Extreme Networks (NASDAQ:EXTR) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Extreme Networks (NASDAQ:EXTR) from a hold rating to a buy rating in a research note released on Thursday morning, Zacks.com reports. They currently have $9.00 price target 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. “

Several other equities research analysts have also recently issued reports on the company. Lake Street Capital initiated coverage on Extreme Networks in a research note on Monday. They issued a buy rating and a $9.00 price target for the company. ValuEngine cut Extreme Networks from a buy rating to a hold rating in a research note on Thursday. Finally, BidaskClub upgraded Extreme Networks from a buy rating to a strong-buy rating in a research note on Thursday. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $9.30.

Shares of NASDAQ:EXTR traded down $0.12 during midday trading on Thursday, reaching $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 debt-to-equity ratio of 1.37, a quick ratio of 1.10 and a current ratio of 1.29. The company’s 50 day moving average is $6.54. The firm has a market capitalization of $979.73 million, a PE ratio of 63.46 and a beta of 1.57. Extreme Networks has a 1-year low of $4.81 and a 1-year high of $9.08.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Wednesday, July 31st. The technology company reported ($0.01) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.01. The firm had revenue of $252.40 million for the quarter, compared to the consensus estimate of $244.72 million. Extreme Networks had a positive return on equity of 26.15% and a negative net margin of 1.41%. The business’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.20 earnings per share. On average, analysts expect that Extreme Networks will post 0.39 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EXTR. Meeder Asset Management Inc. lifted its stake in Extreme Networks by 438.4% during the first quarter. Meeder Asset Management Inc. now owns 3,467 shares of the technology company’s stock worth $26,000 after purchasing an additional 2,823 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Extreme Networks during the 2nd quarter valued at about $27,000. Bailard Inc. purchased a new position in Extreme Networks during the 2nd quarter valued at about $68,000. Hennessy Advisors Inc. purchased a new position in Extreme Networks during the 2nd quarter valued at about $87,000. Finally, Penserra Capital Management LLC purchased a new position in Extreme Networks during the 1st quarter valued at about $110,000. Hedge funds and other institutional investors own 80.88% of the company’s stock.

Extreme Networks Company Profile

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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