Extreme Networks (NASDAQ:EXTR) Price Target Raised to $24.00 at Needham & Company LLC

Extreme Networks (NASDAQ:EXTR) had its target price upped by Needham & Company LLC from $20.00 to $24.00 in a report released on Thursday morning,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

Several other research analysts have also issued reports on the company. Rosenblatt Securities increased their price objective on Extreme Networks from $20.00 to $25.00 and gave the stock a “buy” rating in a research note on Thursday. UBS Group cut their price target on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating for the company in a report on Thursday, May 1st. Wall Street Zen raised Extreme Networks from a “buy” rating to a “strong-buy” rating in a report on Thursday, May 22nd. Finally, Lake Street Capital cut their price target on Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a report on Thursday, May 1st. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $22.92.

Extreme Networks Stock Performance

Extreme Networks stock opened at $19.95 on Thursday. The company has a debt-to-equity ratio of 2.50, a current ratio of 0.91 and a quick ratio of 0.70. The stock has a fifty day moving average price of $17.55 and a two-hundred day moving average price of $15.53. Extreme Networks has a 52-week low of $10.10 and a 52-week high of $21.34. The firm has a market capitalization of $2.66 billion, a P/E ratio of -399.00, a P/E/G ratio of 2.35 and a beta of 1.75.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, August 6th. The technology company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.03. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%. The firm had revenue of $307.00 million during the quarter, compared to analyst estimates of $299.88 million. During the same period in the prior year, the company posted ($0.08) earnings per share. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. As a group, analysts anticipate that Extreme Networks will post 0.31 EPS for the current fiscal year.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Friday, August 1st. The stock was sold at an average price of $17.18, for a total value of $613,755.50. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Raj Khanna sold 7,973 shares of Extreme Networks stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $17.20, for a total value of $137,135.60. Following the completion of the sale, the director owned 233,735 shares of the company’s stock, valued at approximately $4,020,242. The trade was a 3.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 81,450 shares of company stock valued at $1,436,774 over the last ninety days. 3.70% of the stock is currently owned by company insiders.

Institutional Trading of Extreme Networks

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Extreme Networks by 2.3% in the first quarter. Vanguard Group Inc. now owns 18,325,419 shares of the technology company’s stock worth $242,445,000 after purchasing an additional 406,350 shares during the period. Paradigm Capital Management Inc. NY increased its position in Extreme Networks by 0.7% in the first quarter. Paradigm Capital Management Inc. NY now owns 5,225,200 shares of the technology company’s stock worth $69,129,000 after purchasing an additional 35,400 shares during the period. Victory Capital Management Inc. increased its position in Extreme Networks by 13.9% in the first quarter. Victory Capital Management Inc. now owns 5,012,386 shares of the technology company’s stock worth $66,314,000 after purchasing an additional 611,462 shares during the period. Geode Capital Management LLC increased its position in Extreme Networks by 1.0% in the second quarter. Geode Capital Management LLC now owns 3,191,820 shares of the technology company’s stock worth $57,301,000 after purchasing an additional 33,045 shares during the period. Finally, Trigran Investments Inc. increased its position in Extreme Networks by 30.3% in the first quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company’s stock worth $41,098,000 after purchasing an additional 722,121 shares during the period. 91.05% of the stock is currently owned by institutional investors and hedge funds.

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.