Extreme Networks (NASDAQ:EXTR) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Extreme Networks (NASDAQ:EXTRGet Rating) posted its quarterly earnings results on Wednesday. The technology company reported $0.21 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.18 by $0.03, MarketWatch Earnings reports. The firm had revenue of $285.50 million during the quarter, compared to the consensus estimate of $280.77 million. Extreme Networks had a return on equity of 115.23% and a net margin of 3.69%. The business’s revenue was up 12.7% compared to the same quarter last year. During the same period last year, the company earned $0.09 earnings per share. Extreme Networks updated its Q4 guidance to $0.12-0.18 EPS.

NASDAQ:EXTR traded down $1.69 during mid-day trading on Wednesday, hitting $9.61. 120,374 shares of the stock were exchanged, compared to its average volume of 1,188,322. The firm’s 50-day simple moving average is $11.77 and its 200 day simple moving average is $12.42. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 32.42 and a beta of 1.96. Extreme Networks has a fifty-two week low of $9.02 and a fifty-two week high of $16.60. The company has a debt-to-equity ratio of 4.14, a quick ratio of 0.84 and a current ratio of 0.92.

A number of equities research analysts have recently issued reports on EXTR shares. TheStreet cut shares of Extreme Networks from a “b” rating to a “c+” rating in a report on Thursday, January 27th. B. Riley raised their price objective on Extreme Networks from $16.50 to $17.00 in a research report on Friday, January 28th. Needham & Company LLC boosted their target price on Extreme Networks from $16.00 to $18.50 and gave the stock a “buy” rating in a report on Tuesday, December 28th. Zacks Investment Research downgraded Extreme Networks from a “buy” rating to a “hold” rating in a report on Monday, April 4th. Finally, StockNews.com assumed coverage on shares of Extreme Networks in a report on Thursday, March 31st. They issued a “strong-buy” rating on the stock. One equities research analyst has rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $16.63.

In related news, CFO Remi Thomas sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 1st. The stock was sold at an average price of $12.65, for a total value of $126,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Meyercord sold 25,000 shares of the stock in a transaction that occurred on Tuesday, February 1st. The stock was sold at an average price of $12.47, for a total value of $311,750.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 125,000 shares of company stock worth $1,494,900. Insiders own 3.10% of the company’s stock.

Several institutional investors and hedge funds have recently added to or reduced their stakes in EXTR. Vident Investment Advisory LLC lifted its position in Extreme Networks by 50.3% during the fourth quarter. Vident Investment Advisory LLC now owns 66,419 shares of the technology company’s stock worth $1,043,000 after purchasing an additional 22,223 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of Extreme Networks by 27.7% during the 4th quarter. Wells Fargo & Company MN now owns 191,498 shares of the technology company’s stock worth $3,006,000 after acquiring an additional 41,546 shares during the period. Virtu Financial LLC acquired a new stake in shares of Extreme Networks during the 4th quarter worth approximately $388,000. Deutsche Bank AG increased its stake in Extreme Networks by 19.9% in the fourth quarter. Deutsche Bank AG now owns 557,843 shares of the technology company’s stock valued at $8,758,000 after acquiring an additional 92,605 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in Extreme Networks by 5.4% during the fourth quarter. California State Teachers Retirement System now owns 178,611 shares of the technology company’s stock valued at $2,804,000 after purchasing an additional 9,115 shares in the last quarter. 83.07% of the stock is currently owned by institutional investors.

Extreme Networks Company Profile (Get Rating)

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.

Recommended Stories

Earnings History for Extreme Networks (NASDAQ:EXTR)

Receive News & Ratings for Extreme Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extreme Networks and related companies with MarketBeat.com's FREE daily email newsletter.