Extreme Networks (NASDAQ:EXTR) Shares Up 5%

Extreme Networks, Inc (NASDAQ:EXTR) shares shot up 5% during mid-day trading on Friday . The stock traded as high as $7.33 and last traded at $7.30, 1,676,798 shares traded hands during trading. An increase of 30% from the average session volume of 1,291,903 shares. The stock had previously closed at $6.95.

Several brokerages recently issued reports on EXTR. Lake Street Capital began coverage on shares of Extreme Networks in a research note on Monday, July 29th. They set a “buy” rating and a $9.00 price objective on the stock. ValuEngine downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research downgraded shares of Extreme Networks from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Finally, BidaskClub downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a research note on Friday, September 20th. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Extreme Networks has an average rating of “Hold” and a consensus target price of $10.33.

The company has a debt-to-equity ratio of 1.46, a current ratio of 1.24 and a quick ratio of 1.06. The firm’s 50-day moving average is $7.17 and its 200 day moving average is $6.96. The stock has a market cap of $848.38 million, a price-to-earnings ratio of 56.15 and a beta of 1.62.

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

In related news, CRO Robert J. Gault sold 39,584 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $7.73, for a total transaction of $305,984.32. Following the completion of the transaction, the executive now owns 294,797 shares of the company’s stock, valued at $2,278,780.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Edward Meyercord sold 100,000 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $3,965,459.52. The disclosure for this sale can be found here. Corporate insiders own 2.62% of the company’s stock.

A number of hedge funds have recently modified their holdings of EXTR. California Public Employees Retirement System increased its position in Extreme Networks by 3.7% during the first quarter. California Public Employees Retirement System now owns 198,147 shares of the technology company’s stock worth $1,484,000 after purchasing an additional 7,047 shares during the last quarter. JPMorgan Chase & Co. increased its position in Extreme Networks by 686.8% during the first quarter. JPMorgan Chase & Co. now owns 690,072 shares of the technology company’s stock worth $5,168,000 after purchasing an additional 602,363 shares during the last quarter. Great West Life Assurance Co. Can increased its position in Extreme Networks by 5.5% during the first quarter. Great West Life Assurance Co. Can now owns 159,308 shares of the technology company’s stock worth $1,192,000 after purchasing an additional 8,343 shares during the last quarter. Acadian Asset Management LLC increased its position in Extreme Networks by 708.6% during the first quarter. Acadian Asset Management LLC now owns 32,982 shares of the technology company’s stock worth $247,000 after purchasing an additional 28,903 shares during the last quarter. Finally, NumerixS Investment Technologies Inc increased its position in shares of Extreme Networks by 365.7% in the first quarter. NumerixS Investment Technologies Inc now owns 32,600 shares of the technology company’s stock worth $244,000 after acquiring an additional 25,600 shares in the last quarter. 80.27% of the stock is owned by hedge funds and other institutional investors.

Extreme Networks Company Profile (NASDAQ:EXTR)

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.

Further Reading: Price-Sales Ratio

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