Extreme Networks (NASDAQ:EXTR) Price Target Raised to $24.00

Key Points

• Needham & Company LLC has raised its price target for Extreme Networks from $20.00 to $24.00, indicating a potential upside of 19.11% from the stock's previous closing price.
• Extreme Networks received a "strong-buy" rating upgrade from Wall Street Zen, while various other analysts have issued mixed ratings, including one lowering the target price to $15.00.
• Extreme Networks has shown strong institutional interest, with 91.05% of its shares owned by institutional investors and several firms increasing their positions significantly in recent months.

Extreme Networks (NASDAQ:EXTR - Get Free Report) had its target price upped by analysts at Needham & Company LLC from $20.00 to $24.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Needham & Company LLC's target price would suggest a potential upside of 19.82% from the company's previous close.

Several other research firms also recently commented on EXTR. Rosenblatt Securities lifted their price objective on Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a report on Thursday. Wall Street Zen raised Extreme Networks from a "buy" rating to a "strong-buy" rating in a research note on Thursday, May 22nd. UBS Group cut their target price on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a research note on Thursday, May 1st. Finally, Lake Street Capital cut their price objective on Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a research report on Thursday, May 1st. One analyst has rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $22.92.

Extreme Networks Stock Performance

Shares of Extreme Networks stock traded up $0.08 during trading hours on Thursday, reaching $20.03. The company had a trading volume of 561,971 shares, compared to its average volume of 1,238,328. Extreme Networks has a one year low of $10.10 and a one year high of $21.34. The business has a fifty day simple moving average of $17.55 and a 200 day simple moving average of $15.52. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.74. The firm has a market cap of $2.67 billion, a PE ratio of -401.02, a price-to-earnings-growth ratio of 2.22 and a beta of 1.75.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping 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 company had revenue of $307.00 million for the quarter, compared to the consensus estimate of $299.88 million. During the same quarter last year, the business posted ($0.08) earnings per share. The firm's revenue was up 19.6% compared to the same quarter last year. On average, analysts anticipate that Extreme Networks will post 0.31 earnings per share for the current fiscal year.

Insider Activity at Extreme Networks

In other news, 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 transaction of $613,755.50. Following the transaction, the chief executive officer directly owned 1,541,282 shares of the company's stock, valued at $26,479,224.76. This represents a 2.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Raj Khanna sold 7,973 shares of the stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $17.20, for a total value of $137,135.60. Following the transaction, the director directly owned 233,735 shares in the company, valued at $4,020,242. The trade was a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 81,450 shares of company stock worth $1,436,774 over the last ninety days. 3.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Sterling Capital Management LLC lifted its stake in Extreme Networks by 603.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock worth $32,000 after purchasing an additional 1,665 shares during the last quarter. Orion Capital Management LLC bought a new stake in shares of Extreme Networks during the fourth quarter valued at approximately $33,000. Quarry LP raised its stake in shares of Extreme Networks by 42.1% during the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after acquiring an additional 719 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Extreme Networks by 105.6% during the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after acquiring an additional 1,628 shares in the last quarter. Finally, Byrne Asset Management LLC raised its stake in shares of Extreme Networks by 115.6% during the first 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 in the last quarter. Hedge funds and other institutional investors own 91.05% of the company's stock.

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.