Extreme Networks (NASDAQ:EXTR) Shares Gap Up – Still a Buy?

Extreme Networks, Inc. (NASDAQ:EXTR)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $18.12, but opened at $18.90. Extreme Networks shares last traded at $18.53, with a volume of 202,910 shares.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on EXTR shares. StockNews.com upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Thursday. B. Riley raised their price objective on Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Craig Hallum upped their target price on Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a research report on Thursday, October 31st. Finally, Rosenblatt Securities restated a “buy” rating and issued a $21.00 price target on shares of Extreme Networks in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $19.00.

Extreme Networks Stock Performance

The stock has a fifty day simple moving average of $16.20 and a two-hundred day simple moving average of $14.66. The company has a debt-to-equity ratio of 5.33, a quick ratio of 0.63 and a current ratio of 0.91. The stock has a market cap of $2.34 billion, a price-to-earnings ratio of -18.27, a P/E/G ratio of 3.87 and a beta of 1.76.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $14.96, for a total transaction of $534,446.00. Following the sale, the chief executive officer now directly owns 1,448,378 shares of the company’s stock, valued at approximately $21,667,734.88. This trade represents a 2.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Charles Carinalli sold 5,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $16.70, for a total value of $83,500.00. Following the sale, the director now owns 366,793 shares in the company, valued at approximately $6,125,443.10. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 91,450 shares of company stock worth $1,390,490 over the last 90 days. Insiders own 3.70% of the company’s stock.

Institutional Trading of Extreme Networks

A number of institutional investors and hedge funds have recently bought and sold shares of EXTR. Victory Capital Management Inc. increased its stake in shares of Extreme Networks by 318.7% in the third quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock valued at $67,124,000 after buying an additional 3,399,288 shares during the period. William Blair Investment Management LLC acquired a new stake in Extreme Networks during the 2nd quarter valued at approximately $25,409,000. Rubric Capital Management LP raised its holdings in Extreme Networks by 52.3% during the 2nd quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock worth $70,676,000 after purchasing an additional 1,804,744 shares during the last quarter. Portolan Capital Management LLC lifted its position in shares of Extreme Networks by 194.6% in the 3rd quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after purchasing an additional 700,724 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund increased 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 institutional investors and hedge funds.

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.