Extreme Networks (NASDAQ:EXTR) CEO Edward Meyercord Sells 100,000 Shares

Key Points

• Extreme Networks CEO Edward Meyercord sold 100,000 shares on May 26 at an average price of $26.10, worth about $2.61 million. The sale was made under a pre-arranged Rule 10b5-1 trading plan, and he still owns about 1.72 million shares.
• The CEO has been actively selling shares recently, including additional transactions in early May and on April 1. Those trades totaled hundreds of thousands of shares, indicating a pattern of insider selling.
• Extreme Networks reported solid quarterly results, beating EPS and revenue estimates with $0.26 EPS and $316.87 million in revenue, while analysts remain generally positive with a consensus rating of “Moderate Buy” and an average price target of $25.50.

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) CEO Edward Meyercord sold 100,000 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $26.10, for a total value of $2,610,000.00. Following the transaction, the chief executive officer directly owned 1,721,902 shares in the company, valued at $44,941,642.20. The trade was a 5.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Edward Meyercord also recently made the following trade(s):

• On Tuesday, May 5th, Edward Meyercord sold 21,209 shares of Extreme Networks stock. The stock was sold at an average price of $23.12, for a total value of $490,352.08.
• On Monday, May 4th, Edward Meyercord sold 78,791 shares of Extreme Networks stock. The stock was sold at an average price of $23.06, for a total value of $1,816,920.46.
• On Friday, May 1st, Edward Meyercord sold 50,000 shares of Extreme Networks stock. The shares were sold at an average price of $22.08, for a total value of $1,104,000.00.
• On Wednesday, April 1st, Edward Meyercord sold 50,000 shares of Extreme Networks stock. The shares were sold at an average price of $15.30, for a total value of $765,000.00.

Extreme Networks Stock Performance

EXTR traded down $0.46 during trading on Thursday, hitting $26.21. The stock had a trading volume of 1,400,671 shares, compared to its average volume of 2,077,498. The company has a 50 day moving average price of $19.29 and a 200-day moving average price of $17.10. The firm has a market cap of $3.43 billion, a price-to-earnings ratio of 218.42, a P/E/G ratio of 2.55 and a beta of 1.77. Extreme Networks, Inc. has a one year low of $13.48 and a one year high of $27.28. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.91 and a quick ratio of 0.78.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings results on Wednesday, April 29th. The technology company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.02. The business had revenue of $316.87 million during the quarter, compared to the consensus estimate of $311.48 million. Extreme Networks had a return on equity of 81.88% and a net margin of 1.30%.The firm's quarterly revenue was up 11.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 EPS. Extreme Networks has set its Q4 2026 guidance at 0.280-0.300 EPS. As a group, research analysts predict that Extreme Networks, Inc. will post 0.53 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on EXTR. B. Riley Financial restated a "buy" rating on shares of Extreme Networks in a research report on Thursday, April 30th. Rosenblatt Securities reiterated a "buy" rating and set a $25.00 price target on shares of Extreme Networks in a report on Thursday, January 29th. Needham & Company LLC lifted their price target on shares of Extreme Networks from $21.00 to $26.00 and gave the stock a "buy" rating in a report on Thursday, April 30th. Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Sunday. Finally, UBS Group set a $28.00 price target on shares of Extreme Networks in a report on Thursday, April 30th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $25.50.

Hedge Funds Weigh In On Extreme Networks

A number of hedge funds have recently made changes to their positions in the stock. Envestnet Asset Management Inc. raised its position in shares of Extreme Networks by 3.1% during the third quarter. Envestnet Asset Management Inc. now owns 22,783 shares of the technology company's stock worth $470,000 after acquiring an additional 683 shares during the last quarter. Arizona State Retirement System increased its holdings in Extreme Networks by 1.8% in the third quarter. Arizona State Retirement System now owns 39,405 shares of the technology company's stock worth $814,000 after purchasing an additional 685 shares in the last quarter. ProShare Advisors LLC increased its holdings in Extreme Networks by 3.0% in the fourth quarter. ProShare Advisors LLC now owns 25,609 shares of the technology company's stock worth $426,000 after purchasing an additional 735 shares in the last quarter. PNC Financial Services Group Inc. increased its holdings in Extreme Networks by 7.2% in the first quarter. PNC Financial Services Group Inc. now owns 11,001 shares of the technology company's stock worth $166,000 after purchasing an additional 735 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its holdings in Extreme Networks by 3.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 30,633 shares of the technology company's stock worth $510,000 after purchasing an additional 900 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors.

About Extreme Networks

Extreme Networks, Inc NASDAQ: EXTR is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company's product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme's Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.