Saturday, June 25, 2022

Insider Selling: MEYERCORD EDWARD, Extreme Networks Inc. [EXTR] PRESIDENT AND CEO divested 25,000 shares

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Extreme Networks Inc. shares valued at $304,445 were sold by MEYERCORD EDWARD on Apr 01. At $12.18 per share, MEYERCORD EDWARD sold 25,000 shares. The insider’s holdings dropped to 778,650 shares worth approximately $6.8 million following the completion of this transaction.

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Also, MEYERCORD EDWARD sold 25,000 shares, netting a total of over 278,132 in proceeds. Following the sale of shares at $11.13 each, the insider now holds 778,650 shares.

Before that, Thomas Remi had sold 10,000 shares from its account. In a trade valued at $113,900, the EVP Chief Financial Officer traded Extreme Networks Inc. shares for $11.39 each. Upon closing the transaction, the insider’s holdings decreased to 10,000 shares, worth approximately $0.91 million.

As published in a research note from Needham on July 29, 2021, Extreme Networks Inc. [EXTR] has been rated up from a Hold to a Buy and the price target has been revised to $13. This represents a 32.85% premium over Wednesday’s closing price. Analysts at B. Riley FBR started covering the stock with ‘”a Buy”‘ outlook in a report released in mid July. As of April 14, 2020, JP Morgan has initiated its “Neutral” rating for EXTR. Earlier on July 29, 2019, Lake Street initiated its rating. Their recommendation was “a Buy” for EXTR stock.

Analyzing EXTR’s Price Performance

On Wednesday, Extreme Networks Inc. [NASDAQ: EXTR] rose 0.23% to $8.73. The stock’s lowest price that day was $8.62, but it reached a high of $8.86 in the same session. During the last five days, there has been a drop of approximately -1.36%. Over the course of the year, Extreme Networks Inc. shares have dropped approximately -44.39%. Shares of the company reached a 52-week high of $15.85 on 01/03/22 and a 52-week low of $8.49 on 06/16/22. A 50-day SMA is recorded $10.04, while a 200-day SMA reached $11.55. Nevertheless, trading volume fell to 1.44 million shares from 1.22 million shares the previous day.

Support And Resistance Levels for Extreme Networks Inc. (EXTR)

According to the 24-hour chart, there is a support level at 8.61, which, if violated, would cause prices to drop to 8.50. In the upper region, resistance lies at 8.85. The next price resistance is at 8.98. RSI (Relative Strength Index) is 38.64 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.64, which suggests the price will decrease in the coming days. Percent R is at 86.67%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Which companies own the most shares of Extreme Networks Inc. (EXTR)?

According to BlackRock Fund Advisors filings, the company currently owns 15,359,361 shares, which is about 11.74% of the total EXTR shares outstanding. The investor’s shares have appreciated by 164,981 from its previous 13-F filing of 15194380.0 shares. With the completion of the buy, The Vanguard Group, Inc.’s stake is now worth $116,428,173. Capital Research & Management Co acquire a 24.02% interest valued at $109.67 million while Paradigm Capital Management, Inc. sold a -41,500 stake. A total of -194,182 shares of Extreme Networks Inc. were sold by Newton Investment Management Nort during the quarter, and 249,062 were bought by SSgA Funds Management, Inc. In its current portfolio, Fidelity Management & Research Co holds 3,875,931 shares valued at $38.45 million.

In spite of this, 5 analysts ranked Extreme Networks Inc. stock as a Buy at the end of 2022.

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