Extreme Networks (NASDAQ:EXTR) CEO Edward Meyercord Sells 50,000 Shares

Extreme Networks, Inc. (NASDAQ:EXTR) CEO Edward Meyercord sold 50,000 shares of the stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $29.79, for a total transaction of $1,489,500.00. Following the completion of the sale, the chief executive officer owned 1,596,475 shares in the company, valued at $47,558,990.25. This represents a 3.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Edward Meyercord also recently made the following trade(s):

• On Tuesday, June 2nd, Edward Meyercord sold 100,000 shares of Extreme Networks stock. The stock was sold at an average price of $29.20, for a total transaction of $2,920,000.00.
• On Monday, June 1st, Edward Meyercord sold 50,000 shares of Extreme Networks stock. The shares were sold at an average price of $27.64, for a total transaction of $1,382,000.00.
• On Tuesday, May 26th, Edward Meyercord sold 100,000 shares of Extreme Networks stock. The shares were sold at an average price of $26.10, for a total transaction of $2,610,000.00.

Extreme Networks Trading Up 7.9%

EXTR opened at $32.34 on Wednesday. The firm’s fifty day moving average is $30.37 and its two-hundred day moving average is $21.73. The firm has a market cap of $4.23 billion, a PE ratio of 269.50, a price-to-earnings-growth ratio of 1.84 and a beta of 1.79. Extreme Networks, Inc. has a twelve month low of $13.48 and a twelve month high of $33.73. The company has a debt-to-equity ratio of 1.89, a quick ratio of 0.78 and a current ratio of 0.91.

Wall Street Analyst Weigh In

Several analysts recently commented on EXTR shares. Needham & Company LLC raised their price objective on Extreme Networks from $26.00 to $38.00 and gave the stock a “buy” rating in a research note on Wednesday, July 22nd. UBS Group set a $28.00 target price on Extreme Networks in a research note on Thursday, April 30th. B. Riley Financial restated a “buy” rating on shares of Extreme Networks in a report on Thursday, April 30th. Bank of America raised their price target on Extreme Networks from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Finally, Rosenblatt Securities lifted their price objective on Extreme Networks from $29.00 to $39.00 and gave the company a “buy” rating in a report on Thursday, June 11th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $32.83.

Institutional Investors Weigh In On Extreme Networks

Several institutional investors have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd acquired a new position in Extreme Networks in the 3rd quarter worth $31,000. Rockefeller Capital Management L.P. increased its holdings in Extreme Networks by 313.7% during the 4th 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 in the last quarter. CWM LLC raised its stake in shares of Extreme Networks by 51.7% in the 4th quarter. CWM LLC now owns 3,179 shares of the technology company’s stock valued at $53,000 after purchasing an additional 1,084 shares during the period. Quarry LP raised its stake in shares of Extreme Networks by 74.9% in 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 during the period. Finally, Advisors Asset Management Inc. lifted its holdings in shares of Extreme Networks by 136.8% in the fourth 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. 91.05% of the stock is owned by institutional investors.

Extreme Networks Company Profile

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.