Extreme Networks (NASDAQ:EXTR) Board of Directors Declares Stock Repurchase Program

Extreme Networks (NASDAQ:EXTR) declared that its Board of Directors has authorized a share repurchase program on Tuesday, February 18th, RTT News reports. The company plans to buyback $200.00 million in shares. This buyback authorization permits the technology company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a research note on Thursday, December 19th. Craig Hallum raised their price target on shares of Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a report on Thursday, October 31st. B. Riley raised their price target on shares of Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday, October 31st. Lake Street Capital raised their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $22.00 price target on shares of Extreme Networks in a report on Friday, February 7th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Extreme Networks Stock Down 0.2 %

NASDAQ:EXTR traded down $0.04 during trading hours on Tuesday, reaching $16.35. The company had a trading volume of 1,713,491 shares, compared to its average volume of 1,024,861. The firm has a market cap of $2.17 billion, a price-to-earnings ratio of -17.39, a P/E/G ratio of 2.99 and a beta of 1.73. The business’s 50-day simple moving average is $16.86 and its two-hundred day simple moving average is $15.77. Extreme Networks has a twelve month low of $10.49 and a twelve month high of $19.24. The company has a quick ratio of 0.68, a current ratio of 0.93 and a debt-to-equity ratio of 3.34.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, equities analysts expect that Extreme Networks will post 0.31 earnings per share for the current year.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated 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 directly owns 1,478,941 shares in the company, valued at $22,760,901.99. This trade represents a 2.36 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Carinalli sold 5,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $16.70, for a total transaction of $83,500.00. Following the transaction, the director now owns 366,793 shares in the company, valued at approximately $6,125,443.10. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 45,725 shares of company stock worth $713,608 over the last three months. 3.70% of the stock is currently owned by insiders.

About Extreme Networks

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.