Extreme Networks, Inc. $EXTR Position Trimmed by D.A. Davidson & CO.

Key Points

• D.A. Davidson & CO. reduced its stake in Extreme Networks, Inc. by 8.1%, holding approximately 0.10% of the company after selling 12,000 shares.
• Extreme Networks reported a quarterly revenue of $307 million, surpassing analysts' expectations and showing a 19.6% increase compared to the same period last year.
• Multiple upgrades from analysts have raised target prices for Extreme Networks' stock, with a recent average target set at $22.92 and a consensus rating of "Moderate Buy".

D.A. Davidson & CO. lessened its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 8.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 136,000 shares of the technology company's stock after selling 12,000 shares during the quarter. D.A. Davidson & CO. owned approximately 0.10% of Extreme Networks worth $2,441,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in shares of 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 buying an additional 1,628 shares during the last quarter. Trust Co. of Toledo NA OH bought a new position in Extreme Networks during the second quarter worth $169,000. Petrus Trust Company LTA bought a new position in Extreme Networks during the first quarter worth $158,000. 111 Capital bought a new position in Extreme Networks during the second quarter worth $215,000. Finally, Strs Ohio bought a new position in Extreme Networks during the first quarter worth $176,000. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Extreme Networks Stock Performance

EXTR opened at $20.89 on Friday. The stock's 50 day simple moving average is $21.10 and its 200-day simple moving average is $17.90. Extreme Networks, Inc. has a 1 year low of $10.10 and a 1 year high of $22.89. The stock has a market cap of $2.79 billion, a PE ratio of -417.80, a P/E/G ratio of 2.19 and a beta of 1.81. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50.

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

Analyst Upgrades and Downgrades

EXTR has been the topic of a number of research reports. Rosenblatt Securities boosted their target price on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research report on Thursday, August 7th. Lake Street Capital raised shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 target price on the stock in a research report on Thursday, August 7th. Weiss Ratings restated a "sell (e+)" rating on shares of Extreme Networks in a research report on Wednesday, October 8th. Needham & Company LLC boosted their price objective on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, UBS Group boosted their price objective on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research report on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $22.92.

Insider Buying and Selling

In other news, Director Edward H. Kennedy sold 25,000 shares of the stock in a transaction on Monday, August 11th. The stock was sold at an average price of $20.01, for a total transaction of $500,250.00. Following the sale, the director owned 612,691 shares in the company, valued at approximately $12,259,946.91. This represents a 3.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction 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 sale, the chief executive officer owned 1,541,282 shares in the company, valued at $26,479,224.76. The trade was a 2.27% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 103,725 shares of company stock valued at $2,015,216. 3.60% of the stock is currently owned by insiders.

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.

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