Extreme Networks (NASDAQ:EXTR) Stock Price Expected to Rise, Rosenblatt Securities Analyst Says

Key Points

• Rosenblatt Securities has raised the price target for Extreme Networks (NASDAQ:EXTR) from $20.00 to $25.00, indicating a potential upside of 24.07% from the stock's previous close.
• The company has received mixed ratings from analysts, with four rating it as a buy, one as a strong buy, and two with hold ratings, resulting in an average rating of "Moderate Buy".
• Insider activity includes CEO Edward Meyercord selling 35,725 shares at an average price of $17.18, reducing his ownership by 2.27%.

Extreme Networks (NASDAQ:EXTR - Get Free Report) had its target price hoisted by stock analysts at Rosenblatt Securities from $20.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' price objective suggests a potential upside of 25.31% from the company's previous close.

EXTR has been the topic of several other research reports. 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 report on Thursday, May 1st. Needham & Company LLC reiterated a "buy" rating and set a $20.00 price objective on shares of Extreme Networks in a report on Thursday, May 15th. UBS Group cut their price objective on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Finally, Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Extreme Networks presently has a consensus rating of "Buy" and an average price target of $22.92.

Extreme Networks Trading Up 0.1%

NASDAQ:EXTR traded up $0.01 during trading hours on Thursday, hitting $19.95. The stock had a trading volume of 1,698,452 shares, compared to its average volume of 1,221,914. Extreme Networks has a one year low of $10.10 and a one year high of $21.34. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.70 and a current ratio of 0.91. The company has a market cap of $2.66 billion, a price-to-earnings ratio of -399.00, a P/E/G ratio of 2.35 and a beta of 1.75. The business's 50 day moving average is $17.55 and its 200-day moving average is $15.53.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued 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. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The firm had revenue of $307.00 million during the quarter, compared to the consensus estimate of $299.88 million. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The business's quarterly revenue was up 19.6% on a year-over-year basis. Sell-side analysts anticipate that Extreme Networks will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling at Extreme Networks

In related news, Director Raj Khanna sold 2,027 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $17.43, for a total transaction of $35,330.61. Following the completion of the transaction, the director directly owned 231,708 shares of the company's stock, valued at approximately $4,038,670.44. This represents a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of the business's 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 owned 1,541,282 shares in the company, valued at approximately $26,479,224.76. The trade was a 2.27% 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 quarter. Company insiders own 3.70% of the company's stock.

Hedge Funds Weigh In On Extreme Networks

A number of hedge funds and other institutional investors have recently bought and sold shares of EXTR. Sterling Capital Management LLC increased its holdings in shares of Extreme Networks by 603.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock worth $32,000 after acquiring an additional 1,665 shares during the last quarter. Orion Capital Management LLC acquired a new position in shares of Extreme Networks during the 4th quarter worth approximately $33,000. Quarry LP boosted its stake in Extreme Networks by 42.1% in the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after purchasing an additional 719 shares during the period. GAMMA Investing LLC boosted its stake in Extreme Networks by 105.6% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after purchasing an additional 1,628 shares during the period. Finally, Byrne Asset Management LLC boosted its stake in Extreme Networks by 115.6% in the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after purchasing an additional 2,081 shares during the period. 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.