B. Riley Boosts Extreme Networks (NASDAQ:EXTR) Price Target to $21.00

Extreme Networks (NASDAQ:EXTR) had its target price increased by B. Riley from $18.00 to $21.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. B. Riley’s target price would suggest a potential upside of 39.17% from the company’s previous close.

EXTR has been the subject of a number of other research reports. Craig Hallum increased their target price on Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a report on Thursday. Rosenblatt Securities increased their target price on Extreme Networks from $17.00 to $21.00 and gave the company a “buy” rating in a report on Thursday. Finally, Needham & Company LLC reissued a “buy” rating and set a $16.50 target price on shares of Extreme Networks in a report on Thursday, August 8th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Extreme Networks currently has an average rating of “Moderate Buy” and a consensus price target of $19.00.

Extreme Networks Stock Performance

Shares of EXTR stock opened at $15.09 on Thursday. The company has a market capitalization of $1.99 billion, a P/E ratio of -15.56, a P/E/G ratio of 3.67 and a beta of 1.76. The business’s 50 day moving average is $14.88 and its two-hundred day moving average is $13.29. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 5.33. Extreme Networks has a 12-month low of $10.49 and a 12-month high of $18.77.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.21). The business had revenue of $256.65 million for the quarter, compared to analysts’ expectations of $253.21 million. Extreme Networks had a negative return on equity of 80.55% and a negative net margin of 12.11%. The business’s revenue for the quarter was down 29.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.24 EPS. Analysts expect that Extreme Networks will post 0.25 EPS for the current fiscal year.

Insider Activity at Extreme Networks

In related news, Director Raj Khanna sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $16.53, for a total value of $165,300.00. Following the completion of the sale, the director now owns 228,733 shares of the company’s stock, valued at approximately $3,780,956.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Raj Khanna sold 10,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $16.53, for a total value of $165,300.00. Following the completion of the sale, the director now owns 228,733 shares of the company’s stock, valued at approximately $3,780,956.49. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $15.02, for a total value of $536,589.50. Following the completion of the sale, the chief executive officer now directly owns 1,448,378 shares of the company’s stock, valued at approximately $21,754,637.56. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 117,175 shares of company stock valued at $1,763,279. 3.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EXTR. Vanguard Group Inc. grew its position in Extreme Networks by 16.9% in the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock worth $175,191,000 after acquiring an additional 2,191,181 shares during the period. William Blair Investment Management LLC purchased a new position in Extreme Networks in the second quarter worth approximately $25,409,000. Rubric Capital Management LP boosted its position in shares of Extreme Networks by 52.3% during the second quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock worth $70,676,000 after buying an additional 1,804,744 shares during the period. Victory Capital Management Inc. boosted its position in shares of Extreme Networks by 373.4% during the second quarter. Victory Capital Management Inc. now owns 1,066,743 shares of the technology company’s stock worth $14,348,000 after buying an additional 841,395 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Extreme Networks by 265.8% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 731,500 shares of the technology company’s stock worth $9,839,000 after buying an additional 531,500 shares during the period. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

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.