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

Extreme Networks, Inc. (NASDAQ:EXTR) has been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell recommendation, one has issued a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $22.9167.

Several research firms recently commented on EXTR. Weiss Ratings restated a “sell (e+)” rating on shares of Extreme Networks in a report on Wednesday, October 8th. UBS Group raised their price target on shares of Extreme Networks from $15.00 to $21.00 and gave the company a “neutral” rating in a report on Thursday, August 7th. Rosenblatt Securities lifted their price objective on shares of Extreme Networks from $20.00 to $25.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Needham & Company LLC lifted their price objective on shares of Extreme Networks from $20.00 to $24.00 and gave the company a “buy” rating in a research note on Thursday, August 7th. Finally, Lake Street Capital upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Thursday, August 7th.

Extreme Networks Trading Down 15.3%

NASDAQ EXTR opened at $18.01 on Thursday. Extreme Networks has a one year low of $10.10 and a one year high of $22.89. The company’s 50 day moving average price is $21.10 and its 200 day moving average price is $18.11. The company has a debt-to-equity ratio of 2.50, a quick ratio of 0.74 and a current ratio of 0.91. The firm has a market capitalization of $2.41 billion, a price-to-earnings ratio of -360.20, a PEG ratio of 2.23 and a beta of 1.81.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Wednesday, August 6th. The technology company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.22 by $0.03. Extreme Networks had a negative net margin of 0.65% and a positive return on equity of 82.47%. The firm had revenue of $307.00 million for the quarter, compared to analyst estimates of $299.88 million. During the same quarter last year, the firm posted ($0.08) earnings per share. Extreme Networks’s revenue for the quarter was up 19.6% compared to the same quarter last year. On average, sell-side analysts predict that Extreme Networks will post 0.31 EPS for the current year.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $17.18, for a total transaction of $613,755.50. Following the sale, the chief executive officer owned 1,541,282 shares in the company, valued at $26,479,224.76. This trade represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Edward H. Kennedy sold 25,000 shares of Extreme Networks stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $20.01, for a total transaction of $500,250.00. Following the sale, the director owned 612,691 shares in the company, valued at $12,259,946.91. This represents a 3.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 103,725 shares of company stock worth $2,015,216. Company insiders own 3.60% of the company’s stock.

Institutional Trading of Extreme Networks

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. NorthCrest Asset Manangement LLC increased its stake in shares of Extreme Networks by 42.1% in the third quarter. NorthCrest Asset Manangement LLC now owns 26,106 shares of the technology company’s stock worth $523,000 after buying an additional 7,738 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Extreme Networks in the third quarter worth $70,000. Axecap Investments LLC bought a new stake in shares of Extreme Networks in the third quarter worth $1,609,000. Byrne Asset Management LLC increased its stake in shares of Extreme Networks by 58.0% in the third quarter. Byrne Asset Management LLC now owns 6,810 shares of the technology company’s stock worth $141,000 after buying an additional 2,500 shares during the last quarter. Finally, Salomon & Ludwin LLC bought a new stake in shares of Extreme Networks in the third quarter worth $27,000. 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.