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

Extreme Networks (NASDAQ:EXTR) was downgraded by BidaskClub from a “strong-buy” rating to a “buy” rating in a research report issued on Tuesday, BidAskClub reports.

Several other brokerages have also commented on EXTR. 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. ValuEngine lowered Extreme Networks from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Lake Street Capital assumed coverage on Extreme Networks in a report on Monday, July 29th. They issued a “buy” rating and a $9.00 price objective for the company. One research analyst has rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $10.33.

Extreme Networks stock opened at $7.35 on Tuesday. The firm has a market cap of $876.38 million, a price-to-earnings ratio of 56.54 and a beta of 1.61. The stock has a fifty day simple moving average of $7.29 and a two-hundred day simple moving average of $7.10. Extreme Networks has a 12 month low of $4.81 and a 12 month high of $8.59. The company has a current ratio of 1.24, a quick ratio of 1.06 and a debt-to-equity ratio of 1.46.

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

In related news, insider Edward Meyercord sold 100,000 shares of Extreme Networks stock in a transaction on Friday, August 2nd. The stock was sold at an average price of $8.22, for a total transaction of $822,000.00. Following the transaction, the insider now directly owns 482,416 shares in the company, valued at $3,965,459.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.45% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Maverick Capital Ltd. purchased a new position in Extreme Networks during the second quarter valued at $1,338,000. Nuveen Asset Management LLC purchased a new position in Extreme Networks during the second quarter valued at $17,720,000. D. E. Shaw & Co. Inc. lifted its position in Extreme Networks by 44.7% during the second quarter. D. E. Shaw & Co. Inc. now owns 4,754,084 shares of the technology company’s stock valued at $30,759,000 after purchasing an additional 1,468,606 shares in the last quarter. Westwood Holdings Group Inc. purchased a new position in Extreme Networks during the second quarter valued at $65,000. Finally, AQR Capital Management LLC lifted its position in Extreme Networks by 104.0% during the second quarter. AQR Capital Management LLC now owns 970,116 shares of the technology company’s stock valued at $6,277,000 after purchasing an additional 494,664 shares in the last quarter. Institutional investors own 80.65% 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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