Extreme Networks (NASDAQ:EXTR) Shares Gap Up - What's Next?

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) gapped up before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on EXTR shares. StockNews.com downgraded Extreme Networks from a "buy" rating to a "hold" rating in a research report on Monday, November 25th. Craig Hallum raised their target price on shares of Extreme Networks from $17.00 to $22.50 and gave the stock a "buy" rating in a report on Thursday, October 31st. Rosenblatt Securities reiterated a "buy" rating and set a $21.00 price target on shares of Extreme Networks in a report on Wednesday, November 6th. Finally, B. Riley raised their price objective on shares of Extreme Networks from $18.00 to $21.00 and gave the stock a "buy" rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $19.00.

Extreme Networks Stock Performance

The firm has a 50 day moving average of $16.11 and a 200-day moving average of $14.62. The company has a market cap of $2.30 billion, a P/E ratio of -17.94, a PEG ratio of 3.87 and a beta of 1.76. The company has a quick ratio of 0.63, a current ratio of 0.91 and a debt-to-equity ratio of 5.33.

Insider Activity at Extreme Networks

In other Extreme Networks news, Director Charles Carinalli sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $16.06, for a total transaction of $80,300.00. Following the completion of the sale, the director now directly owns 371,793 shares of the company's stock, valued at approximately $5,970,995.58. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $14.96, for a total transaction of $534,446.00. Following the transaction, the chief executive officer now 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 position. The disclosure for this sale can be found here. Insiders sold 91,450 shares of company stock worth $1,390,490 over the last three months. 3.70% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Extreme Networks

A number of large investors have recently made changes to their positions in the business. Quarry LP acquired a new position in Extreme Networks during the 3rd quarter valued at about $26,000. GAMMA Investing LLC increased its holdings in shares of Extreme Networks by 109.5% during the third quarter. GAMMA Investing LLC now owns 1,980 shares of the technology company's stock valued at $30,000 after acquiring an additional 1,035 shares in the last quarter. KBC Group NV raised its position in shares of Extreme Networks by 54.3% in the 3rd quarter. KBC Group NV now owns 4,959 shares of the technology company's stock valued at $75,000 after purchasing an additional 1,745 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Extreme Networks by 1,635.1% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 4,997 shares of the technology company's stock worth $67,000 after purchasing an additional 4,709 shares during the last quarter. Finally, Hennessy Advisors Inc. acquired a new position in Extreme Networks during the 2nd quarter valued at approximately $148,000. 91.05% of the stock is owned by institutional investors and hedge funds.

Extreme Networks Company Profile

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.