A number of other equities research analysts also recently weighed in on the company. ValuEngine downgraded Extreme Networks from a buy rating to a hold rating in a report on Thursday, August 1st. Zacks Investment Research upgraded Extreme Networks from a hold rating to a strong-buy rating and set a $9.00 target price for the company in a report on Tuesday, August 13th. Finally, Lake Street Capital began coverage on Extreme Networks in a report on Monday, July 29th. They issued a buy rating and a $9.00 target price for the company. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $10.33.
Extreme Networks stock opened at $7.01 on Tuesday. The stock’s 50 day moving average is $7.32 and its 200 day moving average is $7.10. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.24 and a quick ratio of 1.06. The firm has a market cap of $856.19 million, a P/E ratio of 53.92 and a beta of 1.61. Extreme Networks has a one year low of $4.81 and a one year high of $8.59.
Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Wednesday, July 31st. The technology company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.01. The business had revenue of $252.40 million during the quarter, compared to the consensus estimate of $244.72 million. Extreme Networks had a positive return on equity of 10.98% and a negative net margin of 2.60%. The firm’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.20 earnings per share. Equities analysts anticipate that Extreme Networks will post 0.43 earnings per share for the current fiscal year.
In other Extreme Networks news, insider Edward Meyercord sold 100,000 shares of Extreme Networks stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $8.22, for a total value of $822,000.00. Following the completion of the sale, the insider now directly owns 482,416 shares in the company, valued at $3,965,459.52. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 2.45% of the company’s stock.
A number of hedge funds have recently modified their holdings of the business. Comerica Bank increased its holdings in shares of Extreme Networks by 1.6% during the first quarter. Comerica Bank now owns 115,743 shares of the technology company’s stock valued at $877,000 after acquiring an additional 1,789 shares in the last quarter. Texas Permanent School Fund increased its holdings in shares of Extreme Networks by 2.4% during the first quarter. Texas Permanent School Fund now owns 79,278 shares of the technology company’s stock valued at $594,000 after acquiring an additional 1,840 shares in the last quarter. Ellington Management Group LLC increased its holdings in shares of Extreme Networks by 7.5% during the second quarter. Ellington Management Group LLC now owns 33,100 shares of the technology company’s stock valued at $214,000 after acquiring an additional 2,300 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Extreme Networks by 1.0% during the second quarter. Bank of America Corp DE now owns 228,009 shares of the technology company’s stock valued at $1,475,000 after acquiring an additional 2,324 shares in the last quarter. Finally, Meeder Asset Management Inc. increased its holdings in shares of Extreme Networks by 438.4% during the first quarter. Meeder Asset Management Inc. now owns 3,467 shares of the technology company’s stock valued at $26,000 after acquiring an additional 2,823 shares in the last quarter. Institutional investors and hedge funds own 80.65% of the company’s stock.
Extreme Networks Company Profile
Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. It designs, develops, and manufactures wired and wireless network infrastructure equipment; and develops the software for network management, policy, analytics, security, and access controls. The company offers edge/access Ethernet switching systems that deliver Ethernet connectivity for edge of the network; aggregation/core Ethernet switching systems for aggregation, top-of-rack, and campus core environments; data center switching systems for enterprises and cloud data centers; and wireless access point products, as well as distributed Wi-Fi networks.
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