Rosenblatt Securities Forecasts Strong Price Appreciation for Extreme Networks (NASDAQ:EXTR) Stock

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 price target raised by research analysts at Rosenblatt Securities from $20.00 to $25.00 in a report released on Thursday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Rosenblatt Securities' target price suggests a potential upside of 24.88% from the company's current price.

Several other equities research analysts have also recently issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $20.00 target price on shares of Extreme Networks in a report on Thursday, May 15th. UBS Group dropped their target price on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a report on Thursday, May 1st. Lake Street Capital dropped their target price on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a report on Thursday, May 1st. Finally, Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Extreme Networks currently has a consensus rating of "Buy" and an average price target of $22.92.

Extreme Networks Trading Up 0.4%

Shares of EXTR stock traded up $0.07 during mid-day trading on Thursday, reaching $20.02. The stock had a trading volume of 561,971 shares, compared to its average volume of 1,238,328. The stock's 50-day moving average price is $17.55 and its two-hundred day moving average price is $15.52. Extreme Networks has a 52-week low of $10.10 and a 52-week high of $21.34. The firm has a market capitalization 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. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50.

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

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the sale, the chief executive officer owned 1,541,282 shares of the company's stock, valued at approximately $26,479,224.76. The trade was a 2.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Raj Khanna sold 7,973 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $17.20, for a total transaction of $137,135.60. Following the sale, the director directly owned 233,735 shares in the company, valued at approximately $4,020,242. This represents a 3.30% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 81,450 shares of company stock valued at $1,436,774. 3.70% of the stock is currently owned by company insiders.

Institutional Trading of Extreme Networks

Large investors have recently made changes to their positions in the business. Envestnet Asset Management Inc. boosted its holdings in Extreme Networks by 27.2% during the fourth quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock worth $361,000 after buying an additional 4,610 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Extreme Networks by 3.0% during the first quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company's stock worth $8,755,000 after buying an additional 19,248 shares in the last quarter. GAMMA Investing LLC boosted its holdings in Extreme Networks by 2,619.8% during the first quarter. GAMMA Investing LLC now owns 41,939 shares of the technology company's stock worth $555,000 after buying an additional 40,397 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in Extreme Networks by 76.9% during the first quarter. Edgestream Partners L.P. now owns 327,356 shares of the technology company's stock worth $4,331,000 after buying an additional 142,332 shares in the last quarter. Finally, Impax Asset Management Group plc boosted its holdings in Extreme Networks by 41.5% during the first quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company's stock worth $12,637,000 after buying an additional 280,000 shares in the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

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.