Extreme Networks, Inc. (NASDAQ:EXTR) Receives $18.58 Consensus Price Target from Brokerages

Shares of Extreme Networks, Inc. (NASDAQ:EXTR) have received a consensus recommendation of “Moderate Buy” from the six analysts that are currently covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $18.58.

A number of research analysts have commented on the stock. Lake Street Capital cut their target price on shares of Extreme Networks from $16.00 to $15.00 and set a “hold” rating on the stock in a research report on Thursday, May 1st. UBS Group cut their target price on shares of Extreme Networks from $16.50 to $15.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC reissued a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a research report on Thursday, May 15th. Rosenblatt Securities reissued a “buy” rating and set a $18.00 target price on shares of Extreme Networks in a research report on Thursday, May 1st. Finally, Wall Street Zen raised shares of Extreme Networks from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 22nd.

Extreme Networks Trading Up 1.7%

EXTR stock opened at $16.63 on Monday. The company has a market capitalization of $2.21 billion, a PE ratio of -17.69, a P/E/G ratio of 3.06 and a beta of 1.73. Extreme Networks has a 12 month low of $10.10 and a 12 month high of $19.24. The firm’s 50-day moving average is $13.88 and its 200 day moving average is $15.40. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, April 30th. The technology company reported $0.21 EPS for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. The business had revenue of $284.51 million for the quarter, compared to the consensus estimate of $280.32 million. Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. The company’s revenue for the quarter was up 34.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.19) EPS. On average, research analysts anticipate that Extreme Networks will post 0.31 EPS for the current year.

Extreme Networks declared that its Board of Directors has initiated a share repurchase program on Tuesday, February 18th that permits the company to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the transaction, the chief executive officer now owns 1,510,719 shares of the company’s stock, valued at $20,742,171.87. The trade was a 2.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 3.70% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Byrne Asset Management LLC acquired a new stake in Extreme Networks in the 4th quarter worth approximately $30,000. Sterling Capital Management LLC boosted its stake in Extreme Networks by 603.3% in the 4th 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 acquired a new stake in Extreme Networks in the 4th quarter worth approximately $33,000. Smartleaf Asset Management LLC boosted its stake in Extreme Networks by 385.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock worth $37,000 after purchasing an additional 1,733 shares in the last quarter. Finally, Quarry LP boosted its stake in Extreme Networks by 42.1% in the 4th quarter. Quarry LP now owns 2,426 shares of the technology company’s stock worth $41,000 after purchasing an additional 719 shares in the last quarter. Hedge funds and other institutional investors 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.