Extreme Networks (NASDAQ:EXTR) Price Target Raised to $21.00

Extreme Networks (NASDAQ:EXTR) had its price target raised by stock analysts at B. Riley from $18.00 to $21.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. B. Riley’s price target suggests a potential upside of 40.66% from the stock’s current price.

EXTR has been the topic of a number of other research reports. Needham & Company LLC reissued a “buy” rating and issued a $16.50 target price on shares of Extreme Networks in a research note on Thursday, August 8th. Craig Hallum increased their target price on Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a research note on Thursday. Finally, Rosenblatt Securities increased their target price on Extreme Networks from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Extreme Networks Price Performance

Shares of Extreme Networks stock traded down $0.99 during trading on Thursday, hitting $14.93. The stock had a trading volume of 1,173,928 shares, compared to its average volume of 1,867,685. The firm has a market cap of $1.94 billion, a price-to-earnings ratio of -212.57, a P/E/G ratio of 3.37 and a beta of 1.76. Extreme Networks has a 12 month low of $10.49 and a 12 month high of $20.83. The business’s 50-day moving average is $14.88 and its 200 day moving average is $13.28. The company has a current ratio of 0.90, a quick ratio of 0.63 and a debt-to-equity ratio of 7.05.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.21). The firm had revenue of $256.65 million during the quarter, compared to the consensus estimate of $253.21 million. Extreme Networks had a negative return on equity of 24.51% and a negative net margin of 7.69%. The company’s revenue for the quarter was down 29.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 EPS. As a group, sell-side analysts anticipate that Extreme Networks will post 0.25 earnings per share for the current year.

Insider Buying and Selling at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction dated 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 3.32% of the company’s stock.

Institutional Trading of Extreme Networks

A number of institutional investors have recently modified their holdings of EXTR. Vanguard Group Inc. boosted its holdings in shares of 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 purchasing an additional 2,191,181 shares during the period. William Blair Investment Management LLC purchased a new stake in shares of Extreme Networks during the second quarter worth about $25,409,000. Rubric Capital Management LP boosted its holdings in shares of 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 purchasing an additional 1,804,744 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Extreme Networks by 373.4% during the second quarter. Victory Capital Management Inc. now owns 1,066,743 shares of the technology company’s stock worth $14,348,000 after purchasing an additional 841,395 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Extreme Networks by 265.8% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 731,500 shares of the technology company’s stock worth $9,839,000 after purchasing an additional 531,500 shares during the period. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

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.