Extreme Networks (NASDAQ:EXTR) Rating Increased to Strong-Buy at Wall Street Zen

Extreme Networks (NASDAQ:EXTR - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research note issued on Thursday.

Several other equities research analysts have also recently weighed in on EXTR. UBS Group lowered their price objective on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a research report on Thursday, May 1st. Rosenblatt Securities restated a "buy" rating and issued a $18.00 price objective on shares of Extreme Networks in a research report on Thursday, May 1st. Lake Street Capital lowered their price objective on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating for the company in a research report on Thursday, May 1st. Finally, Needham & Company LLC restated a "buy" rating and issued a $20.00 price objective on shares of Extreme Networks in a research report on Thursday, May 15th. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Extreme Networks has an average rating of "Moderate Buy" and an average target price of $18.58.

Extreme Networks Price Performance

Shares of EXTR traded up $0.84 during trading hours on Thursday, hitting $16.23. The stock had a trading volume of 1,678,589 shares, compared to its average volume of 1,374,641. The company's fifty day moving average is $13.60 and its two-hundred day moving average is $15.39. The company has a debt-to-equity ratio of 3.34, a current ratio of 0.93 and a quick ratio of 0.68. Extreme Networks has a 52 week low of $10.10 and a 52 week high of $19.24. The stock has a market capitalization of $2.16 billion, a price-to-earnings ratio of -17.27, a P/E/G ratio of 3.06 and a beta of 1.67.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share for the quarter, topping the consensus estimate of $0.19 by $0.02. Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. The business had revenue of $284.51 million for the quarter, compared to analyst estimates of $280.32 million. During the same quarter in the prior year, the firm earned ($0.19) EPS. The firm's quarterly revenue was up 34.8% compared to the same quarter last year. On average, analysts anticipate that Extreme Networks will post 0.31 EPS for the current year.

Extreme Networks announced that its board has authorized a share buyback program on Tuesday, February 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, CEO Edward Meyercord sold 35,725 shares of the business's stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total transaction of $490,504.25. Following the completion of the sale, the chief executive officer now directly owns 1,510,719 shares of the company's stock, valued at $20,742,171.87. The trade was a 2.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 3.70% of the stock is currently owned by insiders.

Institutional Trading of Extreme Networks

A number of hedge funds have recently modified their holdings of the company. State of Alaska Department of Revenue raised its position in shares of Extreme Networks by 1.0% in the 4th quarter. State of Alaska Department of Revenue now owns 75,095 shares of the technology company's stock valued at $1,257,000 after acquiring an additional 717 shares during the period. Quarry LP raised its position in shares of Extreme Networks by 42.1% in the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after acquiring an additional 719 shares during the period. Pacer Advisors Inc. raised its position in shares of Extreme Networks by 31.4% in the 4th quarter. Pacer Advisors Inc. now owns 3,104 shares of the technology company's stock valued at $52,000 after acquiring an additional 741 shares during the period. Ironwood Investment Management LLC raised its position in shares of Extreme Networks by 0.7% in the 4th quarter. Ironwood Investment Management LLC now owns 107,741 shares of the technology company's stock valued at $1,804,000 after acquiring an additional 782 shares during the period. Finally, Arizona State Retirement System raised its position in shares of Extreme Networks by 2.4% in the 4th quarter. Arizona State Retirement System now owns 38,299 shares of the technology company's stock valued at $641,000 after acquiring an additional 881 shares during the period. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Extreme Networks Company Profile

Extreme Networks, Inc delivers cloud-driven networking solutions that leverage the powers of machine learning, artificial intelligence, analytics, and automation. The company designs, develops, and manufactures wired and wireless network infrastructure equipment and develops the software for network management, policy, analytics, security, and access controls.