $18.00 price target on shares of Extreme Networks in a research note on Thursday, May 1st. Needham & Company LLC restated a "buy" rating and set a $20.00 price objective on shares of Extreme Networks in a research report on Wednesday, April 30th. Finally, Lake Street Capital lowered their target price on Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a report on Thursday, May 1st.

Extreme Networks Price Performance

EXTR traded down $0.02 during trading on Thursday, hitting $14.80. 760,580 shares of the stock traded hands, compared to its average volume of 1,404,941. The business has a 50 day moving average price of $13.28 and a 200 day moving average price of $15.33. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. Extreme Networks has a twelve month low of $10.10 and a twelve month high of $19.24. The company has a market cap of $1.97 billion, a price-to-earnings ratio of -15.74, a PEG ratio of 3.06 and a beta of 1.67.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.02. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The business had revenue of $284.51 million during the quarter, compared to the consensus estimate of $280.32 million. During the same period in the prior year, the company earned ($0.19) EPS. Extreme Networks's revenue for the quarter was up 34.8% on a year-over-year basis. Equities research analysts forecast that Extreme Networks will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its board has approved a share repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the technology company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $13.73, for a total value of $490,504.25. Following the sale, the chief executive officer now directly owns 1,510,719 shares in the company, valued at $20,742,171.87. This represents a 2.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Barrow Hanley Mewhinney & Strauss LLC lifted its holdings in Extreme Networks by 397,835.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company's stock valued at $38,103,000 after buying an additional 2,275,619 shares during the period. LMR Partners LLP bought a new position in shares of Extreme Networks in the 4th quarter worth about $16,573,000. JPMorgan Chase & Co. lifted its stake in shares of Extreme Networks by 312.1% in the 4th quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company's stock valued at $20,078,000 after purchasing an additional 908,336 shares during the period. Penn Capital Management Company LLC bought a new stake in shares of Extreme Networks during the 4th quarter valued at about $14,229,000. Finally, Vanguard Group Inc. grew its stake in Extreme Networks by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock worth $299,965,000 after purchasing an additional 690,262 shares during the period. Institutional investors and hedge funds own 91.05% of the company's stock.

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.