Extreme Networks (NASDAQ:EXTR) Shares Gap Up to $10.70

Extreme Networks, Inc. (NASDAQ:EXTR) shares gapped up prior to trading on Monday . The stock had previously closed at $10.70, but opened at $11.36. Extreme Networks shares last traded at $11.36, with a volume of 551,963 shares.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. B. Riley upgraded Extreme Networks from a “neutral” rating to a “buy” rating and set a $14.00 target price on the stock in a research note on Monday. Needham & Company LLC lowered their target price on Extreme Networks from $23.00 to $16.50 and set a “buy” rating on the stock in a research note on Thursday, February 1st. TheStreet downgraded Extreme Networks from a “b-” rating to a “c+” rating in a research note on Tuesday, February 20th. UBS Group downgraded Extreme Networks from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $22.00 to $14.00 in a research note on Thursday, February 1st. Finally, StockNews.com downgraded Extreme Networks from a “buy” rating to a “hold” rating in a research note on Thursday, February 1st. Six analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $22.36.

Extreme Networks Price Performance

The company has a market cap of $1.43 billion, a PE ratio of 18.55, a P/E/G ratio of 3.81 and a beta of 1.90. The business has a 50-day simple moving average of $11.81 and a 200-day simple moving average of $15.92. The company has a quick ratio of 0.74, a current ratio of 1.02 and a debt-to-equity ratio of 1.69.

Extreme Networks (NASDAQ:EXTR) last released its earnings results on Wednesday, January 31st. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.05). The firm had revenue of $296.38 million during the quarter, compared to analysts’ expectations of $295.50 million. Extreme Networks had a net margin of 5.96% and a return on equity of 98.24%. Equities research analysts anticipate that Extreme Networks, Inc. will post 0.17 EPS for the current year.

Insider Activity

In other news, CEO Edward Meyercord sold 28,443 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $13.24, for a total value of $376,585.32. Following the transaction, the chief executive officer now owns 1,129,611 shares in the company, valued at $14,956,049.64. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 3.32% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Extreme Networks by 4.2% in the first quarter. BlackRock Inc. now owns 18,666,486 shares of the technology company’s stock valued at $356,903,000 after purchasing an additional 751,645 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Extreme Networks by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 12,989,988 shares of the technology company’s stock valued at $229,143,000 after purchasing an additional 94,881 shares during the last quarter. Capital Research Global Investors increased its holdings in shares of Extreme Networks by 24.0% in the first quarter. Capital Research Global Investors now owns 11,055,375 shares of the technology company’s stock valued at $134,986,000 after purchasing an additional 2,141,000 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Extreme Networks by 0.6% in the second quarter. State Street Corp now owns 4,585,885 shares of the technology company’s stock valued at $119,462,000 after purchasing an additional 29,304 shares during the last quarter. Hedge funds and other institutional investors own 91.05% 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.