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

Rosenblatt Securities reiterated their buy rating on shares of Extreme Networks (NASDAQ:EXTR - Free Report) in a research note published on Thursday morning,Benzinga reports. They currently have a $18.00 price objective on the technology company's stock.

A number of other equities research analysts have also weighed in on the stock. Lake Street Capital raised their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the company a "hold" rating in a report on Thursday, January 30th. Needham & Company LLC reissued a "buy" rating and issued a $20.00 price objective on shares of Extreme Networks in a research report on Wednesday, April 30th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Extreme Networks currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.58.

Extreme Networks Stock Up 0.5 %

NASDAQ EXTR traded up $0.07 during trading hours on Thursday, hitting $14.08. The company had a trading volume of 547,143 shares, compared to its average volume of 1,425,754. The firm's 50 day moving average is $13.32 and its 200 day moving average is $15.34. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. Extreme Networks has a fifty-two week low of $10.10 and a fifty-two week high of $19.24. The company has a market capitalization of $1.87 billion, a price-to-earnings ratio of -14.95, a P/E/G ratio of 3.06 and a beta of 1.67.

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

Extreme Networks announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the firm's stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the transaction, the chief executive officer now directly owns 1,510,719 shares in the company, valued at approximately $20,742,171.87. This trade represents a 2.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 3.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Extreme Networks

A number of large investors have recently bought and sold shares of the business. Envestnet Asset Management Inc. boosted its stake in Extreme Networks by 27.2% during the 4th quarter. Envestnet Asset Management Inc. now owns 21,543 shares of the technology company's stock valued at $361,000 after purchasing an additional 4,610 shares during the period. Barclays PLC raised its holdings in shares of Extreme Networks by 369.8% in the 3rd quarter. Barclays PLC now owns 217,875 shares of the technology company's stock worth $3,274,000 after purchasing an additional 171,500 shares in the last quarter. Essex Investment Management Co. LLC bought a new position in shares of Extreme Networks in the fourth quarter valued at $2,599,000. Geode Capital Management LLC lifted its holdings in shares of Extreme Networks by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company's stock valued at $51,385,000 after purchasing an additional 49,888 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Extreme Networks by 4.0% during the fourth quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock valued at $299,965,000 after buying an additional 690,262 shares in the last quarter. 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.