Extreme Networks (EXTR) Shares Gap Down to $6.84

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Extreme Networks, Inc (NASDAQ:EXTR) gapped down before the market opened on Thursday . The stock had previously closed at $6.83, but opened at $6.84. Extreme Networks shares last traded at $6.39, with a volume of 75492 shares traded.

A number of research firms have recently weighed in on EXTR. Zacks Investment Research raised Extreme Networks from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a report on Wednesday, January 16th. TheStreet raised Extreme Networks from a “d+” rating to a “c” rating in a report on Tuesday, January 29th. BidaskClub raised Extreme Networks from a “buy” rating to a “strong-buy” rating in a report on Friday, January 11th. Finally, ValuEngine raised Extreme Networks from a “sell” rating to a “hold” rating in a report on Friday, January 25th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $9.00.

The company has a quick ratio of 1.04, a current ratio of 1.23 and a debt-to-equity ratio of 1.50. The stock has a market capitalization of $784.63 million, a P/E ratio of 15.27, a price-to-earnings-growth ratio of 2.12 and a beta of 1.24.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, May 1st. The technology company reported $0.08 EPS for the quarter, topping the Zacks’ consensus estimate of $0.05 by $0.03. Extreme Networks had a positive return on equity of 36.26% and a negative net margin of 2.04%. The company had revenue of $250.90 million for the quarter, compared to analysts’ expectations of $253.49 million. During the same quarter last year, the business earned $0.16 earnings per share. Extreme Networks’s revenue was down 4.2% on a year-over-year basis. On average, equities analysts forecast that Extreme Networks, Inc will post 0.27 earnings per share for the current fiscal year.

In related news, insider Edward Meyercord sold 15,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $7.49, for a total value of $112,350.00. Following the transaction, the insider now owns 547,692 shares in the company, valued at $4,102,213.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.45% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of EXTR. Bank of New York Mellon Corp increased its position in Extreme Networks by 4.5% during the third quarter. Bank of New York Mellon Corp now owns 1,463,932 shares of the technology company’s stock worth $8,023,000 after acquiring an additional 63,343 shares during the period. BlackRock Inc. increased its position in Extreme Networks by 2.6% during the third quarter. BlackRock Inc. now owns 16,383,752 shares of the technology company’s stock worth $89,782,000 after acquiring an additional 420,188 shares during the period. Dimensional Fund Advisors LP increased its position in Extreme Networks by 198.1% during the third quarter. Dimensional Fund Advisors LP now owns 748,189 shares of the technology company’s stock worth $4,100,000 after acquiring an additional 497,180 shares during the period. JPMorgan Chase & Co. increased its position in Extreme Networks by 449.3% during the third quarter. JPMorgan Chase & Co. now owns 225,181 shares of the technology company’s stock worth $1,235,000 after acquiring an additional 184,184 shares during the period. Finally, Man Group plc increased its position in Extreme Networks by 479.0% during the third quarter. Man Group plc now owns 85,697 shares of the technology company’s stock worth $470,000 after acquiring an additional 70,897 shares during the period. Institutional investors own 80.81% of the company’s stock.

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About Extreme Networks (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.

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