Rosenblatt Securities Reiterates "Buy" Rating for Extreme Networks (NASDAQ:EXTR)

Extreme Networks (NASDAQ:EXTR - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Rosenblatt Securities in a report issued on Thursday,Benzinga reports. They presently have a $18.00 target price on the technology company's stock. Rosenblatt Securities' price target points to a potential upside of 36.78% from the stock's previous close.

EXTR has been the topic of a number of other research reports. Needham & Company LLC restated a "buy" rating and issued a $20.00 target price on shares of Extreme Networks in a research report on Wednesday. Lake Street Capital raised their price objective on Extreme Networks from $15.00 to $16.00 and gave the company a "hold" rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $19.50.

Extreme Networks Price Performance

Shares of EXTR stock opened at $13.16 on Thursday. The business has a fifty day simple moving average of $13.39 and a 200 day simple moving average of $15.36. The company has a market cap of $1.75 billion, a P/E ratio of -14.00, a P/E/G ratio of 3.06 and a beta of 1.57. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. Extreme Networks has a twelve month low of $10.10 and a twelve month high of $19.24.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.19 by $0.02. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The firm had revenue of $284.51 million during the quarter, compared to the consensus estimate of $280.32 million. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. The business's quarterly revenue was up 34.8% on a year-over-year basis. On average, sell-side analysts forecast that Extreme Networks will post 0.31 EPS for the current fiscal year.

Extreme Networks declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's board believes its stock is undervalued.

Insider Buying and Selling at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total value of $549,807.75. Following the sale, the chief executive officer now owns 1,478,941 shares of the company's stock, valued at $22,760,901.99. The trade was a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 3.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Barrow Hanley Mewhinney & Strauss LLC increased its stake in shares of Extreme Networks by 397,835.5% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company's stock valued at $38,103,000 after buying an additional 2,275,619 shares during the period. LMR Partners LLP bought a new stake in Extreme Networks in the fourth quarter valued at approximately $16,573,000. JPMorgan Chase & Co. increased its position in Extreme Networks by 312.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company's stock valued at $20,078,000 after purchasing an additional 908,336 shares during the period. Penn Capital Management Company LLC bought a new position in Extreme Networks during the 4th quarter worth approximately $14,229,000. Finally, Vanguard Group Inc. lifted its position in shares of Extreme Networks by 4.0% in the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock worth $299,965,000 after purchasing an additional 690,262 shares during the period. 91.05% of the stock is owned by institutional investors and hedge funds.

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.

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