UBS Group Forecasts Strong Price Appreciation for Extreme Networks (NASDAQ:EXTR) Stock

Key Points

• UBS Group raised its price target for Extreme Networks from $15.00 to $21.00, indicating a potential upside of 7.47% from the stock's last close.
• Several analysts, including Needham & Company and Lake Street Capital, have recently upgraded their ratings for Extreme Networks, with price targets ranging from $24.00 to $25.00.
• Extreme Networks reported earnings of $0.25 per share for the last quarter, surpassing expectations and showing a 19.6% revenue increase year-over-year.

Extreme Networks (NASDAQ:EXTR - Get Free Report) had its target price upped by stock analysts at UBS Group from $15.00 to $21.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the technology company's stock. UBS Group's price target points to a potential upside of 4.58% from the stock's current price.

EXTR has been the subject of a number of other reports. Rosenblatt Securities lifted their price target on shares of Extreme Networks from $20.00 to $25.00 and gave the stock a "buy" rating in a research note on Thursday. Wall Street Zen upgraded shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. Needham & Company LLC upped their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, Lake Street Capital upgraded shares of Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 price objective on the stock in a report on Thursday. One analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $22.92.

Extreme Networks Stock Up 0.7%

Extreme Networks stock traded up $0.13 during midday trading on Thursday, hitting $20.08. 1,515,262 shares of the stock were exchanged, compared to its average volume of 1,244,825. Extreme Networks has a 52-week low of $10.10 and a 52-week high of $21.34. The stock has a market capitalization of $2.67 billion, a price-to-earnings ratio of -401.60, a price-to-earnings-growth ratio of 2.22 and a beta of 1.75. The business's 50-day moving average price is $17.55 and its 200-day moving average price is $15.52. The company has a quick ratio of 0.74, a current ratio of 0.91 and a debt-to-equity ratio of 2.50.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its earnings results on Wednesday, August 6th. The technology company reported $0.25 earnings per share for the quarter, topping analysts' consensus estimates 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 business had revenue of $307.00 million for the quarter, compared to analyst estimates of $299.88 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. Extreme Networks's revenue was up 19.6% on a year-over-year basis. On average, research analysts expect that Extreme Networks will post 0.31 EPS for the current fiscal year.

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 Friday, August 1st. The stock was sold at an average price of $17.18, for a total value of $613,755.50. Following the transaction, the chief executive officer directly owned 1,541,282 shares in the company, valued at $26,479,224.76. This trade represents a 2.27% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Raj Khanna sold 7,973 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $17.20, for a total value of $137,135.60. Following the sale, the director owned 233,735 shares in the company, valued at approximately $4,020,242. The trade was a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,450 shares of company stock valued at $1,436,774 in the last quarter. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Extreme Networks

Large investors have recently bought and sold shares of the business. Sterling Capital Management LLC increased its stake in shares of Extreme Networks by 603.3% during the fourth 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 period. Orion Capital Management LLC bought a new stake in shares of Extreme Networks during the 4th quarter worth about $33,000. Quarry LP lifted its position in Extreme Networks by 42.1% during the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock worth $41,000 after acquiring an additional 719 shares during the last quarter. GAMMA Investing LLC lifted its position in Extreme Networks by 105.6% during the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock worth $42,000 after acquiring an additional 1,628 shares during the last quarter. Finally, Byrne Asset Management LLC lifted its position in Extreme Networks by 115.6% during the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock worth $51,000 after acquiring an additional 2,081 shares during the last quarter. Institutional investors own 91.05% of the company's stock.

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.