Rosenblatt Securities Forecasts Strong Price Appreciation for Extreme Networks (NASDAQ:EXTR) Stock

Extreme Networks (NASDAQ:EXTR - Free Report) had its price target lifted by Rosenblatt Securities from $18.00 to $20.00 in a report issued on Friday,Benzinga reports. They currently have a buy rating on the technology company's stock.

Several other research firms also recently commented on EXTR. Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Needham & Company LLC restated a "buy" rating and set a $20.00 target price on shares of Extreme Networks in a research note on Thursday, May 15th. Lake Street Capital dropped their price objective on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Finally, UBS Group reduced their target price on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Two equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $18.92.

Extreme Networks Stock Down 3.7%

Shares of Extreme Networks stock traded down $0.62 during midday trading on Friday, hitting $16.08. The company had a trading volume of 932,440 shares, compared to its average volume of 1,340,256. The stock has a market capitalization of $2.14 billion, a P/E ratio of -17.11, a P/E/G ratio of 3.06 and a beta of 1.73. The company has a 50 day moving average of $14.28 and a 200 day moving average of $15.42. Extreme Networks has a 52-week low of $10.10 and a 52-week high of $19.24. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating 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 analyst estimates of $280.32 million. During the same quarter in the previous year, the company posted ($0.19) earnings per share. Extreme Networks's revenue for the quarter was up 34.8% on a year-over-year basis. On average, equities analysts predict that Extreme Networks will post 0.31 earnings per share for the current fiscal year.

Extreme Networks declared that its board has initiated a stock repurchase program on Tuesday, February 18th that permits the company to buyback $200.00 million in shares. This buyback authorization permits the technology company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction that occurred on Thursday, May 1st. The shares were 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 of the company's stock, valued at approximately $20,742,171.87. This trade represents a 2.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the business. First Hawaiian Bank boosted its position in Extreme Networks by 20.3% during the 1st quarter. First Hawaiian Bank now owns 29,567 shares of the technology company's stock valued at $391,000 after purchasing an additional 4,995 shares during the period. Strs Ohio acquired a new stake in shares of Extreme Networks during the first quarter worth $176,000. Intech Investment Management LLC boosted its stake in Extreme Networks by 26.9% in the 1st quarter. Intech Investment Management LLC now owns 210,314 shares of the technology company's stock worth $2,782,000 after purchasing an additional 44,602 shares during the period. Focus Partners Wealth grew its stake in Extreme Networks by 25.3% during the 1st quarter. Focus Partners Wealth now owns 324,736 shares of the technology company's stock valued at $4,296,000 after acquiring an additional 65,535 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake 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. Institutional investors and hedge funds own 91.05% of the company's stock.

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.