Extreme Networks (NASDAQ:EXTR) Earns Buy Rating from Rosenblatt Securities

Extreme Networks (NASDAQ:EXTR)‘s stock had its “buy” rating reaffirmed by equities research analysts at Rosenblatt Securities in a report issued on Wednesday, Benzinga reports. They presently have a $21.00 target price on the technology company’s stock. Rosenblatt Securities’ target price indicates a potential upside of 37.25% from the company’s current price.

A number of other analysts also recently issued reports on the stock. Craig Hallum lifted their price target on shares of Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a report on Thursday, October 31st. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Friday, November 1st. B. Riley lifted their price target on shares of Extreme Networks from $18.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $16.50 price target on shares of Extreme Networks in a report on Thursday, August 8th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.00.

Extreme Networks Stock Up 0.7 %

Shares of EXTR stock opened at $15.30 on Wednesday. The company has a market capitalization of $2.02 billion, a price-to-earnings ratio of -15.77, a PEG ratio of 3.48 and a beta of 1.77. Extreme Networks has a one year low of $10.49 and a one year high of $18.77. The company’s fifty day moving average price is $14.89 and its 200-day moving average price is $13.41. The company has a debt-to-equity ratio of 5.33, a current ratio of 0.91 and a quick ratio of 0.63.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, August 7th. The technology company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.21). The firm had revenue of $256.65 million for the quarter, compared to the consensus estimate of $253.21 million. Extreme Networks had a negative net margin of 12.11% and a negative return on equity of 80.55%. The firm’s revenue for the quarter was down 29.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.24 earnings per share. Sell-side analysts expect that Extreme Networks will post 0.25 EPS for the current fiscal year.

Insider Activity at Extreme Networks

In related news, Director Raj Khanna sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $16.53, for a total transaction of $165,300.00. Following the completion of the transaction, the director now owns 228,733 shares in the company, valued at $3,780,956.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Extreme Networks news, Director Raj Khanna sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $16.53, for a total transaction of $165,300.00. Following the sale, the director now owns 228,733 shares of the company’s stock, valued at approximately $3,780,956.49. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $14.75, for a total transaction of $526,943.75. Following the completion of the sale, the chief executive officer now directly owns 1,448,378 shares in the company, valued at $21,363,575.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 117,175 shares of company stock worth $1,763,279 in the last 90 days. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Extreme Networks

A number of large investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. raised its position in shares of Extreme Networks by 318.7% in the third quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock valued at $67,124,000 after buying an additional 3,399,288 shares during the last quarter. Vanguard Group Inc. boosted its stake in Extreme Networks by 16.9% during the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock worth $175,191,000 after buying an additional 2,191,181 shares during the period. William Blair Investment Management LLC purchased a new position in Extreme Networks during the second quarter worth about $25,409,000. Rubric Capital Management LP boosted its stake in Extreme Networks by 52.3% during the second quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock worth $70,676,000 after buying an additional 1,804,744 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Extreme Networks by 265.8% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 731,500 shares of the technology company’s stock valued at $9,839,000 after purchasing an additional 531,500 shares during the period. 91.05% of the stock is currently 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.