Extreme Networks (NASDAQ:EXTR) Rating Increased to Strong-Buy at StockNews.com

StockNews.com upgraded shares of Extreme Networks (NASDAQ:EXTR) from a buy rating to a strong-buy rating in a report released on Tuesday.

A number of other analysts have also issued reports on EXTR. Rosenblatt Securities reaffirmed a “buy” rating and issued a $18.00 target price on shares of Extreme Networks in a report on Thursday, May 1st. Lake Street Capital lowered their target price on Extreme Networks from $16.00 to $15.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 target price on shares of Extreme Networks in a report on Wednesday, April 30th. Finally, UBS Group lowered their target price on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Extreme Networks presently has an average rating of “Moderate Buy” and an average target price of $18.58.

Extreme Networks Stock Up 2.6%

Shares of EXTR stock opened at $16.06 on Tuesday. The stock’s 50 day simple moving average is $13.29 and its 200 day simple moving average is $15.35. The company has a debt-to-equity ratio of 3.34, a quick ratio of 0.68 and a current ratio of 0.93. Extreme Networks has a twelve month low of $10.10 and a twelve month high of $19.24. The company has a market capitalization of $2.14 billion, a price-to-earnings ratio of -17.09, a PEG ratio of 3.06 and a beta of 1.67.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, April 30th. The technology company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.02. Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. The business had revenue of $284.51 million for the quarter, compared to the consensus estimate of $280.32 million. During the same period last year, the business earned ($0.19) EPS. The firm’s revenue was up 34.8% compared to the same quarter last year. As a group, research analysts predict that Extreme Networks will post 0.31 EPS for the current year.

Extreme Networks announced that its Board of Directors has authorized a stock buyback program on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to buy up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Thursday, May 1st. The stock was sold at an average price of $13.73, for a total transaction of $490,504.25. Following the sale, the chief executive officer now owns 1,510,719 shares of the company’s stock, valued at approximately $20,742,171.87. This trade represents a 2.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.70% of the stock is owned by insiders.

Institutional Trading of Extreme Networks

Several institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Extreme Networks by 2.3% during the 1st quarter. Vanguard Group Inc. now owns 18,325,419 shares of the technology company’s stock worth $242,445,000 after purchasing an additional 406,350 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Extreme Networks by 13.9% in the 1st quarter. Victory Capital Management Inc. now owns 5,012,386 shares of the technology company’s stock valued at $66,314,000 after buying an additional 611,462 shares in the last quarter. Trigran Investments Inc. boosted its stake in Extreme Networks by 30.3% in the 1st quarter. Trigran Investments Inc. now owns 3,106,446 shares of the technology company’s stock valued at $41,098,000 after buying an additional 722,121 shares in the last quarter. Geode Capital Management LLC boosted its stake in Extreme Networks by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 3,068,854 shares of the technology company’s stock valued at $51,385,000 after buying an additional 49,888 shares in the last quarter. Finally, American Century Companies Inc. boosted its stake in Extreme Networks by 1.2% in the 1st quarter. American Century Companies Inc. now owns 2,871,898 shares of the technology company’s stock valued at $37,995,000 after buying an additional 34,727 shares in the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

Extreme Networks Company Profile

Extreme Networks, Inc delivers cloud-driven networking solutions that leverage the powers of machine learning, artificial intelligence, analytics, and automation.
The company designs, develops, and manufactures wired and wireless network infrastructure equipment and develops the software for network management, policy, analytics, security, and access controls.