Extreme Networks (NASDAQ:EXTR) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Extreme Networks, Inc. (NASDAQ:EXTR)’s stock price passed above its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $22.48 and traded as high as $23.95. Extreme Networks shares last traded at $22.81, with a volume of 1,953,667 shares.

Analyst Ratings Changes

EXTR has been the topic of a number of recent research reports. Weiss Ratings raised Extreme Networks from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday. Needham & Company LLC reiterated a “buy” rating and set a $35.00 target price on shares of Extreme Networks in a research report on Wednesday, October 28th. Oppenheimer reissued an “outperform” rating on shares of Extreme Networks in a report on Thursday, August 6th. Wall Street Zen upgraded Extreme Networks from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 8th. Finally, Craig Hallum restated a “buy” rating on shares of Extreme Networks in a research report on Thursday, October 29th. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Extreme Networks currently has an average rating of “Moderate Buy” and an average price target of $33.86.

Extreme Networks Price Performance

The company has a quick ratio of 0.87, a current ratio of 1.02 and a debt-to-equity ratio of 2.27. The firm has a market cap of $2.99 billion, a PE ratio of 58.49, a P/E/G ratio of 1.44 and a beta of 1.81. The firm’s fifty day simple moving average is $22.48 and its two-hundred day simple moving average is $22.05.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Wednesday, October 28th. The technology company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.28 by $0.05. The business had revenue of $341.09 million during the quarter, compared to analyst estimates of $336.75 million. Extreme Networks had a net margin of 3.99% and a return on equity of 102.41%. The company’s revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.22 earnings per share. As a group, research analysts expect that Extreme Networks, Inc. will post 0.86 EPS for the current year.

Insider Buying and Selling at Extreme Networks

In related news, CFO Kevin Rhodes sold 21,825 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $22.30, for a total value of $486,697.50. Following the completion of the transaction, the chief financial officer owned 196,803 shares of the company’s stock, valued at approximately $4,388,706.90. This represents a 9.98% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Edward Meyercord sold 50,000 shares of the stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $21.77, for a total value of $1,088,500.00. Following the completion of the sale, the chief executive officer owned 1,710,097 shares of the company’s stock, valued at $37,228,811.69. The trade was a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.20% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Hedge funds have recently made changes to their positions in the business. Ethic Inc. purchased a new position in shares of Extreme Networks in the third quarter worth $245,000. CenterBook Partners LP boosted its position in shares of Extreme Networks by 95.9% during the third quarter. CenterBook Partners LP now owns 199,728 shares of the technology company’s stock worth $4,284,000 after acquiring an additional 97,791 shares during the last quarter. Vise Technologies Inc. boosted its position in shares of Extreme Networks by 6.7% during the third quarter. Vise Technologies Inc. now owns 13,599 shares of the technology company’s stock worth $292,000 after acquiring an additional 859 shares during the last quarter. Summit Global Investments purchased a new position in Extreme Networks during the third quarter valued at $214,000. Finally, State of Wyoming grew its stake in Extreme Networks by 3.9% during the third quarter. State of Wyoming now owns 41,669 shares of the technology company’s stock valued at $894,000 after acquiring an additional 1,551 shares in the last quarter. Institutional investors own 91.05% of the company’s stock.

About Extreme Networks

Extreme Networks, Inc develops networking solutions that help organizations connect, manage and secure users, devices and applications across campus, data center and distributed environments. Its portfolio includes wired and wireless network infrastructure, Ethernet switches, access points, software-defined wide-area networking (SD-WAN), network access control and cloud-based network management.

The company’s ExtremeCloud platform supports centralized monitoring, configuration, analytics and automation for network operations.