Extreme Networks (NASDAQ:EXTR) Upgraded 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 research report sent to investors on Tuesday.

EXTR has been the subject of a number of other reports. UBS Group dropped their price objective on Extreme Networks from $16.50 to $15.00 and set a “neutral” rating for the company in a research note 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 research report on Wednesday, April 30th. Rosenblatt Securities reissued a “buy” rating and set a $18.00 price target on shares of Extreme Networks in a research report on Thursday, May 1st. Finally, Lake Street Capital lowered their price objective on shares of Extreme Networks from $16.00 to $15.00 and set a “hold” rating for the company in a research note on Thursday, May 1st. Two research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Extreme Networks has a consensus rating of “Moderate Buy” and a consensus target price of $18.58.

Extreme Networks Price Performance

Shares of EXTR opened at $16.34 on Tuesday. The firm has a 50-day simple moving average of $13.39 and a two-hundred day simple moving average of $15.38. The stock has a market cap of $2.18 billion, a PE ratio of -17.38, a P/E/G ratio of 3.06 and a beta of 1.67. Extreme Networks has a 1-year low of $10.10 and a 1-year high of $19.24. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68.

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

Extreme Networks declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $200.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the sale, the chief executive officer now owns 1,510,719 shares of the company’s stock, valued at $20,742,171.87. This trade represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 3.70% of the company’s stock.

Institutional Investors Weigh In On Extreme Networks

Large investors have recently modified their holdings of the company. Byrne Asset Management LLC purchased a new stake in shares of Extreme Networks during the 4th quarter worth $30,000. Sterling Capital Management LLC raised its stake in Extreme Networks by 603.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company’s stock valued at $32,000 after buying an additional 1,665 shares in the last quarter. Orion Capital Management LLC purchased a new stake in Extreme Networks during the 4th quarter worth about $33,000. Smartleaf Asset Management LLC boosted its position in shares of Extreme Networks by 385.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company’s stock worth $37,000 after acquiring an additional 1,733 shares in the last quarter. Finally, Quarry LP increased its holdings in shares of Extreme Networks by 42.1% in the 4th quarter. Quarry LP now owns 2,426 shares of the technology company’s stock valued at $41,000 after acquiring an additional 719 shares during the last quarter. 91.05% of the stock is owned by hedge funds and other institutional investors.

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.