Extreme Networks (NASDAQ:EXTR) Issues Q4 Earnings Guidance

Extreme Networks (NASDAQ:EXTRGet Rating) updated its fourth quarter earnings guidance on Wednesday. The company provided EPS guidance of $0.12-0.18 for the period, compared to the consensus EPS estimate of $0.14. The company issued revenue guidance of $265-275 million, compared to the consensus revenue estimate of $269.47 million.

Shares of EXTR traded up $0.17 on Wednesday, reaching $10.13. 38,126 shares of the stock traded hands, compared to its average volume of 1,351,491. The stock’s 50-day moving average price is $11.26 and its 200-day moving average price is $12.39. The company has a debt-to-equity ratio of 2.82, a current ratio of 0.98 and a quick ratio of 0.89. The firm has a market cap of $1.33 billion, a price-to-earnings ratio of 26.21 and a beta of 1.99. Extreme Networks has a 12 month low of $9.02 and a 12 month high of $16.60.

Extreme Networks (NASDAQ:EXTRGet Rating) last announced its quarterly earnings results on Wednesday, April 27th. The technology company reported $0.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.03. Extreme Networks had a net margin of 4.42% and a return on equity of 100.20%. The firm had revenue of $285.50 million for the quarter, compared to analyst estimates of $280.77 million. During the same quarter in the previous year, the firm posted $0.09 EPS. The business’s revenue for the quarter was up 12.7% on a year-over-year basis. As a group, equities research analysts forecast that Extreme Networks will post 0.49 earnings per share for the current fiscal year.

EXTR has been the subject of several analyst reports. StockNews.com upgraded Extreme Networks from a buy rating to a strong-buy rating in a research report on Tuesday, May 10th. TheStreet downgraded shares of Extreme Networks from a b rating to a c+ rating in a research note on Thursday, January 27th. Lake Street Capital increased their target price on shares of Extreme Networks from $16.00 to $17.00 and gave the stock a buy rating in a research report on Thursday, March 17th. B. Riley boosted their price target on shares of Extreme Networks from $16.50 to $17.00 in a research report on Friday, January 28th. Finally, Zacks Investment Research lowered shares of Extreme Networks from a buy rating to a hold rating in a report on Monday, April 4th. One analyst has rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Extreme Networks currently has an average rating of Buy and a consensus price target 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, March 1st. The shares were sold at an average price of $11.39, for a total transaction of $113,900.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Edward Meyercord sold 25,000 shares of Extreme Networks stock in a transaction on Tuesday, March 1st. The stock was sold at an average price of $11.13, for a total transaction of $278,250.00. The disclosure for this sale can be found here. Insiders sold a total of 60,000 shares of company stock valued at $696,650 in the last 90 days. Corporate insiders own 3.10% of the company’s stock.

A number of hedge funds have recently made changes to their positions in EXTR. MetLife Investment Management LLC raised its stake in shares of Extreme Networks by 55.3% in the 1st quarter. MetLife Investment Management LLC now owns 66,855 shares of the technology company’s stock valued at $816,000 after purchasing an additional 23,810 shares during the period. Hsbc Holdings PLC raised its holdings in shares of Extreme Networks by 58.7% in the first quarter. Hsbc Holdings PLC now owns 53,729 shares of the technology company’s stock valued at $654,000 after purchasing an additional 19,882 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of Extreme Networks by 7.2% in the first quarter. Mackenzie Financial Corp now owns 48,780 shares of the technology company’s stock worth $596,000 after purchasing an additional 3,261 shares in the last quarter. Dynamic Technology Lab Private Ltd lifted its position in Extreme Networks by 91.3% during the 1st quarter. Dynamic Technology Lab Private Ltd now owns 43,011 shares of the technology company’s stock worth $525,000 after buying an additional 20,524 shares in the last quarter. Finally, Metropolitan Life Insurance Co NY grew its holdings in shares of Extreme Networks by 15.1% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 31,965 shares of the technology company’s stock valued at $502,000 after acquiring an additional 4,190 shares in the last quarter. Hedge funds and other institutional investors own 84.70% of the company’s stock.

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.

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