Extreme Networks (NASDAQ:EXTR) Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Extreme Networks (NASDAQ:EXTR) from a strong-buy rating to a buy rating in a report published on Saturday morning.

EXTR has been the topic of several other research reports. Rosenblatt Securities boosted their price target on Extreme Networks from $29.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, June 11th. B. Riley Financial reaffirmed a “buy” rating on shares of Extreme Networks in a research note on Thursday, April 30th. Bank of America lifted their price objective on Extreme Networks from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Needham & Company LLC boosted their target price on Extreme Networks from $21.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Lake Street Capital upped their target price on Extreme Networks from $25.00 to $34.00 and gave the company a “buy” rating in a report on Monday, June 15th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Extreme Networks currently has an average rating of “Moderate Buy” and an average price target of $30.83.

Extreme Networks Stock Down 0.2%

Shares of NASDAQ EXTR opened at $30.28 on Friday. The company has a quick ratio of 0.78, a current ratio of 0.91 and a debt-to-equity ratio of 1.89. Extreme Networks has a 52 week low of $13.48 and a 52 week high of $33.73. The firm has a 50-day moving average price of $29.11 and a 200 day moving average price of $20.66. The stock has a market capitalization of $3.96 billion, a price-to-earnings ratio of 252.33, a price-to-earnings-growth ratio of 1.86 and a beta of 1.77.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, April 29th. The technology company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Extreme Networks had a net margin of 1.30% and a return on equity of 81.88%. The firm had revenue of $316.87 million for the quarter, compared to the consensus estimate of $311.48 million. During the same quarter in the previous year, the firm earned $0.21 earnings per share. The firm’s revenue was up 11.4% on a year-over-year basis. Extreme Networks has set its Q4 2026 guidance at 0.280-0.300 EPS. Equities research analysts anticipate that Extreme Networks will post 0.53 EPS for the current fiscal year.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 2nd. The shares were sold at an average price of $29.20, for a total transaction of $2,920,000.00. Following the completion of the transaction, the chief executive officer directly owned 1,621,902 shares of the company’s stock, valued at $47,359,538.40. This trade represents a 5.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Kathleen M. Holmgren sold 19,521 shares of Extreme Networks stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $24.78, for a total value of $483,730.38. Following the transaction, the director owned 219,308 shares of the company’s stock, valued at $5,434,452.24. This represents a 8.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 592,182 shares of company stock valued at $15,423,978 over the last three months. Company insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

A number of institutional investors have recently made changes to their positions in EXTR. Vanguard Group Inc. lifted its position in shares of Extreme Networks by 1.9% in the fourth quarter. Vanguard Group Inc. now owns 19,112,223 shares of the technology company’s stock valued at $318,219,000 after acquiring an additional 349,199 shares in the last quarter. State Street Corp increased its position in Extreme Networks by 3.9% during the 4th quarter. State Street Corp now owns 5,664,493 shares of the technology company’s stock worth $94,314,000 after purchasing an additional 213,094 shares in the last quarter. Paradigm Capital Management Inc. NY raised its stake in Extreme Networks by 5.3% in the 1st quarter. Paradigm Capital Management Inc. NY now owns 5,234,900 shares of the technology company’s stock valued at $78,942,000 after purchasing an additional 262,400 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its stake in Extreme Networks by 7.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,247,680 shares of the technology company’s stock valued at $48,975,000 after purchasing an additional 230,617 shares during the last quarter. Finally, Alyeska Investment Group L.P. lifted its holdings in Extreme Networks by 301.9% in the 4th quarter. Alyeska Investment Group L.P. now owns 2,971,718 shares of the technology company’s stock valued at $49,479,000 after purchasing an additional 2,232,373 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

About Extreme Networks

Extreme Networks, Inc (NASDAQ: EXTR) is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company’s product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme’s Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.