Extreme Networks (NASDAQ:EXTR) Stock Rating Raised to “Strong-Buy” at Zacks Research

Extreme Networks (NASDAQ:EXTR) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Monday, Zacks reports.

Several other equities research analysts also recently commented on EXTR. Wall Street Zen raised Extreme Networks from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. UBS Group set a $32.00 target price on shares of Extreme Networks in a report on Thursday, October 29th. Rosenblatt Securities reaffirmed a “buy” rating and set a $38.00 price target on shares of Extreme Networks in a research report on Thursday, October 29th. Weiss Ratings upgraded shares of Extreme Networks from a “hold (c-)” rating to a “hold (c)” rating in a research note on Monday. Finally, Needham & Company LLC reissued a “buy” rating and issued a $35.00 price objective on shares of Extreme Networks in a research report on Wednesday, October 28th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.86.

Extreme Networks Price Performance

NASDAQ:EXTR opened at $22.81 on Monday. The company has a debt-to-equity ratio of 2.27, a quick ratio of 0.87 and a current ratio of 1.02. The stock’s 50-day simple moving average is $22.48 and its 200 day simple moving average is $22.05. The company has a market cap of $2.99 billion, a P/E ratio of 58.49, a P/E/G ratio of 1.44 and a beta of 1.81. Extreme Networks has a 52-week low of $13.48 and a 52-week high of $33.73.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, October 28th. The technology company reported $0.33 EPS for the quarter, beating the consensus estimate of $0.28 by $0.05. The firm had revenue of $341.09 million during the quarter, compared to analysts’ expectations of $336.75 million. Extreme Networks had a return on equity of 102.41% and a net margin of 3.99%. The business’s quarterly revenue was up 10.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 earnings per share. As a group, sell-side analysts forecast that Extreme Networks will post 0.86 EPS for the current fiscal year.

Insider Buying and Selling

In other Extreme Networks news, CEO Edward Meyercord sold 50,000 shares of Extreme Networks 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 completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin R. Rhodes sold 21,825 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $22.30, for a total transaction of $486,697.50. Following the completion of the transaction, the chief financial officer owned 196,803 shares in the company, valued at approximately $4,388,706.90. This represents a 9.98% decrease in their ownership of the stock. 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 currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Ethic Inc. bought a new position in shares of Extreme Networks during the third quarter worth approximately $245,000. CenterBook Partners LP raised its position in shares of Extreme Networks by 95.9% in the third quarter. CenterBook Partners LP now owns 199,728 shares of the technology company’s stock valued at $4,284,000 after buying an additional 97,791 shares in the last quarter. Vise Technologies Inc. boosted its stake in shares of Extreme Networks by 6.7% in the third quarter. Vise Technologies Inc. now owns 13,599 shares of the technology company’s stock valued at $292,000 after buying an additional 859 shares during the period. Summit Global Investments bought a new stake in shares of Extreme Networks in the third quarter valued at approximately $214,000. Finally, State of Wyoming boosted its stake in shares of Extreme Networks by 3.9% in the third quarter. State of Wyoming now owns 41,669 shares of the technology company’s stock valued at $894,000 after buying an additional 1,551 shares during the period. Institutional investors and hedge funds own 91.05% of the company’s stock.

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.