Extreme Networks, Inc. (EXTR) Shares Gap Up After Analyst Upgrade
Extreme Networks, Inc. (NASDAQ:EXTR)’s share price gapped up prior to trading on Tuesday after Needham & raised their price target on the stock from $12.50 to $13.00. The stock had previously closed at $8.33, but opened at $9.32. Needham & currently has a buy rating on the stock. Extreme Networks shares last traded at $10.39, with a volume of 7,685,981 shares traded.
A number of other brokerages have also weighed in on EXTR. BidaskClub lowered Extreme Networks from a “hold” rating to a “sell” rating in a research report on Monday, July 31st. Zacks Investment Research lowered Extreme Networks from a “buy” rating to a “hold” rating in a research report on Tuesday, July 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $8.20.
In other Extreme Networks news, insider Edward Meyercord sold 65,000 shares of the business’s stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $10.10, for a total value of $656,500.00. Following the completion of the transaction, the insider now owns 563,034 shares of the company’s stock, valued at approximately $5,686,643.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.91% of the stock is currently owned by insiders.
Institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its position in shares of Extreme Networks by 75.7% in the first quarter. Bank of New York Mellon Corp now owns 761,018 shares of the technology company’s stock worth $5,716,000 after buying an additional 327,790 shares during the period. Wells Fargo & Company MN raised its position in shares of Extreme Networks by 64.1% in the first quarter. Wells Fargo & Company MN now owns 508,152 shares of the technology company’s stock worth $3,816,000 after buying an additional 198,447 shares during the period. Old Mutual Global Investors UK Ltd. acquired a new position in shares of Extreme Networks during the first quarter worth $1,706,000. Hennessy Advisors Inc. acquired a new position in shares of Extreme Networks during the first quarter worth $5,159,000. Finally, Moloney Securities Asset Management LLC raised its position in shares of Extreme Networks by 133.3% in the first quarter. Moloney Securities Asset Management LLC now owns 56,000 shares of the technology company’s stock worth $421,000 after buying an additional 32,000 shares during the period. 80.44% of the stock is owned by institutional investors and hedge funds.
The firm has a 50-day moving average price of $9.27 and a 200 day moving average price of $8.07. The firm’s market capitalization is $1.14 billion.
Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Monday, August 14th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.15 by $0.01. Extreme Networks had a positive return on equity of 33.40% and a negative net margin of 4.12%. The firm had revenue of $178.70 million during the quarter, compared to analysts’ expectations of $171.96 million. During the same quarter in the previous year, the business earned $0.10 earnings per share. The company’s revenue for the quarter was up 28.0% compared to the same quarter last year. On average, equities research analysts forecast that Extreme Networks, Inc. will post $0.43 earnings per share for the current year.
COPYRIGHT VIOLATION WARNING: “Extreme Networks, Inc. (EXTR) Shares Gap Up After Analyst Upgrade” was originally posted by Watch List News and is the property of of Watch List News. If you are viewing this report on another domain, it was stolen and republished in violation of US & international copyright and trademark laws. The correct version of this report can be accessed at https://www.watchlistnews.com/extreme-networks-inc-extr-shares-gap-up-after-analyst-upgrade/1492242.html.
About Extreme Networks
Extreme Networks, Inc is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment.
Receive News & Ratings for Extreme Networks Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extreme Networks Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.