Separately, Zacks Investment Research downgraded shares of Extreme Networks from a “hold” rating to a “sell” rating in a research note on Wednesday, May 8th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $9.00.
Shares of NASDAQ EXTR opened at $5.76 on Tuesday. The stock has a market capitalization of $694.72 million, a PE ratio of 13.09 and a beta of 1.55. The company has a debt-to-equity ratio of 1.37, a current ratio of 1.29 and a quick ratio of 1.10. Extreme Networks has a fifty-two week low of $4.81 and a fifty-two week high of $9.35.
Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, May 1st. The technology company reported $0.08 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The company had revenue of $250.90 million during the quarter, compared to analysts’ expectations of $253.49 million. Extreme Networks had a positive return on equity of 26.15% and a negative net margin of 1.41%. Extreme Networks’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.16 EPS. As a group, sell-side analysts forecast that Extreme Networks will post 0.08 EPS for the current fiscal year.
In related news, insider Edward Meyercord sold 15,000 shares of the firm’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $7.49, for a total value of $112,350.00. Following the completion of the sale, the insider now directly owns 547,692 shares in the company, valued at approximately $4,102,213.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.45% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. increased its stake in Extreme Networks by 438.4% in the first quarter. Meeder Asset Management Inc. now owns 3,467 shares of the technology company’s stock valued at $26,000 after acquiring an additional 2,823 shares during the last quarter. Acadian Asset Management LLC bought a new position in Extreme Networks in the fourth quarter valued at approximately $25,000. PNC Financial Services Group Inc. increased its stake in Extreme Networks by 384.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,292 shares of the technology company’s stock valued at $57,000 after acquiring an additional 7,372 shares during the last quarter. CIBC Asset Management Inc bought a new position in Extreme Networks in the fourth quarter valued at approximately $61,000. Finally, Tyers Asset Management LLC bought a new position in Extreme Networks in the first quarter valued at approximately $80,000. Hedge funds and other institutional investors own 80.90% of the company’s stock.
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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