Extreme Networks, Inc. (EXTR) Rating Increased to Buy at Zacks Investment Research
Extreme Networks, Inc. (NASDAQ:EXTR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Friday. The brokerage currently has a $12.00 price target on the technology company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.36% from the company’s current price.
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. “
Other equities analysts have also issued research reports about the company. BidaskClub raised Extreme Networks from a “sell” rating to a “hold” rating in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $12.50 price objective (up previously from $9.50) on shares of Extreme Networks in a research report on Friday, June 2nd. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $9.10.
Extreme Networks (NASDAQ:EXTR) traded up 1.23% during mid-day trading on Friday, reaching $10.68. 2,075,700 shares of the company were exchanged. The stock’s market capitalization is $1.18 billion. Extreme Networks has a 12-month low of $3.75 and a 12-month high of $11.03. The company’s 50 day moving average price is $9.34 and its 200-day moving average price is $8.18.
Extreme Networks (NASDAQ:EXTR) last announced its quarterly 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 positive return on equity of 43.34% and a negative net margin of 1.42%. The business had revenue of $178.70 million during the quarter, compared to analysts’ expectations of $171.96 million. During the same period in the previous year, the business earned $0.10 EPS. The business’s revenue was up 28.0% compared to the same quarter last year. On average, equities research analysts forecast 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 the firm’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $10.10, for a total transaction of $656,500.00. Following the completion of the transaction, the insider now directly owns 563,034 shares in the company, valued at $5,686,643.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.91% of the stock is owned by company insiders.
Several institutional investors have recently modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new position in shares of Extreme Networks during the second quarter valued at $397,000. Koch Industries Inc. bought a new position in shares of Extreme Networks during the second quarter valued at $144,000. Ameritas Investment Partners Inc. increased its position in shares of Extreme Networks by 13.0% in the second quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock valued at $124,000 after buying an additional 1,565 shares during the last quarter. Castleark Management LLC bought a new position in shares of Extreme Networks during the second quarter valued at $3,417,000. Finally, Raymond James Financial Services Advisors Inc. increased its position in shares of Extreme Networks by 139.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 72,936 shares of the technology company’s stock valued at $672,000 after buying an additional 42,436 shares during the last quarter. Hedge funds and other institutional investors own 80.44% of the company’s stock.
Extreme Networks Company Profile
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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