Extreme Networks (NASDAQ:EXTR) Sets New 52-Week High - Here's What Happened

Key Points

• Extreme Networks (NASDAQ:EXTR) shares reached a new 52-week high of $20.62, closing at $19.90 with significant trading volume.
• Wall Street analysts have mixed ratings for Extreme Networks, with a consensus of "Moderate Buy" and an average price target of $18.92.
• Insider trading activity shows significant sales, with Director Raj Khanna and CEO Edward Meyercord selling a combined total of shares worth over $649,000 in the recent months.

Shares of Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) hit a new 52-week high during trading on Wednesday . The company traded as high as $20.62 and last traded at $19.90, with a volume of 31396 shares. The stock had previously closed at $17.67.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports 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 reiterated a "buy" rating and issued a $20.00 price objective on shares of Extreme Networks in a report on Thursday, May 15th. UBS Group decreased their price objective on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Rosenblatt Securities increased their price objective on Extreme Networks from $18.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, Lake Street Capital decreased their price objective on Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $18.92.

Extreme Networks Price Performance

The firm has a 50 day moving average of $17.30 and a 200-day moving average of $15.48. The company has a market cap of $2.75 billion, a P/E ratio of -50.41, a P/E/G ratio of 2.13 and a beta of 1.75. The company has a current ratio of 0.93, a quick ratio of 0.70 and a debt-to-equity ratio of 2.33.

Insider Activity at Extreme Networks

In other Extreme Networks news, Director Raj Khanna sold 2,027 shares of Extreme Networks stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $17.43, for a total value of $35,330.61. Following the sale, the director owned 231,708 shares of the company's stock, valued at $4,038,670.44. The trade was a 0.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Friday, August 1st. The stock was sold at an average price of $17.18, for a total value of $613,755.50. Following the completion of the sale, the chief executive officer directly owned 1,541,282 shares in the company, valued at approximately $26,479,224.76. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 81,450 shares of company stock worth $1,436,774 in the last three months. 3.70% of the stock is owned by corporate insiders.

Institutional Trading of Extreme Networks

A number of large investors have recently added to or reduced their stakes in EXTR. Barrow Hanley Mewhinney & Strauss LLC increased its position in Extreme Networks by 397,835.5% during the 4th 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 in the last quarter. Nuveen LLC purchased a new position in shares of Extreme Networks in the first quarter valued at approximately $14,147,000. LMR Partners LLP purchased a new position in shares of Extreme Networks in the fourth quarter valued at approximately $16,573,000. JPMorgan Chase & Co. lifted its position in Extreme Networks by 312.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company's stock worth $20,078,000 after buying an additional 908,336 shares in the last quarter. Finally, Penn Capital Management Company LLC acquired a new stake in Extreme Networks during the fourth quarter worth $14,229,000. Institutional investors 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.

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