Extreme Networks (NASDAQ:EXTR) to Repurchase $200.00 million in Outstanding Stock

Extreme Networks (NASDAQ:EXTR) declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 18th, RTT News reports. The company plans to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

EXTR has been the subject of a number of recent research reports. StockNews.com upgraded Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Lake Street Capital boosted their price objective on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. B. Riley increased their target price 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. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price target on shares of Extreme Networks in a research note on Thursday, January 30th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $22.00 price objective on shares of Extreme Networks in a research note on Friday, February 7th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, Extreme Networks has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Extreme Networks Trading Down 1.5 %

NASDAQ:EXTR opened at $15.85 on Friday. The firm has a market capitalization of $2.10 billion, a P/E ratio of -16.86, a P/E/G ratio of 3.15 and a beta of 1.73. Extreme Networks has a 52 week low of $10.49 and a 52 week high of $19.24. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34. The company has a fifty day moving average of $16.76 and a 200 day moving average of $15.80.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share 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%. On average, research analysts predict that Extreme Networks will post 0.31 earnings per share for the current year.

Insider Transactions at Extreme Networks

In other news, Director Charles Carinalli sold 5,000 shares of Extreme Networks stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $16.70, for a total transaction of $83,500.00. Following the sale, the director now owns 366,793 shares of the company’s stock, valued at approximately $6,125,443.10. The trade was a 1.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the transaction, the chief executive officer now owns 1,478,941 shares in the company, valued at $22,760,901.99. This represents a 2.36 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 3.70% 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.