Extreme Networks, Inc. (EXTR) Stock Price Up -2%
Extreme Networks, Inc. (NASDAQ:EXTR) rose 2% on Tuesday . The stock traded as high as $11.88 and last traded at $11.60. Approximately 608,785 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 1,506,560 shares. The stock had previously closed at $11.84.
EXTR has been the subject of several research analyst reports. ValuEngine upgraded Extreme Networks from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Needham & Company LLC increased their price objective on Extreme Networks from $12.50 to $13.00 and gave the stock a “buy” rating in a report on Tuesday, August 15th. BidaskClub cut Extreme Networks from a “buy” rating to a “hold” rating in a report on Wednesday, July 5th. Finally, Zacks Investment Research cut Extreme Networks from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Extreme Networks presently has a consensus rating of “Buy” and an average price target of $9.10.
The firm’s market capitalization is $1.25 billion. The firm has a 50 day moving average of $10.16 and a 200-day moving average of $8.83.
Extreme Networks (NASDAQ:EXTR) last released its earnings results on Monday, August 14th. The technology company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The business had revenue of $178.70 million for the quarter, compared to the consensus estimate of $171.96 million. Extreme Networks had a negative net margin of 1.42% and a positive return on equity of 43.34%. The company’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 EPS. On average, equities analysts forecast that Extreme Networks, Inc. will post $0.70 earnings per share for the current year.
In other news, insider Edward Meyercord sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, August 21st. The stock was sold at an average price of $10.52, for a total transaction of $1,052,000.00. Following the transaction, the insider now owns 471,653 shares of the company’s stock, valued at $4,961,789.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kathleen M. Holmgren bought 5,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were acquired at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the purchase, the director now owns 36,662 shares of the company’s stock, valued at approximately $421,246.38. The disclosure for this purchase can be found here. Corporate insiders own 1.91% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amalgamated Bank grew its stake in shares of Extreme Networks by 10.9% during the second quarter. Amalgamated Bank now owns 14,049 shares of the technology company’s stock valued at $130,000 after buying an additional 1,378 shares during the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Extreme Networks by 13.0% during the second quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock valued at $124,000 after buying an additional 1,565 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Extreme Networks by 7.4% during the second quarter. Legal & General Group Plc now owns 26,483 shares of the technology company’s stock valued at $245,000 after buying an additional 1,819 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Extreme Networks by 7.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 30,500 shares of the technology company’s stock valued at $229,000 after buying an additional 2,000 shares during the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Extreme Networks by 12.5% during the first quarter. Nordea Investment Management AB now owns 27,088 shares of the technology company’s stock valued at $203,000 after buying an additional 3,000 shares during the last quarter. 81.87% of the stock is currently owned by hedge funds and other institutional investors.
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Extreme Networks Company Profile
Extreme Networks, Inc is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment.
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