Brokerages Set Extreme Networks, Inc. (NASDAQ:EXTR) Price Target at $20.30

Extreme Networks, Inc. (NASDAQ:EXTR) has been assigned a consensus rating of “Moderate Buy” from the five ratings firms that are presently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a hold rating and four have issued a buy rating on the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $20.30.

EXTR has been the subject of several recent analyst reports. Lake Street Capital raised their target price on shares of Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a research note on Thursday, January 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $20.00 target price on shares of Extreme Networks in a research report on Thursday, January 30th. StockNews.com raised Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Extreme Networks in a research report on Friday, February 7th.

Extreme Networks Stock Down 0.8 %

Shares of NASDAQ EXTR opened at $11.75 on Friday. Extreme Networks has a 12-month low of $10.10 and a 12-month high of $19.24. The stock’s fifty day simple moving average is $14.22 and its two-hundred day simple moving average is $15.59. The stock has a market capitalization of $1.56 billion, a PE ratio of -12.50, a price-to-earnings-growth ratio of 3.06 and a beta of 1.57. 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 announced its earnings results 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 return on equity of 110.86% and a negative net margin of 11.98%. As a group, analysts expect that Extreme Networks will post 0.31 EPS for the current fiscal year.

Extreme Networks declared that its board has authorized a share buyback plan on Tuesday, February 18th that authorizes the company to buyback $200.00 million in shares. This buyback authorization authorizes the technology company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks 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 transaction, the chief executive officer now directly owns 1,478,941 shares in the company, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Several institutional investors have recently made changes to their positions in EXTR. Byrne Asset Management LLC purchased a new position in Extreme Networks in the fourth quarter valued at $30,000. Sterling Capital Management LLC increased its stake in shares of Extreme Networks by 603.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company’s stock valued at $32,000 after purchasing an additional 1,665 shares in the last quarter. Orion Capital Management LLC acquired a new position in Extreme Networks in the 4th quarter worth about $33,000. Smartleaf Asset Management LLC grew its holdings in Extreme Networks by 385.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock valued at $37,000 after purchasing an additional 1,733 shares during the period. Finally, Quarry LP increased its position in shares of Extreme Networks by 42.1% in the fourth quarter. Quarry LP now owns 2,426 shares of the technology company’s stock valued at $41,000 after buying an additional 719 shares in the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

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.