Extreme Networks (EXTR) Shares Gap Up on Insider Buying Activity

Shares of Extreme Networks (NASDAQ:EXTR) gapped up before the market opened on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $8.95, but opened at $8.63. Extreme Networks shares last traded at $8.67, with a volume of 86267 shares trading hands.

Specifically, Director Edward H. Kennedy bought 50,000 shares of Extreme Networks stock in a transaction dated Wednesday, May 16th. The shares were acquired at an average price of $8.62 per share, with a total value of $431,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John C. Shoemaker bought 20,000 shares of Extreme Networks stock in a transaction dated Friday, May 11th. The stock was purchased at an average cost of $8.40 per share, for a total transaction of $168,000.00. The disclosure for this purchase can be found here. In the last three months, insiders bought 90,000 shares of company stock worth $767,400. Insiders own 1.90% of the company’s stock.

EXTR has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating and set a $14.00 price target on the stock in a report on Tuesday, March 27th. Needham & Company LLC upped their price target on shares of Extreme Networks from $14.85 to $15.50 and gave the stock a “buy” rating in a report on Wednesday, February 7th. DA Davidson upped their price target on shares of Extreme Networks from $16.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Cowen restated a “buy” rating and issued a $18.00 price target on shares of Extreme Networks in a report on Wednesday, February 7th. Finally, BidaskClub cut shares of Extreme Networks from a “strong-buy” rating to a “buy” rating in a report on Friday, February 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $16.08.

The company has a current ratio of 1.09, a quick ratio of 0.88 and a debt-to-equity ratio of 1.36. The firm has a market capitalization of $1.01 billion, a P/E ratio of 19.44, a PEG ratio of 1.23 and a beta of 1.62.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Tuesday, May 8th. The technology company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.21 by ($0.05). The company had revenue of $262.00 million during the quarter, compared to the consensus estimate of $268.32 million. Extreme Networks had a positive return on equity of 43.61% and a negative net margin of 3.28%. The company’s revenue for the quarter was up 75.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.10 earnings per share. equities analysts forecast that Extreme Networks will post 0.42 EPS for the current fiscal year.

A number of institutional investors have recently modified their holdings of EXTR. BlackRock Inc. grew its holdings in Extreme Networks by 100.6% during the 1st quarter. BlackRock Inc. now owns 15,107,599 shares of the technology company’s stock worth $167,242,000 after acquiring an additional 7,577,376 shares in the last quarter. TIAA CREF Investment Management LLC grew its holdings in Extreme Networks by 181.0% during the 4th quarter. TIAA CREF Investment Management LLC now owns 3,809,162 shares of the technology company’s stock worth $47,691,000 after acquiring an additional 2,453,458 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Extreme Networks by 1,163.6% during the 1st quarter. Principal Financial Group Inc. now owns 967,304 shares of the technology company’s stock worth $10,708,000 after acquiring an additional 890,753 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in Extreme Networks by 811.5% during the 4th quarter. Allianz Asset Management GmbH now owns 933,210 shares of the technology company’s stock worth $11,684,000 after acquiring an additional 830,833 shares in the last quarter. Finally, Keeley Teton Advisors LLC bought a new position in Extreme Networks during the 1st quarter worth about $9,036,000. Institutional investors own 78.65% of the company’s stock.

About Extreme Networks

Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. 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.

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