Zacks Investment Research upgraded shares of Extreme Networks (NASDAQ:EXTR) from a hold rating to a strong-buy rating in a research note issued to investors on Tuesday morning, Zacks.com reports. The brokerage currently has $9.00 target price 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. “
EXTR has been the subject of a number of other reports. BidaskClub raised shares of Extreme Networks from a buy rating to a strong-buy rating in a research report on Thursday, August 1st. Lake Street Capital assumed coverage on shares of Extreme Networks in a research report on Monday, July 29th. They set a buy rating and a $9.00 target price for the company. Finally, ValuEngine downgraded shares of Extreme Networks from a buy rating to a hold rating in a research report on Thursday, August 1st. One analyst has rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of Buy and an average target price of $10.33.
Extreme Networks stock opened at $7.38 on Tuesday. Extreme Networks has a twelve month low of $4.81 and a twelve month high of $8.59. The firm has a 50 day moving average price of $7.20 and a 200-day moving average price of $7.10. The company has a market capitalization of $878.75 million, a P/E ratio of 56.77 and a beta of 1.61. The company has a quick ratio of 1.06, a current ratio of 1.24 and a debt-to-equity ratio of 1.46.
Extreme Networks (NASDAQ:EXTR) last released its earnings results on Wednesday, July 31st. The technology company reported ($0.01) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.02) by $0.01. Extreme Networks had a negative net margin of 2.60% and a positive return on equity of 10.98%. The firm had revenue of $252.40 million during the quarter, compared to the consensus estimate of $244.72 million. During the same period in the prior year, the firm earned $0.20 EPS. The company’s revenue was down 9.3% compared to the same quarter last year. Equities analysts expect 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 company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $8.22, for a total transaction of $822,000.00. Following the sale, the insider now directly owns 482,416 shares in the company, valued at approximately $3,965,459.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 2.45% of the company’s stock.
Several hedge funds have recently made changes to their positions in the stock. Nuveen Asset Management LLC bought a new position in shares of Extreme Networks during the 2nd quarter valued at $17,720,000. D. E. Shaw & Co. Inc. grew its holdings in shares of Extreme Networks by 44.7% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 4,754,084 shares of the technology company’s stock valued at $30,759,000 after purchasing an additional 1,468,606 shares during the last quarter. Westwood Holdings Group Inc. bought a new position in shares of Extreme Networks during the 2nd quarter valued at $65,000. AQR Capital Management LLC grew its holdings in shares of Extreme Networks by 104.0% during the 2nd quarter. AQR Capital Management LLC now owns 970,116 shares of the technology company’s stock valued at $6,277,000 after purchasing an additional 494,664 shares during the last quarter. Finally, Paloma Partners Management Co grew its holdings in shares of Extreme Networks by 16.5% during the 2nd quarter. Paloma Partners Management Co now owns 33,402 shares of the technology company’s stock valued at $217,000 after purchasing an additional 4,727 shares during the last quarter. Institutional investors own 80.95% of the company’s stock.
About Extreme Networks
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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