Extreme Networks (NASDAQ:EXTR) Hits New 52-Week High on Analyst Upgrade

Key Points

• Extreme Networks hit a new 52-week high after Bank of America raised its price target from $28 to $33 and reiterated a buy rating. The stock traded as high as $29.99, well above its previous close of $28.02.
• Analyst sentiment is generally positive, with multiple firms maintaining or upgrading bullish ratings, though Weiss Ratings issued a sell rating. Overall, the stock carries a Moderate Buy consensus and an average target price of $27.00.
• The company recently beat quarterly earnings and revenue estimates, reporting $0.26 EPS on $316.87 million in revenue, while insider selling and strong institutional ownership also featured in recent activity. Institutional investors own about 91% of the shares.

Shares of Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) hit a new 52-week high on Monday after Bank of America raised their price target on the stock from $28.00 to $33.00. Bank of America currently has a buy rating on the stock. Extreme Networks traded as high as $29.99 and last traded at $30.0260, with a volume of 312093 shares trading hands. The stock had previously closed at $28.02.

Several other research analysts also recently weighed in on the company. Lake Street Capital reiterated a "buy" rating and issued a $25.00 target price on shares of Extreme Networks in a research note on Thursday, April 30th. Needham & Company LLC lifted their price target on Extreme Networks from $21.00 to $26.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Weiss Ratings downgraded Extreme Networks from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Friday, May 15th. UBS Group set a $28.00 price target on Extreme Networks in a research note on Thursday, April 30th. Finally, Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Sunday, May 24th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $27.00.

Insider Activity at Extreme Networks

In other Extreme Networks news, Director Kathleen M. Holmgren sold 19,521 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $24.78, for a total transaction of $483,730.38. Following the sale, the director directly owned 219,308 shares in the company, valued at approximately $5,434,452.24. The trade was a 8.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Katayoun Motiey sold 7,500 shares of the business's stock in a transaction on Monday, June 1st. The stock was sold at an average price of $28.00, for a total value of $210,000.00. Following the sale, the insider owned 165,834 shares in the company, valued at approximately $4,643,352. The trade was a 4.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 569,682 shares of company stock valued at $13,968,028 in the last 90 days. 3.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Extreme Networks

A number of institutional investors have recently made changes to their positions in EXTR. Royal Bank of Canada raised its holdings in shares of Extreme Networks by 20.8% in the first quarter. Royal Bank of Canada now owns 73,610 shares of the technology company's stock worth $974,000 after acquiring an additional 12,667 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Extreme Networks by 6.6% in the first quarter. AQR Capital Management LLC now owns 34,375 shares of the technology company's stock worth $455,000 after acquiring an additional 2,122 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Extreme Networks by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 76,723 shares of the technology company's stock worth $1,015,000 after acquiring an additional 3,349 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Extreme Networks by 163.0% in the first quarter. Millennium Management LLC now owns 1,260,362 shares of the technology company's stock worth $16,675,000 after acquiring an additional 781,103 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Extreme Networks by 7.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 319,434 shares of the technology company's stock worth $4,226,000 after acquiring an additional 22,209 shares during the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

Extreme Networks Stock Performance

The company has a market capitalization of $3.93 billion, a price-to-earnings ratio of 250.58, a PEG ratio of 2.65 and a beta of 1.80. The stock has a fifty day moving average price of $21.11 and a two-hundred day moving average price of $17.62. The company has a quick ratio of 0.78, a current ratio of 0.91 and a debt-to-equity ratio of 1.89.

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

Extreme Networks Company Profile

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.

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