Extreme Networks (NASDAQ:EXTR) Shares Gap Up – Here’s What Happened

Extreme Networks, Inc. (NASDAQ:EXTR) shares 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.

Wall Street Analysts Forecast Growth

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

Extreme Networks Trading Up 3.1 %

The firm’s 50 day simple moving average is $16.11 and its 200-day simple moving average is $14.62. The company has a market capitalization of $2.47 billion, a PE ratio of -18.68, a P/E/G 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 Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $14.75, for a total value of $526,943.75. Following the completion of the transaction, the chief executive officer now owns 1,448,378 shares of the company’s stock, valued at approximately $21,363,575.50. This represents a 2.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Charles Carinalli sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $16.06, for a total transaction of $80,300.00. Following the transaction, the director now owns 371,793 shares in the company, valued at $5,970,995.58. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 91,450 shares of company stock valued at $1,390,490 over the last quarter. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Extreme Networks

Several hedge funds have recently added to or reduced their stakes in EXTR. Nisa Investment Advisors LLC boosted its position in shares of Extreme Networks by 9,654.6% in the second quarter. Nisa Investment Advisors LLC now owns 323,949 shares of the technology company’s stock worth $4,357,000 after buying an additional 320,628 shares during the period. Hennessy Advisors Inc. acquired a new stake in shares of Extreme Networks during the 2nd quarter valued at $148,000. Louisiana State Employees Retirement System increased its stake in shares of Extreme Networks by 2.5% in the second quarter. Louisiana State Employees Retirement System now owns 65,400 shares of the technology company’s stock worth $880,000 after acquiring an additional 1,600 shares during the last quarter. Raymond James Trust N.A. raised its holdings in shares of Extreme Networks by 27.0% during the second quarter. Raymond James Trust N.A. now owns 25,100 shares of the technology company’s stock worth $338,000 after acquiring an additional 5,331 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Extreme Networks by 0.3% during the second quarter. Bank of New York Mellon Corp now owns 1,055,179 shares of the technology company’s stock valued at $14,192,000 after purchasing an additional 3,572 shares during the last quarter. 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.