Extreme Networks, Inc. (NASDAQ:EXTR) Receives $20.30 Average Price Target from Analysts

Shares of Extreme Networks, Inc. (NASDAQ:EXTR) have earned an average rating of “Moderate Buy” from the five analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $20.30.

A number of research firms recently issued reports on EXTR. Rosenblatt Securities restated a “buy” rating and set a $22.00 price objective on shares of Extreme Networks in a research report on Friday, February 7th. Lake Street Capital boosted their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a report on Thursday, January 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Extreme Networks in a report on Thursday, January 30th. Craig Hallum boosted their target price on shares of Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a research note on Thursday, October 31st. Finally, B. Riley raised their price target on shares of Extreme Networks from $18.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday, October 31st.

Extreme Networks Stock Performance

Extreme Networks stock opened at $15.15 on Friday. Extreme Networks has a 1 year low of $10.50 and a 1 year high of $19.24. The firm’s 50-day moving average is $16.57 and its 200-day moving average is $15.88. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. The company has a market cap of $2.01 billion, a P/E ratio of -16.12, a PEG ratio of 3.06 and a beta of 1.73.

Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Wednesday, January 29th. The technology company reported $0.11 earnings per share (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%. On average, equities analysts expect that Extreme Networks will post 0.31 earnings per share for the current year.

Extreme Networks declared that its board has approved a stock buyback plan on Tuesday, February 18th that authorizes the company to buyback $200.00 million in outstanding shares. This buyback authorization authorizes the technology company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,478,941 shares in the company, valued at $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 3.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Extreme Networks

A number of institutional investors have recently added to or reduced their stakes in EXTR. Dynamic Technology Lab Private Ltd bought a new stake in shares of Extreme Networks in the 3rd quarter worth $651,000. Lisanti Capital Growth LLC raised its position in Extreme Networks by 61.0% in the third quarter. Lisanti Capital Growth LLC now owns 195,490 shares of the technology company’s stock worth $2,938,000 after acquiring an additional 74,080 shares in the last quarter. Barclays PLC lifted its holdings in Extreme Networks by 369.8% in the 3rd quarter. Barclays PLC now owns 217,875 shares of the technology company’s stock valued at $3,274,000 after acquiring an additional 171,500 shares during the last quarter. Victory Capital Management Inc. boosted its position in shares of Extreme Networks by 318.7% during the 3rd quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock valued at $67,124,000 after purchasing an additional 3,399,288 shares in the last quarter. Finally, Legato Capital Management LLC boosted its position in shares of Extreme Networks by 225.2% during the 4th quarter. Legato Capital Management LLC now owns 107,948 shares of the technology company’s stock valued at $1,807,000 after purchasing an additional 74,758 shares in 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.