12 Oct Dr. Jonathan Cartu Announced – Extreme Networks (NASDAQ:EXTR) Upgraded by Zacks Investment…
Zacks Investment Research upgraded shares of Extreme Networks (NASDAQ:EXTR) from a hold rating to a buy rating in a research note issued to investors on Tuesday, Zacks.com reports. The brokerage currently has $8.00 price target on the technology company’s stock.
According to Zacks, “Extreme Networks, Inc. is a leading provider of a next generation of switching solutions that meet the increasing needs of enterprise local area networks internet service providers and content providers. The key advantages of its Layer 3 switching solutions are increased performance, the ability to easily grow in size as customer needs change, flexible allocation of network resources, ease of use and lower cost of ownership. These advantages are obtained through the use of custom semiconductors, known as ASICs, in its products and through hardware and software designs. “
Several other analysts have also weighed in on EXTR. BidaskClub lowered Extreme Networks from a buy rating to a hold rating in a report on Friday, September 20th. 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 on the stock. Finally, ValuEngine lowered Extreme Networks from a hold rating to a sell rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $10.00.
Extreme Networks stock opened at $7.33 on Tuesday. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.06 and a current ratio of 1.24. The firm has a market capitalization of $889.04 million, a price-to-earnings ratio of 56.35 and a beta of 1.62. Extreme Networks has a fifty-two week low of $4.87 and a fifty-two week high of $8.59. The stock’s fifty day moving average is $7.15 and its two-hundred day moving average is $6.95.
Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, July 31st. The technology company reported ($0.01) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The company had revenue of $252.40 million for the quarter, compared to analyst estimates of $244.72 million. Extreme Networks had a positive return on equity of 10.98% and a negative net margin of 2.60%. Extreme Networks’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.20 earnings per share. As a group, sell-side analysts forecast that Extreme Networks will post 0.43 EPS for the current fiscal year.
In related news, insider Edward Meyercord sold 100,000 shares of the stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $8.22, for a total transaction of $822,000.00. Following the sale, the insider now owns 482,416 shares of the company’s stock, valued at $3,965,459.52. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CRO Robert J. Gault sold 39,584 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $7.73, for a total value of $305,984.32. Following the sale, the executive now directly owns 294,797 shares in the company, valued at approximately $2,278,780.81. The disclosure for this sale can be found here. 2.62% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. State of Alaska Department of Revenue boosted its stake in shares of Extreme Networks by 129.5% during the third quarter. State of Alaska Department of Revenue now owns 92,775 shares of the technology company’s stock valued at $674,000 after acquiring an additional 52,351 shares during the last quarter. Atria Investments LLC acquired a new stake in shares of Extreme Networks during the second quarter valued at $154,000. Natixis acquired a new stake in shares of Extreme Networks during the second quarter valued at $920,000. Maverick Capital Ltd. acquired a new stake in shares of Extreme Networks during the second quarter valued at $1,338,000. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Extreme Networks during the second quarter valued at $17,720,000. 80.27% of the stock is currently owned by institutional investors and hedge funds.
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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