Rosenblatt Securities Issues Pessimistic Forecast for Extreme Networks (NASDAQ:EXTR) Stock Price

Extreme Networks (NASDAQ:EXTR - Get Free Report) had its target price cut by research analysts at Rosenblatt Securities from $22.00 to $18.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the technology company's stock. Rosenblatt Securities' price objective indicates a potential upside of 43.43% from the stock's current price.

Several other research firms also recently issued reports on EXTR. Lake Street Capital upped their price objective on Extreme Networks from $15.00 to $16.00 and gave the stock a "hold" rating in a report on Thursday, January 30th. Needham & Company LLC reissued a "buy" rating and set a $20.00 price target on shares of Extreme Networks in a research note on Thursday, January 30th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $19.50.

Extreme Networks Price Performance

Shares of NASDAQ EXTR traded up $0.20 during mid-day trading on Tuesday, hitting $12.55. 167,028 shares of the stock were exchanged, compared to its average volume of 1,458,652. Extreme Networks has a twelve month low of $10.10 and a twelve month high of $19.24. The stock's fifty day simple moving average is $13.62 and its two-hundred day simple moving average is $15.42. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. The company has a market cap of $1.67 billion, a P/E ratio of -13.35, a PEG ratio of 3.06 and a beta of 1.57.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.07). Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. As a group, analysts forecast that Extreme Networks will post 0.31 EPS for the current fiscal year.

Extreme Networks announced that its board has approved a share buyback plan on Tuesday, February 18th that permits the company to repurchase $200.00 million in shares. This repurchase authorization permits the technology company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the transaction, the chief executive officer now directly owns 1,478,941 shares of the company's stock, valued at $22,760,901.99. This represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Extreme Networks

Several hedge funds have recently made changes to their positions in the business. Barclays PLC grew its position in Extreme Networks by 369.8% in the third quarter. Barclays PLC now owns 217,875 shares of the technology company's stock valued at $3,274,000 after purchasing an additional 171,500 shares in the last quarter. Essex Investment Management Co. LLC acquired a new position in Extreme Networks during the fourth quarter valued at approximately $2,599,000. Geode Capital Management LLC grew its stake in Extreme Networks by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company's stock valued at $51,385,000 after purchasing an additional 49,888 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Extreme Networks by 4.0% during the 4th quarter. Vanguard Group Inc. now owns 17,919,069 shares of the technology company's stock worth $299,965,000 after purchasing an additional 690,262 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in shares of Extreme Networks by 187.5% in the 4th quarter. Sei Investments Co. now owns 37,370 shares of the technology company's stock valued at $626,000 after buying an additional 24,370 shares during the last quarter. 91.05% of the stock is owned by institutional investors.

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.