Rosenblatt Securities Cuts Extreme Networks (NASDAQ:EXTR) Price Target to $18.00

Extreme Networks (NASDAQ:EXTR - Get Free Report) had its target price dropped by research analysts at Rosenblatt Securities from $22.00 to $18.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. Rosenblatt Securities' target price suggests a potential upside of 44.12% from the stock's previous close.

A number of other analysts have also recently issued reports on the company. Lake Street Capital boosted their target price on Extreme Networks from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Thursday, January 30th. Needham & Company LLC reaffirmed a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $19.50.

Extreme Networks Trading Up 1.1 %

EXTR stock traded up $0.14 on Tuesday, hitting $12.49. 644,203 shares of the company were exchanged, compared to its average volume of 1,456,764. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of -13.29, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57. Extreme Networks has a twelve month low of $10.10 and a twelve month high of $19.24. The business's fifty day moving average is $13.54 and its two-hundred day moving average is $15.41.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.07). Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. As a group, research analysts forecast that Extreme Networks will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has authorized a stock repurchase plan on Tuesday, February 18th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's management believes its shares are undervalued.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $15.39, for a total value of $549,807.75. Following the transaction, the chief executive officer now owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 3.70% of the company's stock.

Institutional Investors Weigh In On Extreme Networks

Several hedge funds and other institutional investors have recently bought and sold shares of EXTR. Byrne Asset Management LLC acquired a new stake in shares of Extreme Networks during the fourth quarter worth approximately $30,000. Sterling Capital Management LLC boosted its stake in Extreme Networks by 603.3% during the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock valued at $32,000 after acquiring an additional 1,665 shares during the last quarter. Orion Capital Management LLC acquired a new position in Extreme Networks during the 4th quarter worth $33,000. Smartleaf Asset Management LLC increased its position in shares of Extreme Networks by 385.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock worth $37,000 after purchasing an additional 1,733 shares during the last quarter. Finally, Quarry LP lifted its position 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 worth $41,000 after purchasing an additional 719 shares during the last quarter. 91.05% of the stock is currently owned by hedge funds and other 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.