Insider Selling: Extreme Networks, Inc. (NASDAQ:EXTR) CEO Sells $549,807.75 in Stock

Extreme Networks, Inc. (NASDAQ:EXTR) CEO Edward Meyercord sold 35,725 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the sale, the chief executive officer now owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Extreme Networks Price Performance

Shares of EXTR traded up $0.16 during midday trading on Tuesday, hitting $15.38. The company’s stock had a trading volume of 1,191,686 shares, compared to its average volume of 1,016,927. 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, Inc. has a one year low of $10.49 and a one year high of $19.24. The stock has a market capitalization of $2.04 billion, a price-to-earnings ratio of -16.36, a price-to-earnings-growth ratio of 3.44 and a beta of 1.73. The company’s fifty day simple moving average is $17.18 and its two-hundred day simple moving average is $15.63.

Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate 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%. As a group, equities analysts expect that Extreme Networks, Inc. will post 0.27 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on EXTR. Lake Street Capital raised their price target on Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a report on Thursday, January 30th. Rosenblatt Securities upped their price target on shares of Extreme Networks from $21.00 to $22.00 and gave the company a “buy” rating in a research note on Thursday, January 30th. Needham & Company LLC restated a “buy” rating and set a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, January 30th. B. Riley upped their target price on Extreme Networks from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Craig Hallum lifted their price target on Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a report on Thursday, October 31st. One research 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

Institutional Trading of Extreme Networks

A number of hedge funds have recently added to or reduced their stakes in EXTR. Y Intercept Hong Kong Ltd bought a new position in shares of Extreme Networks in the 4th quarter valued at $551,000. Lyell Wealth Management LP raised its position in Extreme Networks by 2.3% in the fourth quarter. Lyell Wealth Management LP now owns 568,991 shares of the technology company’s stock valued at $9,525,000 after purchasing an additional 12,975 shares during the last quarter. New York State Common Retirement Fund boosted its stake in shares of Extreme Networks by 1,639.7% during the fourth quarter. New York State Common Retirement Fund now owns 625,678 shares of the technology company’s stock valued at $10,474,000 after purchasing an additional 589,713 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Extreme Networks by 4.4% during the fourth quarter. Principal Financial Group Inc. now owns 642,531 shares of the technology company’s stock worth $10,756,000 after purchasing an additional 26,853 shares during the last quarter. Finally, Rhumbline Advisers increased its stake in shares of Extreme Networks by 1.3% in the fourth quarter. Rhumbline Advisers now owns 372,591 shares of the technology company’s stock valued at $6,237,000 after buying an additional 4,610 shares during the period. Institutional investors and hedge funds 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.