Extreme Networks (NASDAQ:EXTR) Rating Lowered to Buy at BidaskClub

BidaskClub downgraded shares of Extreme Networks (NASDAQ:EXTR) from a strong-buy rating to a buy rating in a report released on Tuesday, BidAskClub reports.

EXTR has been the subject of several other reports. ValuEngine cut Extreme Networks from a buy rating to a hold rating in a report on Thursday, August 1st. Zacks Investment Research raised Extreme Networks from a hold rating to a strong-buy rating and set a $9.00 price objective for the company in a report on Tuesday, August 13th. Finally, Lake Street Capital started coverage on Extreme Networks in a report on Monday, July 29th. They set a buy rating and a $9.00 price objective for the company. One equities research analyst has rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $10.33.

Shares of EXTR stock opened at $7.37 on Tuesday. The stock has a fifty day moving average price of $7.31 and a 200 day moving average price of $7.10. The stock has a market cap of $876.41 million, a PE ratio of 67.09 and a beta of 1.61. Extreme Networks has a 1 year low of $4.81 and a 1 year high of $8.59. The company has a debt-to-equity ratio of 1.46, a quick ratio of 1.06 and a current ratio of 1.24.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, July 31st. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.01. The firm had revenue of $252.40 million during the quarter, compared to analysts’ expectations of $244.72 million. Extreme Networks had a positive return on equity of 10.98% and a negative net margin of 2.60%. Extreme Networks’s revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.20 earnings per share. As a group, equities research analysts predict that Extreme Networks will post 0.43 earnings per share for the current year.

In other news, insider Edward Meyercord sold 100,000 shares of the business’s stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $8.22, for a total value of $822,000.00. Following the completion of the transaction, the insider now directly owns 482,416 shares of the company’s stock, valued at $3,965,459.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.45% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Extreme Networks by 1.9% in the second quarter. BlackRock Inc. now owns 16,403,080 shares of the technology company’s stock worth $106,129,000 after acquiring an additional 301,442 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Extreme Networks by 6.1% in the second quarter. Vanguard Group Inc. now owns 8,623,647 shares of the technology company’s stock worth $55,794,000 after acquiring an additional 498,962 shares during the last quarter. Paradigm Capital Management Inc. NY raised its holdings in shares of Extreme Networks by 0.6% in the second quarter. Paradigm Capital Management Inc. NY now owns 6,778,800 shares of the technology company’s stock worth $43,859,000 after acquiring an additional 38,500 shares during the last quarter. D. E. Shaw & Co. Inc. raised its holdings in shares of Extreme Networks by 44.7% in the second quarter. D. E. Shaw & Co. Inc. now owns 4,754,084 shares of the technology company’s stock worth $30,759,000 after acquiring an additional 1,468,606 shares during the last quarter. Finally, FMR LLC raised its holdings in shares of Extreme Networks by 7.6% in the first quarter. FMR LLC now owns 3,623,714 shares of the technology company’s stock worth $27,142,000 after acquiring an additional 255,096 shares during the last quarter. 80.65% of the stock is owned by institutional investors.

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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