Insider Selling: Extreme Networks (NASDAQ:EXTR) CEO Sells 50,000 Shares

Key Points

• Extreme Networks CEO Edward Meyercord sold 50,000 shares at an average price of $29.79, generating approximately $1.49 million. The Rule 10b5-1 transaction reduced his holdings by 3.04% to 1.60 million shares.
• Shares rose 7.9% to $32.34, near the company’s 52-week high of $33.73, giving Extreme Networks a market capitalization of approximately $4.23 billion.
• Investor sentiment remains broadly positive: institutional investors own 91.05% of the stock, while analysts maintain a “Moderate Buy” consensus rating with an average price target of $32.83.

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) CEO Edward Meyercord sold 50,000 shares of Extreme Networks stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $29.79, for a total value of $1,489,500.00. Following the transaction, the chief executive officer owned 1,596,475 shares in the company, valued at $47,558,990.25. This represents a 3.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Edward Meyercord also recently made the following trade(s):

• On Tuesday, June 2nd, Edward Meyercord sold 100,000 shares of Extreme Networks stock. The shares were sold at an average price of $29.20, for a total value of $2,920,000.00.
• On Monday, June 1st, Edward Meyercord sold 50,000 shares of Extreme Networks stock. The stock was sold at an average price of $27.64, for a total value of $1,382,000.00.
• On Tuesday, May 26th, Edward Meyercord sold 100,000 shares of Extreme Networks stock. The stock was sold at an average price of $26.10, for a total value of $2,610,000.00.

Extreme Networks Stock Up 7.9%

NASDAQ:EXTR traded up $2.36 on Tuesday, hitting $32.34. 2,564,434 shares of the company's stock traded hands, compared to its average volume of 2,068,894. The company has a market cap of $4.23 billion, a PE ratio of 269.50, a price-to-earnings-growth ratio of 1.85 and a beta of 1.79. Extreme Networks, Inc. has a 1 year low of $13.48 and a 1 year high of $33.73. The company has a current ratio of 0.91, a quick ratio of 0.78 and a debt-to-equity ratio of 1.89. The firm has a 50-day moving average price of $30.27 and a 200-day moving average price of $21.62.

Institutional Investors Weigh In On Extreme Networks

Several institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its position 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 buying an additional 12,667 shares during the last quarter. AQR Capital Management LLC lifted its holdings in Extreme Networks by 6.6% in the 1st quarter. AQR Capital Management LLC now owns 34,375 shares of the technology company's stock worth $455,000 after purchasing an additional 2,122 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Extreme Networks by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 76,723 shares of the technology company's stock worth $1,015,000 after purchasing an additional 3,349 shares during the last quarter. Millennium Management LLC boosted its position in Extreme Networks by 163.0% during the first quarter. Millennium Management LLC now owns 1,260,362 shares of the technology company's stock worth $16,675,000 after purchasing an additional 781,103 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Extreme Networks by 7.5% during 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 purchasing an additional 22,209 shares during the period. Institutional investors and hedge funds own 91.05% of the company's stock.

Wall Street Analysts Forecast Growth

EXTR has been the subject of a number of research reports. UBS Group set a $28.00 target price on shares of Extreme Networks in a research note on Thursday, April 30th. Wall Street Zen downgraded shares of Extreme Networks from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 18th. Lake Street Capital increased their price objective on Extreme Networks from $25.00 to $34.00 and gave the stock a "buy" rating in a report on Monday, June 15th. B. Riley Financial reissued a "buy" rating on shares of Extreme Networks in a research report on Thursday, April 30th. Finally, Bank of America boosted their target price on Extreme Networks from $28.00 to $33.00 and gave the company a "buy" rating in a research note on Monday, June 8th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.83.

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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