Extreme Networks (NASDAQ:EXTR) Stock Bumped Up to “Strong-Buy” by Zacks Research

Zacks Research upgraded shares of Extreme Networks (NASDAQ:EXTR) from a hold rating to a strong-buy rating in a research note published on Monday,Zacks reports.

Several other research analysts also recently commented on EXTR. B. Riley Financial raised their price target on shares of Extreme Networks from $28.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Craig Hallum reiterated a “buy” rating on shares of Extreme Networks in a research report on Thursday, October 29th. Weiss Ratings raised Extreme Networks from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. Oppenheimer restated an “outperform” rating on shares of Extreme Networks in a research report on Thursday, August 6th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $38.00 target price on shares of Extreme Networks in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Extreme Networks currently has an average rating of “Moderate Buy” and an average target price of $33.86.

Extreme Networks Stock Up 2.3%

EXTR stock opened at $22.81 on Monday. The stock has a 50-day simple moving average of $22.48 and a two-hundred day simple moving average of $22.05. Extreme Networks has a twelve month low of $13.48 and a twelve month high of $33.73. The firm has a market capitalization of $2.99 billion, a PE ratio of 58.49, a PEG ratio of 1.44 and a beta of 1.81. The company has a quick ratio of 0.87, a current ratio of 1.02 and a debt-to-equity ratio of 2.27.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, October 28th. The technology company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. The company had revenue of $341.09 million during the quarter, compared to analyst estimates of $336.75 million. Extreme Networks had a net margin of 3.99% and a return on equity of 102.41%. Extreme Networks’s revenue was up 10.0% compared to the same quarter last year. During the same period last year, the business earned $0.22 earnings per share. On average, equities analysts predict that Extreme Networks will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Extreme Networks news, CFO Kevin Rhodes sold 21,825 shares of Extreme Networks stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $22.30, for a total value of $486,697.50. Following the transaction, the chief financial officer directly owned 196,803 shares of the company’s stock, valued at $4,388,706.90. The trade was a 9.98% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Edward Meyercord sold 50,000 shares of the stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $21.77, for a total transaction of $1,088,500.00. Following the sale, the chief executive officer directly owned 1,710,097 shares of the company’s stock, valued at $37,228,811.69. The trade was a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Extreme Networks

Several hedge funds have recently made changes to their positions in the company. The Manufacturers Life Insurance Company bought a new stake in Extreme Networks in the second quarter worth $2,329,000. Oppenheimer Asset Management Inc. bought a new position in shares of Extreme Networks during the second quarter valued at $2,931,000. Jupiter Topco LLC purchased a new position in shares of Extreme Networks in the 2nd quarter worth about $1,985,000. Cantor Fitzgerald Investment Advisors L.P. purchased a new position in shares of Extreme Networks in the 3rd quarter worth about $1,373,000. Finally, Bank of New York Mellon Corp bought a new position in Extreme Networks in the 2nd quarter worth about $23,896,000. 91.05% of the stock is currently owned by institutional investors.

About Extreme Networks

Extreme Networks, Inc develops networking solutions that help organizations connect, manage and secure users, devices and applications across campus, data center and distributed environments. Its portfolio includes wired and wireless network infrastructure, Ethernet switches, access points, software-defined wide-area networking (SD-WAN), network access control and cloud-based network management.

The company’s ExtremeCloud platform supports centralized monitoring, configuration, analytics and automation for network operations.