Extreme Networks (NASDAQ:EXTR) Given Sell (E+) Rating at Weiss Ratings

Key Points

• Extreme Networks has been given a "sell (e+)" rating by Weiss Ratings, while other analysts have issued more favorable ratings with several upgrading their price targets significantly.
• The company's stock currently has an average rating of "Moderate Buy" and a consensus target price of **$22.92**, amidst a recent positive quarterly earnings report that showed a 19.6% year-over-year revenue increase.
• Recent insider activities include director Edward H. Kennedy selling 25,000 shares and CFO Kevin R. Rhodes selling 14,000 shares, indicating a notable decrease in their ownership positions.

Extreme Networks (NASDAQ:EXTR - Get Free Report)'s stock had its "sell (e+)" rating reissued by equities research analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other equities analysts have also recently issued research reports about the company. Rosenblatt Securities lifted their price target on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. UBS Group lifted their price target on Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Lake Street Capital raised 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. Finally, Needham & Company LLC lifted their price target on Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Extreme Networks currently has an average rating of "Moderate Buy" and a consensus target price of $22.92.

Extreme Networks Price Performance

Shares of EXTR opened at $20.56 on Wednesday. The firm has a market capitalization of $2.75 billion, a price-to-earnings ratio of -411.20, a price-to-earnings-growth ratio of 2.10 and a beta of 1.81. 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 has a one year low of $10.10 and a one year high of $22.89. The stock's fifty day moving average is $20.82 and its 200-day moving average is $17.25.

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

Insider Buying and Selling

In related news, Director Edward H. Kennedy sold 25,000 shares of the business's stock in a transaction that occurred on Monday, August 11th. The stock was sold at an average price of $20.01, for a total value of $500,250.00. Following the completion of the sale, the director directly owned 612,691 shares in the company, valued at approximately $12,259,946.91. The trade was a 3.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Kevin R. Rhodes sold 14,000 shares of the business's stock in a transaction that occurred on Thursday, August 28th. The stock was sold at an average price of $21.52, for a total value of $301,280.00. Following the completion of the sale, the chief financial officer owned 126,202 shares of the company's stock, valued at approximately $2,715,867.04. This trade represents a 9.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 103,725 shares of company stock valued at $2,015,216 in the last quarter. Company insiders own 3.60% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in EXTR. Arrowstreet Capital Limited Partnership increased its position in Extreme Networks by 3,302.5% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 2,460,851 shares of the technology company's stock worth $44,172,000 after buying an additional 2,388,527 shares during the period. Nuveen LLC bought a new position in Extreme Networks in the 1st quarter worth approximately $14,147,000. Millennium Management LLC increased its position in Extreme Networks by 163.0% in the 1st quarter. Millennium Management LLC now owns 1,260,362 shares of the technology company's stock worth $16,675,000 after buying an additional 781,103 shares during the period. Trigran Investments Inc. increased its position in shares of Extreme Networks by 30.3% during the first quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company's stock valued at $41,098,000 after purchasing an additional 722,121 shares during the period. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Extreme Networks during the second quarter valued at approximately $11,265,000. 91.05% of the stock is owned by institutional investors.

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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