Extreme Networks (NASDAQ:EXTR) Given “Buy” Rating at Needham & Company LLC

Extreme Networks (NASDAQ:EXTR)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $20.00 price target on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 44.82% from the company’s previous close.

Several other research firms also recently commented on EXTR. Lake Street Capital boosted their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a research note on Thursday, January 30th. Rosenblatt Securities lowered their target price on Extreme Networks from $22.00 to $18.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Extreme Networks presently has an average rating of “Moderate Buy” and an average price target of $18.58.

Extreme Networks Price Performance

EXTR opened at $13.81 on Wednesday. The stock’s 50-day moving average price is $13.37 and its 200 day moving average price is $15.35. Extreme Networks has a 12-month low of $10.10 and a 12-month high of $19.24. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -14.69, a PEG 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 issued its quarterly earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.02. Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. The business had revenue of $284.51 million for the quarter, compared to analysts’ expectations of $280.32 million. The business’s quarterly revenue was up 34.8% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.19) earnings per share. As a group, sell-side analysts expect that Extreme Networks will post 0.31 earnings per share for the current year.

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

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated 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 sale, the chief executive officer now directly owns 1,478,941 shares of the company’s stock, valued at $22,760,901.99. The trade was a 2.36 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 3.70% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Extreme Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. Impax Asset Management Group plc boosted its holdings in Extreme Networks by 41.5% in the first quarter. Impax Asset Management Group plc now owns 955,178 shares of the technology company’s stock valued at $12,637,000 after purchasing an additional 280,000 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Extreme Networks by 3.0% during the 1st quarter. Principal Financial Group Inc. now owns 661,779 shares of the technology company’s stock worth $8,755,000 after buying an additional 19,248 shares during the last quarter. Teacher Retirement System of Texas acquired a new position in shares of Extreme Networks in the 1st quarter valued at $268,000. Avior Wealth Management LLC boosted its holdings in shares of Extreme Networks by 48.9% in the 1st quarter. Avior Wealth Management LLC now owns 13,998 shares of the technology company’s stock valued at $185,000 after buying an additional 4,594 shares in the last quarter. Finally, Byrne Asset Management LLC grew its position in shares of Extreme Networks by 115.6% in the 1st quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company’s stock valued at $51,000 after buying an additional 2,081 shares during the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

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.