Insider Selling: Extreme Networks (NASDAQ:EXTR) CEO Sells $1,489,500.00 in Stock

Extreme Networks, Inc. (NASDAQ:EXTR) CEO Edward Meyercord sold 50,000 shares of the company’s stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $29.79, for a total transaction of $1,489,500.00. Following the sale, the chief executive officer directly owned 1,596,475 shares of the company’s stock, valued at approximately $47,558,990.25. This represents a 3.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 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 stock was 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 Stock Performance

EXTR stock traded up $2.36 during mid-day trading on Tuesday, reaching $32.34. 2,564,434 shares of the stock traded hands, compared to its average volume of 2,068,894. The firm has a market capitalization of $4.23 billion, a PE ratio of 269.50, a P/E/G ratio of 1.85 and a beta of 1.79. The business has a 50-day moving average of $30.27 and a two-hundred day moving average of $21.62. Extreme Networks, Inc. has a 52 week low of $13.48 and a 52 week high of $33.73. The company has a quick ratio of 0.78, a current ratio of 0.91 and a debt-to-equity ratio of 1.89.

Institutional Investors Weigh In On Extreme Networks

A number of institutional investors have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Extreme Networks during the 3rd quarter valued at about $31,000. Rockefeller Capital Management L.P. lifted its stake in 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 boosted its holdings in Extreme Networks by 51.7% during the fourth 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 in the last quarter. Quarry LP boosted its holdings in Extreme Networks by 74.9% during the third 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. grew its stake in shares of Extreme Networks by 136.8% in 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 during the period. Institutional investors and hedge funds own 91.05% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Weiss Ratings raised Extreme Networks from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, July 6th. Rosenblatt Securities increased their price objective on Extreme Networks from $29.00 to $39.00 and gave the company a “buy” rating in a research report on Thursday, June 11th. Bank of America boosted their target price on shares of Extreme Networks from $28.00 to $33.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. Needham & Company LLC upped their target price on shares of Extreme Networks from $26.00 to $38.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Finally, B. Riley Financial reissued a “buy” rating on shares of Extreme Networks in a report on Thursday, April 30th. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.83.

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.