Extreme Networks (NASDAQ:EXTR) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Extreme Networks (NASDAQ:EXTR) from a hold rating to a buy rating in a research report report published on Tuesday morning, Zacks.com reports. Zacks Investment Research currently has $8.75 price objective on the technology company’s stock.

According to Zacks, “Extreme Networks, Inc. is a leading provider of a next generation of switching solutions that meet the increasing needs of enterprise local area networks internet service providers and content providers. The key advantages of its Layer 3 switching solutions are increased performance, the ability to easily grow in size as customer needs change, flexible allocation of network resources, ease of use and lower cost of ownership. These advantages are obtained through the use of custom semiconductors, known as ASICs, in its products and through hardware and software designs. “

Several other brokerages have also commented on EXTR. BidaskClub upgraded Extreme Networks from a hold rating to a buy rating in a research note on Friday, January 17th. ValuEngine upgraded Extreme Networks from a sell rating to a hold rating in a research note on Thursday, October 31st. One investment analyst has rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of Buy and a consensus target price of $8.88.

Shares of Extreme Networks stock traded down $0.03 during trading on Tuesday, hitting $7.48. 40,843 shares of the stock traded hands, compared to its average volume of 950,420. The firm has a market cap of $914.21 million, a P/E ratio of -16.62 and a beta of 1.67. The company has a current ratio of 1.06, a quick ratio of 0.86 and a debt-to-equity ratio of 4.42. Extreme Networks has a 52-week low of $5.37 and a 52-week high of $8.59. The stock’s fifty day simple moving average is $7.34 and its 200 day simple moving average is $7.19.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Wednesday, October 30th. The technology company reported $0.08 EPS for the quarter, beating the consensus estimate of $0.03 by $0.05. The firm had revenue of $255.51 million for the quarter, compared to analyst estimates of $253.26 million. Extreme Networks had a positive return on equity of 10.49% and a negative net margin of 5.39%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 earnings per share. As a group, equities analysts expect that Extreme Networks will post 0.36 EPS for the current year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Westwood Holdings Group Inc. purchased a new position in Extreme Networks in the second quarter valued at about $65,000. Atria Investments LLC purchased a new stake in shares of Extreme Networks during the second quarter worth about $154,000. Paloma Partners Management Co grew its stake in shares of Extreme Networks by 16.5% during the second quarter. Paloma Partners Management Co now owns 33,402 shares of the technology company’s stock worth $217,000 after acquiring an additional 4,727 shares during the last quarter. Metropolitan Life Insurance Co NY grew its stake in shares of Extreme Networks by 7.3% during the third quarter. Metropolitan Life Insurance Co NY now owns 36,946 shares of the technology company’s stock worth $269,000 after acquiring an additional 2,509 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. purchased a new stake in shares of Extreme Networks during the third quarter worth about $274,000. Institutional investors own 80.98% 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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