Insider Selling: Extreme Networks (NASDAQ:EXTR) CFO Sells 14,000 Shares of Stock

Key Points

• Kevin Rhodes, CFO of Extreme Networks, sold 14,000 shares of stock at an average price of $21.52, resulting in a total sale value of approximately $301,280.
• Following the transaction, Rhodes' ownership in Extreme Networks decreased by 9.99%, leaving him with 126,202 shares valued at around $2.72 million.
• Extreme Networks recently reported quarterly earnings of $0.25 EPS, surpassing analyst expectations and showing a 19.6% revenue growth compared to the same quarter last year.

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) CFO Kevin R. Rhodes sold 14,000 shares of the stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $21.52, for a total value of $301,280.00. Following the transaction, the chief financial officer owned 126,202 shares of the company's stock, valued at approximately $2,715,867.04. This trade represents a 9.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Extreme Networks Stock Down 3.3%

Shares of Extreme Networks stock traded down $0.75 on Friday, hitting $21.70. 2,149,629 shares of the company's stock traded hands, compared to its average volume of 1,368,466. The stock has a market cap of $2.89 billion, a P/E ratio of -434.00, a PEG ratio of 2.27 and a beta of 1.84. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50. The firm's 50-day moving average is $19.16 and its 200 day moving average is $16.21. Extreme Networks, Inc. has a 52-week low of $10.10 and a 52-week high of $22.63.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Needham & Company LLC increased their target price on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. UBS Group raised their price objective on Extreme Networks from $15.00 to $21.00 and gave the stock a "neutral" rating in a research note on Thursday, August 7th. Rosenblatt Securities raised their price objective on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. Lake Street Capital upgraded Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective on the stock in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. Five equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Extreme Networks has an average rating of "Moderate Buy" and an average price target of $22.92.

Institutional Investors Weigh In On Extreme Networks

Several large investors have recently added to or reduced their stakes in the stock. Squarepoint Ops LLC increased its position in Extreme Networks by 25.4% in the second quarter. Squarepoint Ops LLC now owns 83,322 shares of the technology company's stock worth $1,496,000 after buying an additional 16,857 shares during the period. Public Sector Pension Investment Board increased its position in Extreme Networks by 4.4% in the second quarter. Public Sector Pension Investment Board now owns 779,992 shares of the technology company's stock worth $14,001,000 after buying an additional 32,974 shares during the period. Headlands Technologies LLC increased its position in Extreme Networks by 94.7% in the second quarter. Headlands Technologies LLC now owns 38,836 shares of the technology company's stock worth $697,000 after buying an additional 18,890 shares during the period. CANADA LIFE ASSURANCE Co increased its position in Extreme Networks by 2.6% in the second quarter. CANADA LIFE ASSURANCE Co now owns 142,482 shares of the technology company's stock worth $2,560,000 after buying an additional 3,568 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Extreme Networks by 309.9% during the second quarter. Tower Research Capital LLC TRC now owns 23,896 shares of the technology company's stock valued at $429,000 after purchasing an additional 18,066 shares during the period. 91.05% of the stock is owned by institutional investors and hedge funds.

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.