Virtus Advisers LLC purchased a new stake in Extreme Networks, Inc. (NASDAQ:EXTR – Free Report) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 22,967 shares of the technology company’s stock, valued at approximately $743,000.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vise Technologies Inc. purchased a new stake in shares of Extreme Networks in the second quarter valued at about $412,000. Aurora Investment Counsel acquired a new stake in shares of Extreme Networks during the 2nd quarter worth approximately $2,456,000. Madison Asset Management LLC purchased a new stake in shares of Extreme Networks during the 2nd quarter valued at approximately $3,036,000. Lisanti Capital Growth LLC acquired a new position in Extreme Networks in the second quarter valued at approximately $5,927,000. Finally, one8zero8 LLC acquired a new position in Extreme Networks in the second quarter valued at approximately $324,000. 91.05% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
Several equities research analysts have issued reports on the company. Needham & Company LLC cut their target price on Extreme Networks from $38.00 to $35.00 and set a “buy” rating for the company in a research note on Wednesday, August 5th. Bank of America upped their price target on Extreme Networks from $28.00 to $33.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Lake Street Capital increased their price target on Extreme Networks from $25.00 to $34.00 and gave the stock a “buy” rating in a report on Monday, June 15th. B. Riley Financial boosted their price objective on shares of Extreme Networks from $28.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Finally, UBS Group set a $28.00 price objective on shares of Extreme Networks in a research report on Thursday, April 30th. Seven equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Extreme Networks presently has an average rating of “Moderate Buy” and an average target price of $32.25.
Extreme Networks Stock Performance
NASDAQ:EXTR opened at $22.32 on Friday. Extreme Networks, Inc. has a 52 week low of $13.48 and a 52 week high of $33.73. The company has a fifty day simple moving average of $29.30 and a two-hundred day simple moving average of $22.48. The company has a quick ratio of 0.81, a current ratio of 0.93 and a debt-to-equity ratio of 1.63. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 72.00, a price-to-earnings-growth ratio of 1.50 and a beta of 1.79.
Extreme Networks (NASDAQ:EXTR – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The technology company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. The company had revenue of $338.55 million during the quarter, compared to the consensus estimate of $332.49 million. Extreme Networks had a net margin of 3.28% and a return on equity of 88.88%. The firm’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.25 earnings per share. Extreme Networks has set its FY 2027 guidance at 1.280-1.330 EPS and its Q1 2027 guidance at 0.270-0.290 EPS. As a group, equities analysts anticipate that Extreme Networks, Inc. will post 0.75 earnings per share for the current fiscal year.
Insider Buying and Selling at Extreme Networks
In other news, insider Katayoun Motiey sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $31.03, for a total transaction of $930,900.00. Following the transaction, the insider directly owned 120,834 shares in the company, valued at approximately $3,749,479.02. This trade represents a 19.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Edward Meyercord sold 50,000 shares of Extreme Networks stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $29.79, for a total transaction of $1,489,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,596,475 shares in the company, valued at $47,558,990.25. The trade was a 3.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 395,000 shares of company stock worth $11,229,950. 3.60% of the stock is owned by insiders.
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.
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