Extreme Networks (NASDAQ:EXTR) Hits New 52-Week High – Here’s What Happened

Shares of Extreme Networks, Inc. (NASDAQ:EXTR) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $33.36 and last traded at $32.86, with a volume of 153626 shares changing hands. The stock had previously closed at $32.87.

Analysts Set New Price Targets

Several research firms recently issued reports on EXTR. Bank of America upped their price objective on shares of Extreme Networks from $28.00 to $33.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Wall Street Zen raised Extreme Networks from a “buy” rating to a “strong-buy” rating in a research report on Sunday, May 24th. Lake Street Capital lifted their price objective on Extreme Networks from $25.00 to $34.00 and gave the company a “buy” rating in a report on Monday, June 15th. UBS Group set a $28.00 target price on shares of Extreme Networks in a research note on Thursday, April 30th. Finally, B. Riley Financial reaffirmed a “buy” rating on shares of Extreme Networks in a report on Thursday, April 30th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.83.

Extreme Networks Price Performance

The stock has a market capitalization of $4.32 billion, a P/E ratio of 274.79, a PEG ratio of 1.91 and a beta of 1.77. The company has a current ratio of 0.91, a quick ratio of 0.78 and a debt-to-equity ratio of 1.89. The company has a fifty day simple moving average of $27.96 and a two-hundred day simple moving average of $19.93.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Wednesday, April 29th. The technology company reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.02. Extreme Networks had a net margin of 1.30% and a return on equity of 81.88%. The business had revenue of $316.87 million during the quarter, compared to the consensus estimate of $311.48 million. During the same period in the previous year, the firm posted $0.21 earnings per share. Extreme Networks’s revenue for the quarter was up 11.4% compared to the same quarter last year. Extreme Networks has set its Q4 2026 guidance at 0.280-0.300 EPS. Sell-side analysts expect that Extreme Networks, Inc. will post 0.53 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Edward Meyercord sold 100,000 shares of Extreme Networks stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $26.10, for a total transaction of $2,610,000.00. Following the completion of the sale, the chief executive officer directly owned 1,721,902 shares of the company’s stock, valued at $44,941,642.20. The trade was a 5.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Edward H. Kennedy sold 50,000 shares of the stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $22.86, for a total value of $1,143,000.00. Following the completion of the transaction, the director directly owned 576,045 shares in the company, valued at $13,168,388.70. The trade was a 7.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 592,182 shares of company stock worth $15,423,978 over the last three months. Insiders own 3.60% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Several institutional investors and hedge funds have recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new position in Extreme Networks during the third quarter worth about $31,000. Rockefeller Capital Management L.P. raised its position in shares of Extreme Networks by 313.7% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,957 shares of the technology company’s stock worth $33,000 after purchasing an additional 1,484 shares during the period. CWM LLC raised its position in shares of Extreme Networks by 51.7% during the fourth quarter. CWM LLC now owns 3,179 shares of the technology company’s stock worth $53,000 after purchasing an additional 1,084 shares during the period. Quarry LP lifted its holdings in shares of Extreme Networks by 74.9% during the 3rd quarter. Quarry LP now owns 2,610 shares of the technology company’s stock valued at $54,000 after purchasing an additional 1,118 shares in the last quarter. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Extreme Networks by 136.8% during the 4th quarter. Advisors Asset Management Inc. now owns 3,221 shares of the technology company’s stock valued at $54,000 after purchasing an additional 1,861 shares in the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

About Extreme Networks

Extreme Networks, Inc (NASDAQ: EXTR) is a global provider of end-to-end networking solutions designed to support enterprise, data center, and service provider environments. The company’s product portfolio encompasses high-performance wired and wireless access switches, routers, network security appliances, and software-defined networking (SDN) tools. Driven by a cloud-native management architecture, Extreme’s Intelligent Edge Platform integrates network analytics, automation and orchestration capabilities to help organizations optimize performance, reduce operational complexity and strengthen security.

Since its founding in the mid-1990s and subsequent public listing in 1999, Extreme Networks has expanded its technology footprint through targeted acquisitions.