Extreme Networks (NASDAQ:EXTR) Share Price Crosses Above 50-Day Moving Average – Here’s What Happened

Extreme Networks, Inc. (NASDAQ:EXTR) shares crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $22.48 and traded as high as $23.95. Extreme Networks shares last traded at $22.81, with a volume of 1,953,667 shares changing hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EXTR. Craig Hallum restated a “buy” rating on shares of Extreme Networks in a research report on Thursday, October 29th. Wall Street Zen raised Extreme Networks from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 8th. Weiss Ratings raised Extreme Networks from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. UBS Group set a $32.00 price target on Extreme Networks in a report on Thursday, October 29th. Finally, B. Riley Financial raised their price target on Extreme Networks from $28.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $33.86.

Extreme Networks Trading Up 2.3%

The company has a market cap of $2.99 billion, a PE ratio of 58.49, a P/E/G ratio of 1.44 and a beta of 1.81. The stock’s 50 day moving average is $22.48 and its 200-day moving average is $22.05. The company has a quick ratio of 0.87, a current ratio of 1.02 and a debt-to-equity ratio of 2.27.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, October 28th. The technology company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. Extreme Networks had a net margin of 3.99% and a return on equity of 102.41%. The business had revenue of $341.09 million during the quarter, compared to analyst estimates of $336.75 million. During the same quarter last year, the business earned $0.22 earnings per share. Extreme Networks’s quarterly revenue was up 10.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that Extreme Networks, Inc. will post 0.86 EPS for the current year.

Insider Activity

In other news, CFO Kevin Rhodes sold 21,825 shares of the company’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $22.30, for a total transaction of $486,697.50. Following the sale, the chief financial officer directly owned 196,803 shares in the company, valued at approximately $4,388,706.90. This represents a 9.98% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Edward Meyercord sold 50,000 shares of the stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $21.77, for a total transaction of $1,088,500.00. Following the completion of the transaction, the chief executive officer directly owned 1,710,097 shares of the company’s stock, valued at approximately $37,228,811.69. The trade was a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Extreme Networks

Several institutional investors have recently modified their holdings of EXTR. Ethic Inc. purchased a new position in shares of Extreme Networks in the 3rd quarter worth approximately $245,000. CenterBook Partners LP increased its position in shares of Extreme Networks by 95.9% during the 3rd quarter. CenterBook Partners LP now owns 199,728 shares of the technology company’s stock valued at $4,284,000 after purchasing an additional 97,791 shares during the last quarter. Vise Technologies Inc. increased its position in shares of Extreme Networks by 6.7% during the 3rd quarter. Vise Technologies Inc. now owns 13,599 shares of the technology company’s stock valued at $292,000 after purchasing an additional 859 shares during the last quarter. Summit Global Investments purchased a new stake in Extreme Networks during the 3rd quarter valued at $214,000. Finally, State of Wyoming raised its holdings in Extreme Networks by 3.9% during the 3rd quarter. State of Wyoming now owns 41,669 shares of the technology company’s stock valued at $894,000 after buying an additional 1,551 shares during the period. 91.05% of the stock is owned by institutional investors.

About Extreme Networks

Extreme Networks, Inc develops networking solutions that help organizations connect, manage and secure users, devices and applications across campus, data center and distributed environments. Its portfolio includes wired and wireless network infrastructure, Ethernet switches, access points, software-defined wide-area networking (SD-WAN), network access control and cloud-based network management.

The company’s ExtremeCloud platform supports centralized monitoring, configuration, analytics and automation for network operations.