Extreme Networks (NASDAQ:EXTR) to Repurchase $200.00 million in Stock

Extreme Networks (NASDAQ:EXTR) announced that its Board of Directors has initiated a share buyback plan on Tuesday, February 18th, RTT News reports. The company plans to repurchase $200.00 million in outstanding shares. This repurchase authorization permits the technology company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EXTR shares. Lake Street Capital upped their target price on shares of Extreme Networks from $15.00 to $16.00 and gave the company a “hold” rating in a report on Thursday, January 30th. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Rosenblatt Securities restated a “buy” rating and set a $22.00 target price on shares of Extreme Networks in a research report on Friday, February 7th. Craig Hallum increased 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. Finally, B. Riley increased their target price on shares of Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Extreme Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Extreme Networks Price Performance

Shares of NASDAQ EXTR traded down $0.04 during trading hours on Tuesday, hitting $16.35. 1,713,491 shares of the stock were exchanged, compared to its average volume of 1,024,861. 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 $2.17 billion, a PE ratio of -17.39, a price-to-earnings-growth ratio of 2.99 and a beta of 1.73. The company’s fifty day simple moving average is $16.86 and its two-hundred day simple moving average is $15.77. Extreme Networks has a 1-year low of $10.49 and a 1-year high of $19.24.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. On average, sell-side analysts predict that Extreme Networks will post 0.31 EPS for the current year.

Insider Activity at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction on Monday, February 3rd. The shares were 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 owns 1,478,941 shares of the company’s stock, valued at approximately $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Charles Carinalli sold 5,000 shares of the firm’s 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 directly owns 371,793 shares of the company’s stock, valued at $5,970,995.58. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 45,725 shares of company stock valued at $713,608 in the last quarter. Insiders own 3.70% of the company’s stock.

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.