Extreme Networks (NASDAQ:EXTR) Posts Earnings Results, Beats Expectations By $0.01 EPS

Extreme Networks (NASDAQ:EXTR) posted its earnings results on Wednesday. The technology company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01, Morningstar.com reports. Extreme Networks had a negative net margin of 1.41% and a positive return on equity of 26.15%. The firm had revenue of $252.40 million for the quarter, compared to the consensus estimate of $244.72 million. During the same period in the previous year, the firm posted $0.20 EPS. The business’s quarterly revenue was down 9.3% on a year-over-year basis. Extreme Networks updated its Q1 2020 guidance to $0.03-0.07 EPS and its Q1 guidance to $0.03-0.07 EPS.

Extreme Networks stock traded down $0.12 during trading hours on Friday, hitting $8.25. The company had a trading volume of 1,850,359 shares, compared to its average volume of 1,388,876. The company has a market cap of $979.73 million, a price-to-earnings ratio of 63.46 and a beta of 1.57. The company has a debt-to-equity ratio of 1.37, a quick ratio of 1.10 and a current ratio of 1.29. Extreme Networks has a 1 year low of $4.81 and a 1 year high of $9.08. The business’s 50-day simple moving average is $6.58.

A number of institutional investors have recently added to or reduced their stakes in the business. Horrell Capital Management Inc. lifted its holdings in Extreme Networks by 8.1% during the second quarter. Horrell Capital Management Inc. now owns 325,000 shares of the technology company’s stock valued at $2,103,000 after purchasing an additional 24,480 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Extreme Networks by 711.5% during the second quarter. SG Americas Securities LLC now owns 375,876 shares of the technology company’s stock valued at $2,432,000 after purchasing an additional 329,556 shares in the last quarter. Bailard Inc. purchased a new position in shares of Extreme Networks in the second quarter worth about $68,000. Steward Partners Investment Advisory LLC purchased a new position in shares of Extreme Networks in the second quarter worth about $27,000. Finally, Strs Ohio lifted its stake in shares of Extreme Networks by 59.1% in the second quarter. Strs Ohio now owns 121,700 shares of the technology company’s stock worth $787,000 after buying an additional 45,200 shares in the last quarter. 80.88% of the stock is owned by institutional investors.

A number of analysts have recently weighed in on EXTR shares. Lake Street Capital started coverage on shares of Extreme Networks in a report on Monday. They issued a “buy” rating and a $9.00 target price on the stock. ValuEngine downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a report on Thursday. BidaskClub upgraded shares of Extreme Networks from a “buy” rating to a “strong-buy” rating in a report on Thursday. Finally, Zacks Investment Research upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating and set a $9.00 target price on the stock in a report on Thursday. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $9.30.

About Extreme Networks

Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. It designs, develops, and manufactures wired and wireless network infrastructure equipment; and develops the software for network management, policy, analytics, security, and access controls. The company offers edge/access Ethernet switching systems that deliver Ethernet connectivity for edge of the network; aggregation/core Ethernet switching systems for aggregation, top-of-rack, and campus core environments; data center switching systems for enterprises and cloud data centers; and wireless access point products, as well as distributed Wi-Fi networks.

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Earnings History for Extreme Networks (NASDAQ:EXTR)

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