Extreme Networks, Inc. (NASDAQ:EXTR) Receives $20.30 Consensus PT from Analysts

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

Several equities research analysts have weighed in on EXTR shares. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. Rosenblatt Securities restated a “buy” rating and issued a $22.00 price objective on shares of Extreme Networks in a research report on Friday, February 7th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, January 30th. Finally, Lake Street Capital lifted their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research report on Thursday, January 30th.

Extreme Networks Price Performance

Shares of EXTR stock opened at $14.89 on Wednesday. The stock’s fifty day simple moving average is $15.69 and its 200 day simple moving average is $15.85. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. The firm has a market cap of $1.98 billion, a price-to-earnings ratio of -15.84, a P/E/G ratio of 3.06 and a beta of 1.72. Extreme Networks has a one year low of $10.50 and a one year high of $19.24.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. On average, analysts expect that Extreme Networks will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its board has initiated a stock buyback program on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the sale, the chief executive officer now directly owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Several institutional investors and hedge funds have recently modified their holdings of the stock. State of Alaska Department of Revenue lifted its holdings in shares of Extreme Networks by 1.0% in the fourth quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company’s stock worth $1,257,000 after acquiring an additional 717 shares during the last quarter. Quarry LP lifted its holdings 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 worth $41,000 after acquiring an additional 719 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in shares of Extreme Networks by 31.4% in the fourth quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company’s stock worth $52,000 after acquiring an additional 741 shares during the last quarter. Ironwood Investment Management LLC lifted its holdings in shares of Extreme Networks by 0.7% in the fourth quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company’s stock worth $1,804,000 after acquiring an additional 782 shares during the last quarter. Finally, Arizona State Retirement System lifted its holdings in shares of Extreme Networks by 2.4% in the fourth quarter. Arizona State Retirement System now owns 38,299 shares of the technology company’s stock worth $641,000 after acquiring an additional 881 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors and hedge funds.

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.