BlackRock Fund Advisors recently announced the acquisition of new stake in Extreme Networks Inc. (NASDAQ:EXTR). The institutional investor has increased its shareholding in the Technology company by 0.26% to 15.51 million shares with purchase of 39524.0 shares. This fresh investment now brings its stake to 12.01% valued currently at $275.82 million. In addition, Voss Capital LLC raised its holdings by 2.33 million to 5.8 million shares. And Goldman Sachs & Co. LLC has lifted its position by 0.42% or 11509.0 shares – to 2.73 million shares.
With over 1.45 million Extreme Networks Inc. (EXTR) shares trading Monday and a closing price of $18.89 on the day, the dollar volume was approximately $27.39 million. The shares have shown a positive half year performance of 0.75% and its price on 05/22/23 gained nearly 1.45%. Currently, there are 128.82M common shares owned by the public and among those 128.40M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 6 analysts who have offered their price forecasts for EXTR have a consensus price objective of $22.00. The analysts have set the share’s price value over the next 12 months at a high of $25.00 and a low of $17.50. The average price target is 14.14% above its recent price level and a downside to the estimated low will see the stock lose -7.94% over that period. But an upside of 24.44% will see the stock hit the forecast high price target while median target price for the stock is $23.00.
Insiders at the company have transacted a total of 86 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 36 of these insider trades were purchases, accounting for 971,002 shares. Insider sales of the common stock occurred on 50 occasions, with total insider shares sold totaling 840,053 shares.
The top 3 mutual fund holders in Extreme Networks Inc. are iShares Core S&P Small Cap ETF, Vanguard Total Stock Market ETF, and American Funds Small Cap World Fu. iShares Core S&P Small Cap ETF owns 5.84 million shares of the company’s stock, all valued at over $103.81 million. Vanguard Total Stock Market ETF bought 5449.0 shares to see its total holdings expand to 4.02 million shares valued at over $71.54 million and representing 3.12% of the shares outstanding. American Funds Small Cap World Fu sold -4.59 million shares to bring its total holdings to over 3.5 million shares at a value of $62.17 million. American Funds Small Cap World Fu now owns shares totaling to 2.71% of the shares outstanding.
Shares of Extreme Networks Inc. (NASDAQ: EXTR) opened at $18.64, up $0.02 from a prior closing price of $18.62. However, the script later moved the day high at 18.97, up 1.45%. The company’s stock has a 5-day price change of 12.37% and 0.75% over the past three months. EXTR shares are trading 3.17% year to date (YTD), with the 12-month market performance up to 97.18% higher. It has a 12-month low price of $8.49 and touched a high of $21.03 over the same period. EXTR has an average intraday trading volume of 1.41 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 11.68%, 7.36%, and 11.07% respectively.
Institutional ownership of Extreme Networks Inc. (NASDAQ: EXTR) shares accounts for 88.80% of the company’s 128.82M shares outstanding. Mutual fund holders own 45.07%, while other institutional holders and individual stakeholders account for 46.98% and 19.47% respectively.
It has a market capitalization of $2.41B and a beta (3y monthly) value of 1.97. The stock’s trailing 12-month PE ratio is 43.43, while the earnings-per-share (ttm) stands at $0.43. The company has a PEG of 2.17 and a Quick Ratio of 0.80 with the debt-to-equity ratio at 2.27. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.91% over the week and 3.45% over the month.
Analysts forecast that Extreme Networks Inc. (EXTR) will achieve an EPS of $0.31 for the current quarter, $0.31 for the next quarter and $1.49 for 2024. The lowest estimate earnings-per-share for the quarter is $0.3 while analysts give the company a high EPS estimate of $0.33. Comparatively, EPS for the current quarter was $0.15 a year ago. Earnings per share for the fiscal year are expected to increase by 39.00%, and 39.14% over the next financial year. EPS should shrink at an annualized rate of 20.00% over the next five years, compared to 86.50% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 6 brokerage firm advisors rate Extreme Networks Inc. (EXTR) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 1 of the 6 advise that investors “hold,” and 0 rated it as a “Sell.”
