Kevin Rhodes Sells 14,000 Shares of Extreme Networks (NASDAQ:EXTR) 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 Rhodes sold 14,000 shares of the business's stock in a transaction 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 completion of the transaction, the chief financial officer owned 126,202 shares of the company's stock, valued at $2,715,867.04. This trade represents a 9.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Extreme Networks Trading Up 0.9%

EXTR traded up $0.19 during trading on Tuesday, hitting $21.57. The company's stock had a trading volume of 2,143,414 shares, compared to its average volume of 1,261,986. Extreme Networks, Inc. has a twelve month low of $10.10 and a twelve month high of $22.10. The firm's 50 day moving average price is $18.84 and its 200-day moving average price is $16.06. The stock has a market cap of $2.87 billion, a PE ratio of -431.40, a PEG ratio of 2.24 and a beta of 1.84. 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 announced its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $299.88 million. During the same period in the previous year, the company earned ($0.08) EPS. The business's quarterly revenue was up 19.6% compared to the same quarter last year. On average, analysts expect that Extreme Networks, Inc. will post 0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on EXTR. Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. UBS Group upped their price objective on shares of Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" 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 price objective for the company in a research report on Thursday, August 7th. Needham & Company LLC upped their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Finally, Rosenblatt Securities upped their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research report on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $22.92.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in EXTR. Envestnet Asset Management Inc. boosted its holdings in shares of Extreme Networks by 27.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock valued at $361,000 after acquiring an additional 4,610 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in shares of Extreme Networks by 7.5% in the fourth quarter. The Manufacturers Life Insurance Company now owns 69,273 shares of the technology company's stock valued at $1,160,000 after acquiring an additional 4,826 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Extreme Networks by 15.6% in the fourth quarter. Northern Trust Corp now owns 1,482,113 shares of the technology company's stock valued at $24,811,000 after acquiring an additional 200,193 shares in the last quarter. Lido Advisors LLC boosted its holdings in shares of Extreme Networks by 25.1% in the fourth quarter. Lido Advisors LLC now owns 17,893 shares of the technology company's stock valued at $300,000 after acquiring an additional 3,585 shares in the last quarter. Finally, Algert Global LLC boosted its holdings in shares of Extreme Networks by 109.4% in the fourth quarter. Algert Global LLC now owns 183,443 shares of the technology company's stock valued at $3,071,000 after acquiring an additional 95,857 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors.

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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