Extreme Networks, Inc. (NASDAQ:EXTR) Receives Consensus Recommendation of “Moderate Buy” from Brokerages

Extreme Networks, Inc. (NASDAQ:EXTR) has received an average recommendation of “Moderate Buy” from the five brokerages that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $20.30.

Several research analysts recently weighed in on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Extreme Networks in a research report on Friday, February 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a research note on Thursday, January 30th. B. Riley raised 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. 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 research note on Thursday, January 30th. Finally, Craig Hallum lifted their target price 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.

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was 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 in the company, valued at $22,760,901.99. This trade represents a 2.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Several institutional investors and hedge funds have recently made changes to their positions in EXTR. Quarry LP bought a new stake in shares of Extreme Networks in the third quarter worth $26,000. Byrne Asset Management LLC acquired a new stake in shares of Extreme Networks in the 4th quarter valued at about $30,000. Sterling Capital Management LLC grew its stake in Extreme Networks by 603.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company’s stock worth $32,000 after purchasing an additional 1,665 shares in the last quarter. Orion Capital Management LLC bought a new stake in Extreme Networks in the fourth quarter valued at about $33,000. Finally, Smartleaf Asset Management LLC raised its stake in Extreme Networks by 385.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock valued at $37,000 after buying an additional 1,733 shares in the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

Extreme Networks Stock Performance

Extreme Networks stock opened at $15.15 on Friday. The stock has a fifty day moving average price of $16.57 and a 200 day moving average price of $15.88. Extreme Networks has a 52 week low of $10.50 and a 52 week high of $19.24. The firm has a market capitalization of $2.01 billion, a P/E ratio of -16.12, a PEG ratio of 3.06 and a beta of 1.73. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. Equities research analysts anticipate that Extreme Networks will post 0.31 earnings per share for the current year.

Extreme Networks declared that its Board of Directors has authorized a stock repurchase 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 stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.