Extreme Networks (NASDAQ:EXTR) Share Price Crosses Above 200-Day Moving Average - What's Next?

Key Points

• Extreme Networks' stock price surpassed its 200-day moving average, reaching a high of $21.26, with shares last trading at $20.88.
• Analysts have upgraded their ratings, with several firms, including Lake Street Capital and Rosenblatt Securities, setting price targets between $24.00 and $25.00 for the stock.
• The company reported earnings per share of $0.25 for the last quarter, exceeding estimates and demonstrating a 19.6% revenue increase year-over-year.

Shares of Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $17.06 and traded as high as $21.26. Extreme Networks shares last traded at $20.88, with a volume of 1,781,586 shares.

Analyst Upgrades and Downgrades

Several analysts have issued reports on EXTR shares. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price target on the stock in a report on Thursday, August 7th. Rosenblatt Securities upped their price target on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a report on Thursday, August 7th. UBS Group upped their price target on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a report on Thursday, August 7th. Finally, Needham & Company LLC upped their price target on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a report on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $22.92.

Extreme Networks Stock Up 1.1%

The firm's 50-day moving average price is $20.58 and its 200-day moving average price is $17.06. The company has a market cap of $2.79 billion, a price-to-earnings ratio of -417.60, a price-to-earnings-growth ratio of 2.16 and a beta of 1.81. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.74.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.03. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The company had revenue of $307.00 million during the quarter, compared to analyst estimates of $299.88 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. The business's quarterly revenue was up 19.6% compared to the same quarter last year. Sell-side analysts forecast that Extreme Networks, Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Extreme Networks

In other news, Director Edward H. Kennedy sold 25,000 shares of the stock in a transaction on Monday, August 11th. The shares were sold at an average price of $20.01, for a total value of $500,250.00. Following the completion of the sale, the director owned 612,691 shares of the company's stock, valued at $12,259,946.91. This represents a 3.92% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin R. Rhodes sold 14,000 shares of the stock in a transaction on Thursday, August 28th. The stock was sold at an average price of $21.52, for a total transaction of $301,280.00. Following the completion of the sale, the chief financial officer directly owned 126,202 shares of the company's stock, valued at $2,715,867.04. The trade was a 9.99% decrease in their position. The disclosure for this sale can be found here. Insiders sold 103,725 shares of company stock worth $2,015,216 over the last three months. 3.70% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Extreme Networks

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Extreme Networks by 105.6% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after purchasing an additional 1,628 shares in the last quarter. Byrne Asset Management LLC boosted its stake in Extreme Networks by 115.6% during the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after acquiring an additional 2,081 shares during the last quarter. Globeflex Capital L P bought a new position in Extreme Networks during the 2nd quarter valued at $102,000. Steward Partners Investment Advisory LLC boosted its stake in Extreme Networks by 2,616.2% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 5,867 shares of the technology company's stock valued at $105,000 after acquiring an additional 5,651 shares during the last quarter. Finally, Trust Co. of Toledo NA OH bought a new position in Extreme Networks during the 2nd quarter valued at $169,000. 91.05% of the stock is owned by institutional investors and hedge funds.

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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