Extreme Networks (NASDAQ:EXTR) Hits New 12-Month High – Here’s Why

Extreme Networks, Inc. (NASDAQ:EXTR) reached a new 52-week high during trading on Monday . The company traded as high as $18.43 and last traded at $18.41, with a volume of 181949 shares trading hands. The stock had previously closed at $18.17.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EXTR. Craig Hallum raised their price target on shares of Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a report on Thursday, October 31st. StockNews.com downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. B. Riley upped their price target on shares of Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $21.00 price objective on shares of Extreme Networks in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Extreme Networks currently has an average rating of “Moderate Buy” and an average target price of $19.00.

Extreme Networks Price Performance

The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of -17.94, a price-to-earnings-growth ratio of 3.87 and a beta of 1.76. The business has a fifty day moving average price of $16.11 and a 200 day moving average price of $14.62. The company has a debt-to-equity ratio of 5.33, a current ratio of 0.91 and a quick ratio of 0.63.

Insider Buying and Selling at Extreme Networks

In related news, Director Raj Khanna sold 10,000 shares of Extreme Networks stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $16.53, for a total value of $165,300.00. Following the transaction, the director now owns 228,733 shares of the company’s stock, valued at approximately $3,780,956.49. This trade represents a 4.19 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles Carinalli sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $16.06, for a total value of $80,300.00. Following the sale, the director now owns 371,793 shares in the company, valued at approximately $5,970,995.58. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 91,450 shares of company stock valued at $1,390,490. 3.70% of the stock is owned by insiders.

Institutional Trading of Extreme Networks

A number of hedge funds have recently modified their holdings of EXTR. Victory Capital Management Inc. raised its holdings in shares of Extreme Networks by 318.7% during the third quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock worth $67,124,000 after acquiring an additional 3,399,288 shares in the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Extreme Networks during the 2nd quarter worth about $25,409,000. Rubric Capital Management LP grew its stake in shares of Extreme Networks by 52.3% in the 2nd quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock valued at $70,676,000 after buying an additional 1,804,744 shares in the last quarter. Portolan Capital Management LLC increased its holdings in Extreme Networks by 194.6% in the third quarter. Portolan Capital Management LLC now owns 1,060,828 shares of the technology company’s stock worth $15,944,000 after buying an additional 700,724 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in 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 valued at $9,839,000 after acquiring an additional 531,500 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

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.