Extreme Networks

EXTR · NASDAQ

$22.22+$0.31 (+1.41%)TodayMarket closed · Oct 20, 4:05 PM ET

Prev close $21.91

EXTR analyst rating

BuyConsensus of 6 analysts over the last 12 months. 83% rate it a buy.

Strong buy0
Buy5
Hold1
Underperform0
Sell0

12-month price target · 10 analysts

Average $34.17 (+53.8% upside)

Low: $28.28
Now: $22.22
High: $39.90

Upgrades and downgrades

The latest rating actions, newest first

EXTR analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
B. Riley Securities	Aug 6, 2026	Maintains	Buy	$28.00 → $34.00	61%
Rosenblatt	Aug 6, 2026	Maintains	Buy	$39.00 → $38.00	56%
Needham	Aug 6, 2026	Maintains	Buy	$38.00 → $35.00	50%
Needham	Aug 5, 2026	Maintains	Buy	$38.00 → $35.00	50%
Needham	Jul 22, 2026	Maintains	Buy	$26.00 → $38.00	50%
Lake Street	Jun 15, 2026	Maintains	Buy	$25.00 → $34.00	48%
Rosenblatt	Jun 11, 2026	Maintains	Buy	$29.00 → $39.00	56%
B of A Securities	Jun 8, 2026	Maintains	Buy	$28.00 → $33.00	70%
UBS	Apr 30, 2026	Maintains	Neutral	$17.00 → $22.50	65%
Rosenblatt	Apr 30, 2026	Maintains	Buy	$25.00 → $29.00	56%

The case for and against

Updated Oct 14, 2026

Bull case

Extreme Networks is supported by a compelling mix of accelerating product demand, improving recurring revenue, and clear share gains against larger rivals, as 4Q26 revenue rose 10% year over year to $339 million and EPS of $0.32 beat expectations on stronger gross and operating margins. Strong adoption of Platform ONE, the Wi-Fi 7 upgrade cycle, and large enterprise wins helped product revenue grow 14% year over year for a ninth consecutive quarter of sequential growth, while SaaS ARR increased to $244 million, up 17% year over year. Management’s FY27 revenue guide of $1,380 million to $1,400 million, along with an operating margin outlook of about 17% and secured supply through fiscal 2028, suggests durable execution with room for continued upside.

Bear case

Extreme Networks is facing a fragile fundamental setup as EMEA revenue fell to $120mn, down 22% Q/Q and 9% Y/Y, signaling weakening demand and competitive displacement across key verticals like healthcare, education, and government. Although gross margin of 62.7% and $73MM in cash from operations show some near-term resilience, profitability remains vulnerable to macroeconomic softness, tariff pressure, supply-chain disruptions, and a highly competitive market that can force price cuts and reduce share. The outlook is further clouded by rapid technological change, integration risk, and customer concentration, since three 10% customers represented 59% of FY 2024 revenue, leaving results exposed to any loss of key accounts.

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