Edward Meyercord, President and CEO of Extreme Networks Inc. (NASDAQ:EXTR), recently sold a significant portion of his holdings in the company. On December 2, Meyercord sold a total of 35,725 shares of common stock, generating approximately $614,791. The shares were sold at weighted average prices ranging from $17.1259 to $17.5223 per share. The transaction comes as the stock trades near its InvestingPro Fair Value, with analyst targets ranging from $15 to $22.50.
In addition to the sales, Meyercord exercised options to acquire 35,725 shares of common stock at a price of $6.40 per share. Following these transactions, Meyercord’s direct ownership in the company stands at 1,478,941 shares.
These transactions were conducted under a prearranged trading plan adopted earlier this year, as noted in the company's regulatory filings.
In other recent news, Extreme Networks reported strong Q1 FY 2025 results, with revenue of $269.2 million and earnings per share of $0.17, surpassing expectations. The company experienced a 5% sequential increase in revenue, driven by robust product sales and subscription contracts. A significant year-over-year growth of 23% in SaaS Annual Recurring Revenue (ARR) was also noted. Rosenblatt Securities recently increased its price target for Extreme Networks from $17.00 to $21.00, maintaining a Buy rating on the company's shares. The firm anticipates that Extreme Networks will achieve double-digit growth in the fiscal year 2026, with operating margins of 20% or more possibly attainable by the second half of 2026. Partnerships with AWS and Microsoft (NASDAQ:MSFT) are enhancing AI capabilities on the platform, and the company is gaining market share from competitors like Cisco (NASDAQ:CSCO), Juniper, and HPE. These are the latest developments in Extreme Networks' ongoing efforts to maintain growth and competitiveness in the market.
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