Extreme Networks (NASDAQ:EXTR) Upgraded to "Strong-Buy" at StockNews.com

Extreme Networks (NASDAQ:EXTR - Get Free Report) was upgraded by equities researchers at StockNews.com from a "buy" rating to a "strong-buy" rating in a research report issued on Thursday.

A number of other analysts also recently commented on the company. UBS Group decreased their target price on Extreme Networks from $16.50 to $15.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC reissued a "buy" rating and set a $20.00 price objective on shares of Extreme Networks in a research note on Thursday, May 15th. Lake Street Capital dropped 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 note on Thursday, May 1st. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $18.00 price target on shares of Extreme Networks in a report on Thursday, May 1st. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $18.58.

Extreme Networks Stock Down 1.9%

Extreme Networks stock opened at $15.90 on Thursday. 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 1-year low of $10.10 and a 1-year high of $19.24. The company has a market cap of $2.12 billion, a PE ratio of -16.91, a price-to-earnings-growth ratio of 3.06 and a beta of 1.67. The stock's 50 day moving average price is $13.54 and its 200 day moving average price is $15.41.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last issued its earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 company had revenue of $284.51 million during the quarter, compared to analysts' expectations of $280.32 million. During the same period last year, the company posted ($0.19) earnings per share. The firm's quarterly revenue was up 34.8% compared to the same quarter last year. On average, sell-side analysts predict that Extreme Networks will post 0.31 EPS for the current fiscal year.

Extreme Networks announced that its Board of Directors has initiated a share buyback program on Tuesday, February 18th that permits the company to buyback $200.00 million in outstanding shares. This buyback authorization permits the technology company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, CEO Edward Meyercord sold 35,725 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now owns 1,510,719 shares of the company's stock, valued at $20,742,171.87. This represents a 2.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 3.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Byrne Asset Management LLC purchased a new stake in shares of Extreme Networks during the 4th quarter worth about $30,000. Sterling Capital Management LLC lifted its holdings in Extreme Networks by 603.3% in the 4th quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock worth $32,000 after buying an additional 1,665 shares in the last quarter. Orion Capital Management LLC acquired a new position in Extreme Networks in the 4th quarter worth $33,000. Smartleaf Asset Management LLC grew its stake in Extreme Networks by 385.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,183 shares of the technology company's stock valued at $37,000 after purchasing an additional 1,733 shares in the last quarter. Finally, Quarry LP grew its stake in Extreme Networks by 42.1% during the 4th quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after purchasing an additional 719 shares in the last quarter. Institutional investors and hedge funds own 91.05% of the company's stock.

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.

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