Extreme Networks (NASDAQ:EXTR) Shares Gap Up to $10.70

Extreme Networks, Inc. (NASDAQ:EXTR)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $10.70, but opened at $11.36. Extreme Networks shares last traded at $11.36, with a volume of 551,963 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on EXTR. TheStreet lowered Extreme Networks from a “b-” rating to a “c+” rating in a research note on Tuesday, February 20th. StockNews.com lowered Extreme Networks from a “buy” rating to a “hold” rating in a research note on Thursday, February 1st. Rosenblatt Securities lowered Extreme Networks from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $19.00 to $15.00 in a research note on Thursday, February 1st. UBS Group lowered Extreme Networks from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $22.00 to $14.00 in a research note on Thursday, February 1st. Finally, Needham & Company LLC dropped their price target on Extreme Networks from $23.00 to $16.50 and set a “buy” rating for the company in a research note on Thursday, February 1st. Six analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $22.36.

Extreme Networks Stock Performance

The business has a fifty day simple moving average of $11.81 and a 200-day simple moving average of $15.92. The company has a quick ratio of 0.74, a current ratio of 1.02 and a debt-to-equity ratio of 1.69. The firm has a market cap of $1.43 billion, a P/E ratio of 18.55, a P/E/G ratio of 3.81 and a beta of 1.90.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.16 by ($0.05). Extreme Networks had a net margin of 5.96% and a return on equity of 98.24%. The company had revenue of $296.38 million for the quarter, compared to the consensus estimate of $295.50 million. On average, sell-side analysts predict that Extreme Networks, Inc. will post 0.17 EPS for the current fiscal year.

Insider Activity

In related news, CEO Edward Meyercord sold 28,443 shares of Extreme Networks stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $13.24, for a total transaction of $376,585.32. Following the transaction, the chief executive officer now owns 1,129,611 shares in the company, valued at approximately $14,956,049.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 3.32% of the company’s stock.

Institutional Trading of Extreme Networks

Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its position in shares of Extreme Networks by 4.2% during the first quarter. BlackRock Inc. now owns 18,666,486 shares of the technology company’s stock worth $356,903,000 after purchasing an additional 751,645 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Extreme Networks by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 12,989,988 shares of the technology company’s stock worth $229,143,000 after purchasing an additional 94,881 shares in the last quarter. Capital Research Global Investors grew its position in shares of Extreme Networks by 24.0% during the first quarter. Capital Research Global Investors now owns 11,055,375 shares of the technology company’s stock worth $134,986,000 after purchasing an additional 2,141,000 shares in the last quarter. Finally, State Street Corp grew its position in shares of Extreme Networks by 0.6% during the second quarter. State Street Corp now owns 4,585,885 shares of the technology company’s stock worth $119,462,000 after purchasing an additional 29,304 shares in the last quarter. Hedge funds and other institutional investors 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.