Extreme Networks (NASDAQ:EXTR) Updates Q3 Earnings Guidance

Extreme Networks (NASDAQ:EXTRGet Rating) issued an update on its third quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.23-0.29 for the period, compared to the consensus earnings per share estimate of $0.26. The company issued revenue guidance of $315-325 million, compared to the consensus revenue estimate of $313.88 million.

Extreme Networks Stock Down 1.6 %

EXTR stock opened at $19.31 on Wednesday. Extreme Networks has a 1-year low of $8.49 and a 1-year high of $21.03. The firm has a market cap of $2.54 billion, a price-to-earnings ratio of 58.52 and a beta of 2.10. The company has a debt-to-equity ratio of 2.09, a current ratio of 0.96 and a quick ratio of 0.86. The firm has a fifty day moving average price of $19.24 and a two-hundred day moving average price of $15.79.

Extreme Networks (NASDAQ:EXTRGet Rating) last announced its quarterly earnings results on Thursday, October 27th. The technology company reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.10 by $0.01. Extreme Networks had a net margin of 3.87% and a return on equity of 69.86%. The company had revenue of $297.69 million during the quarter, compared to the consensus estimate of $284.70 million. Research analysts predict that Extreme Networks will post 0.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on EXTR shares. Needham & Company LLC boosted their price target on shares of Extreme Networks from $20.00 to $23.00 and gave the company a buy rating in a report on Wednesday, January 4th. Lake Street Capital boosted their price target on shares of Extreme Networks from $15.00 to $19.00 in a report on Friday, October 28th. StockNews.com began coverage on shares of Extreme Networks in a report on Wednesday, October 12th. They issued a strong-buy rating for the company. Craig Hallum upped their price objective on shares of Extreme Networks from $19.00 to $22.00 in a report on Friday, October 28th. Finally, Rosenblatt Securities upped their price objective on shares of Extreme Networks from $20.00 to $22.00 and gave the stock a buy rating in a report on Friday, October 28th. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of Buy and a consensus target price of $21.17.

Insiders Place Their Bets

In other Extreme Networks news, CEO Edward Meyercord sold 2,130 shares of the business’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $17.00, for a total transaction of $36,210.00. Following the sale, the chief executive officer now owns 1,006,629 shares in the company, valued at approximately $17,112,693. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Extreme Networks news, CEO Edward Meyercord sold 2,130 shares of the business’s stock in a transaction dated Thursday, October 27th. The stock was sold at an average price of $17.00, for a total transaction of $36,210.00. Following the sale, the chief executive officer now owns 1,006,629 shares in the company, valued at approximately $17,112,693. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Remi Thomas sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 1st. The stock was sold at an average price of $18.08, for a total value of $180,800.00. Following the sale, the chief financial officer now owns 116,342 shares in the company, valued at approximately $2,103,463.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,632 shares of company stock worth $504,698. 3.16% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in shares of Extreme Networks by 1.6% during the 1st quarter. BlackRock Inc. now owns 17,359,864 shares of the technology company’s stock valued at $211,964,000 after buying an additional 281,710 shares during the period. Vanguard Group Inc. boosted its stake in shares of Extreme Networks by 7.3% during the 1st quarter. Vanguard Group Inc. now owns 12,066,504 shares of the technology company’s stock valued at $147,332,000 after buying an additional 821,201 shares during the period. Capital Research Global Investors boosted its stake in shares of Extreme Networks by 24.0% during the 1st quarter. Capital Research Global Investors now owns 11,055,375 shares of the technology company’s stock valued at $134,986,000 after buying an additional 2,141,000 shares during the period. State Street Corp boosted its stake in shares of Extreme Networks by 0.7% during the 3rd quarter. State Street Corp now owns 4,437,359 shares of the technology company’s stock valued at $57,996,000 after buying an additional 31,937 shares during the period. Finally, Goldman Sachs Group Inc. boosted its stake in shares of Extreme Networks by 16.5% during the 2nd quarter. Goldman Sachs Group Inc. now owns 3,589,950 shares of the technology company’s stock valued at $32,022,000 after buying an additional 507,902 shares during the period. Institutional investors and hedge funds own 86.65% 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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