Extreme Networks (NASDAQ:EXTR) Updates Q4 2022 Earnings Guidance

Extreme Networks (NASDAQ:EXTRGet Rating) issued an update on its fourth quarter 2022 earnings guidance on Monday morning. The company provided earnings per share guidance of $0.12-$0.18 for the period, compared to the consensus earnings per share estimate of $0.14. The company issued revenue guidance of $265.00 million-$275.00 million, compared to the consensus revenue estimate of $269.47 million.

Several brokerages have issued reports on EXTR. Lake Street Capital raised their price objective 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. StockNews.com raised shares of Extreme Networks from a buy rating to a strong-buy rating in a research note on Tuesday, May 10th. Three investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $17.50.

Shares of Extreme Networks stock opened at $8.73 on Monday. The company has a quick ratio of 0.89, a current ratio of 0.98 and a debt-to-equity ratio of 2.82. Extreme Networks has a twelve month low of $8.49 and a twelve month high of $16.60. The stock has a market cap of $1.14 billion, a price-to-earnings ratio of 22.97 and a beta of 1.98. The company’s fifty day moving average is $10.12 and its 200 day moving average is $11.94.

Extreme Networks (NASDAQ:EXTRGet Rating) last released its earnings results on Wednesday, April 27th. The technology company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.04. The business had revenue of $285.50 million for the quarter, compared to analyst estimates of $280.77 million. Extreme Networks had a net margin of 4.42% and a return on equity of 100.20%. Extreme Networks’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.09 earnings per share. As a group, equities analysts anticipate that Extreme Networks will post 0.49 earnings per share for the current fiscal year.

In related news, CEO Edward Meyercord sold 25,000 shares of the business’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $12.18, for a total value of $304,500.00. Following the transaction, the chief executive officer now owns 778,650 shares in the company, valued at $9,483,957. The transaction was disclosed in a document filed with the SEC, which is available through this link. 3.10% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Extreme Networks by 1.6% during the first quarter. BlackRock Inc. now owns 17,359,864 shares of the technology company’s stock valued at $211,964,000 after purchasing an additional 281,710 shares during the period. Vanguard Group Inc. raised its holdings in shares of Extreme Networks by 7.3% during the first quarter. Vanguard Group Inc. now owns 12,066,504 shares of the technology company’s stock valued at $147,332,000 after purchasing an additional 821,201 shares during the period. Capital Research Global Investors raised its holdings in shares of Extreme Networks by 24.0% in the 1st quarter. Capital Research Global Investors now owns 11,055,375 shares of the technology company’s stock worth $134,986,000 after acquiring an additional 2,141,000 shares during the last quarter. State Street Corp raised its holdings in shares of Extreme Networks by 6.1% in the 1st quarter. State Street Corp now owns 4,353,865 shares of the technology company’s stock worth $53,161,000 after acquiring an additional 249,062 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Extreme Networks by 0.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,082,048 shares of the technology company’s stock worth $37,632,000 after acquiring an additional 11,708 shares during the last quarter. Hedge funds and other institutional investors own 84.70% of the company’s stock.

About Extreme Networks (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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