Extreme Networks, Inc. (EXTR) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Extreme Networks, Inc. (NASDAQ:EXTR) from a hold rating to a buy rating in a research note issued to investors on Friday morning. They currently have $12.00 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. “
A number of other brokerages have also recently commented on EXTR. BidaskClub upgraded Extreme Networks from a sell rating to a hold rating in a report on Wednesday, August 16th. Needham & Company LLC restated a buy rating and set a $12.50 target price (up from $9.50) on shares of Extreme Networks in a report on Friday, June 2nd. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Extreme Networks currently has an average rating of Buy and an average target price of $9.10.
Shares of Extreme Networks (NASDAQ:EXTR) opened at 10.68 on Friday. The stock’s market capitalization is $1.18 billion. The stock’s 50 day moving average is $9.34 and its 200-day moving average is $8.18. Extreme Networks has a 52 week low of $3.75 and a 52 week high of $11.03.
Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Monday, August 14th. The technology company reported $0.14 EPS for the quarter, missing analysts’ consensus estimates of $0.15 by $0.01. Extreme Networks had a negative net margin of 1.42% and a positive return on equity of 43.34%. The firm had revenue of $178.70 million for the quarter, compared to analysts’ expectations of $171.96 million. During the same quarter last year, the business earned $0.10 earnings per share. The business’s revenue was up 28.0% compared to the same quarter last year. On average, analysts anticipate that Extreme Networks will post $0.70 earnings per share for the current fiscal year.
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In other news, insider Edward Meyercord sold 65,000 shares of Extreme Networks stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $10.10, for a total value of $656,500.00. Following the completion of the transaction, the insider now owns 563,034 shares in the company, valued at approximately $5,686,643.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.91% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP boosted its position in shares of Extreme Networks by 12.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,030,440 shares of the technology company’s stock valued at $10,213,000 after buying an additional 219,564 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Extreme Networks by 2.5% in the fourth quarter. Teachers Advisors LLC now owns 204,776 shares of the technology company’s stock valued at $1,030,000 after buying an additional 4,971 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Extreme Networks by 3,689.4% in the first quarter. Bank of Montreal Can now owns 15,006 shares of the technology company’s stock valued at $113,000 after buying an additional 14,610 shares during the last quarter. James Investment Research Inc. bought a new position in shares of Extreme Networks during the first quarter valued at about $3,169,000. Finally, CAPROCK Group Inc. boosted its position in shares of Extreme Networks by 10.8% in the first quarter. CAPROCK Group Inc. now owns 27,265 shares of the technology company’s stock valued at $205,000 after buying an additional 2,665 shares during the last quarter. Institutional investors and hedge funds own 80.44% of the company’s stock.
About Extreme Networks
Extreme Networks, Inc is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment.
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