Extreme Networks (NASDAQ:EXTR) Stock Price Down 6.8% – Here’s What Happened

Extreme Networks, Inc. (NASDAQ:EXTR) shares fell 6.8% during trading on Monday . The stock traded as low as $12.98 and last traded at $12.95. 226,462 shares traded hands during trading, a decline of 84% from the average session volume of 1,458,775 shares. The stock had previously closed at $13.90.

Wall Street Analysts Forecast Growth

EXTR has been the topic of a number of research analyst reports. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 target price on shares of Extreme Networks in a report on Friday, February 7th. Lake Street Capital boosted their target price on Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price target on shares of Extreme Networks in a research note on Thursday, January 30th. Finally, StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Extreme Networks Stock Down 0.8 %

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 stock’s fifty day simple moving average is $15.28 and its two-hundred day simple moving average is $15.89. The stock has a market capitalization of $1.74 billion, a P/E ratio of -13.97, a price-to-earnings-growth ratio of 3.06 and a beta of 1.72.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate 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, research analysts expect that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks announced that its Board of Directors has authorized a share buyback program on Tuesday, February 18th that allows the company to repurchase $200.00 million in shares. This repurchase authorization allows the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Extreme Networks

Large investors have recently bought and sold shares of the stock. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of Extreme Networks by 397,835.5% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 2,276,191 shares of the technology company’s stock worth $38,103,000 after buying an additional 2,275,619 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Extreme Networks during the fourth quarter valued at approximately $16,573,000. JPMorgan Chase & Co. lifted its holdings in Extreme Networks by 312.1% during the fourth quarter. JPMorgan Chase & Co. now owns 1,199,399 shares of the technology company’s stock worth $20,078,000 after acquiring an additional 908,336 shares during the period. Penn Capital Management Company LLC purchased a new position in Extreme Networks in the fourth quarter worth $14,229,000. Finally, Portolan Capital Management LLC grew its stake in Extreme Networks by 194.6% in the 3rd quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock valued at $15,944,000 after purchasing an additional 700,724 shares during the period. 91.05% of the stock is currently owned by institutional investors.

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.