Extreme Networks, Inc. (EXTR) Expected to Post Quarterly Sales of $204.50 Million
Brokerages predict that Extreme Networks, Inc. (NASDAQ:EXTR) will post sales of $204.50 million for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Extreme Networks’ earnings. The highest sales estimate is $206.00 million and the lowest is $203.00 million. Extreme Networks reported sales of $122.64 million in the same quarter last year, which would suggest a positive year over year growth rate of 66.7%. The business is expected to report its next quarterly earnings report on Tuesday, November 7th.
On average, analysts expect that Extreme Networks will report full year sales of $204.50 million for the current year, with estimates ranging from $842.00 million to $873.80 million. For the next fiscal year, analysts anticipate that the business will report sales of $892.60 million per share, with estimates ranging from $880.20 million to $905.00 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that cover Extreme Networks.
Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Monday, August 14th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.01). The company had revenue of $178.70 million for the quarter, compared to the consensus estimate of $171.96 million. Extreme Networks had a positive return on equity of 41.17% and a negative net margin of 1.42%. The firm’s revenue for the quarter was up 28.0% on a year-over-year basis. During the same period in the prior year, the business earned $0.10 earnings per share.
EXTR has been the subject of several analyst reports. BidaskClub lowered shares of Extreme Networks from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Zacks Investment Research lowered shares of Extreme Networks from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. Needham & Company LLC upped their price target on shares of Extreme Networks from $12.50 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, August 15th. Finally, ValuEngine upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $11.67.
In other news, Director Kathleen M. Holmgren bought 5,000 shares of the company’s stock in a transaction dated Wednesday, August 30th. The stock was bought at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the completion of the acquisition, the director now owns 36,662 shares in the company, valued at approximately $421,246.38. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Edward Meyercord sold 100,000 shares of the stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $10.52, for a total transaction of $1,052,000.00. Following the sale, the insider now owns 471,653 shares of the company’s stock, valued at $4,961,789.56. The disclosure for this sale can be found here. Corporate insiders own 1.90% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. PNC Financial Services Group Inc. purchased a new stake in shares of Extreme Networks during the second quarter worth about $101,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Extreme Networks during the second quarter worth about $116,000. Ameritas Investment Partners Inc. boosted its holdings in shares of Extreme Networks by 13.0% during the second quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock worth $124,000 after purchasing an additional 1,565 shares during the period. Amalgamated Bank boosted its holdings in shares of Extreme Networks by 10.9% during the second quarter. Amalgamated Bank now owns 14,049 shares of the technology company’s stock worth $130,000 after purchasing an additional 1,378 shares during the period. Finally, FNY Partners Fund LP purchased a new stake in shares of Extreme Networks during the first quarter worth about $112,000. Institutional investors own 79.71% of the company’s stock.
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Extreme Networks (NASDAQ EXTR) opened at 12.47 on Monday. The company’s 50-day moving average price is $11.51 and its 200 day moving average price is $9.49. Extreme Networks has a 12 month low of $4.02 and a 12 month high of $13.20. The company’s market capitalization is $1.41 billion.
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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