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

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report)'s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $14.22, but opened at $16.50. Extreme Networks shares last traded at $16.30, with a volume of 1,070,568 shares changing hands.

Analysts Set New Price Targets

Several research analysts recently commented on EXTR shares. Needham & Company LLC reissued a "buy" rating and set a $16.50 price target on shares of Extreme Networks in a research report on Thursday, August 8th. Craig Hallum increased their price objective on Extreme Networks from $14.00 to $17.00 and gave the company a "buy" rating in a report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Extreme Networks presently has an average rating of "Moderate Buy" and an average price target of $15.90.

Extreme Networks Stock Performance

The company has a debt-to-equity ratio of 7.05, a current ratio of 0.90 and a quick ratio of 0.63. The stock has a 50-day moving average price of $14.86 and a 200-day moving average price of $13.26. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of -232.86, a PEG ratio of 3.37 and a beta of 1.76.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.21). Extreme Networks had a negative net margin of 7.69% and a negative return on equity of 24.51%. The business had revenue of $256.65 million for the quarter, compared to analyst estimates of $253.21 million. During the same period in the prior year, the business earned $0.24 EPS. The company's revenue for the quarter was down 29.5% compared to the same quarter last year. As a group, analysts forecast that Extreme Networks, Inc. will post 0.25 earnings per share for the current year.

Insider Buying and Selling

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $15.02, for a total value of $536,589.50. Following the transaction, the chief executive officer now directly owns 1,448,378 shares of the company's stock, valued at $21,754,637.56. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 3.32% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EXTR. Acadian Asset Management LLC bought a new stake in shares of Extreme Networks in the first quarter valued at about $27,000. GAMMA Investing LLC boosted its holdings in Extreme Networks by 109.5% in the 3rd quarter. GAMMA Investing LLC now owns 1,980 shares of the technology company's stock valued at $30,000 after purchasing an additional 1,035 shares during the period. Allspring Global Investments Holdings LLC grew its position in shares of 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 in the last quarter. Gladius Capital Management LP bought a new position in shares of Extreme Networks during the second quarter worth approximately $90,000. Finally, Hennessy Advisors Inc. acquired a new stake in shares of Extreme Networks in the second quarter valued at approximately $148,000. 91.05% of the stock is 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.