Research analysts set expectations for Extreme Networks, Inc. earnings in Q4 2023 (NASDAQ:EXTR)

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Extreme Networks, Inc. (NASDAQ:EXTR – Get Rating) – Equity researchers B. Riley raised their estimates for fourth quarter 2023 earnings per share for Extreme Networks in a note to investors on Saturday, July 30. B. Riley analyst D. Kang now expects the technology company to earn $0.27 per share for the quarter, up from its previous forecast of $0.25. The consensus estimate for Extreme Networks’ current annual earnings is $0.65 per share.

Several other brokerages have also recently published reports on EXTR. Needham & Company LLC raised its price target on Extreme Networks from $13.50 to $14.50 and gave the company a “buy” rating in a Thursday, July 28 research report. StockNews.com upgraded Extreme Networks from a “buy” rating to a “strong buy” rating in a Tuesday, May 10 research report. Finally, Rosenblatt Securities raised its target price on Extreme Networks from $13.50 to $15.00 and gave the stock a “buy” rating in a Thursday, July 28 research report. Three investment analysts gave the stock a buy rating and one gave the company a strong buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $16.13.

Extreme networks store 1.3%

NASDAQ:EXTR shares opened at $13.07 on Tuesday. The company has a quick ratio of 0.88, a current ratio of 0.98 and a leverage ratio of 2.99. Extreme Networks has a 52 week minimum of $8.49 and a 52 week maximum of $16.60. The stock’s fifty-day simple moving average is $9.95 and its 200-day simple moving average is $10.97. The company has a market capitalization of $1.71 billion, a P/E ratio of 38.44 and a beta of 2.10.

Extreme Networks (NASDAQ:EXTR – Get Rating) last released its quarterly earnings data on Wednesday, July 27. The tech company reported earnings per share (EPS) of $0.15 for the quarter, matching the consensus estimate of $0.15. Extreme Networks had a return on equity of 82.16% and a net margin of 3.98%. The company posted revenue of $278.20 million for the quarter, versus a consensus estimate of $268.96 million. In the same period a year earlier, the company had earned earnings per share of $0.12. The company’s revenue increased 0.0% year over year.

Insider activity

In other Extreme Networks news, CRO Joseph A. Vitalone sold 46,682 shares of the company in a trade that took place on Monday, August 1. The stock was sold at an average price of $12.83, for a total transaction of $598,930.06. Following the completion of the sale, the executive now owns 44,979 shares of the company, valued at approximately $577,080.57. The sale was disclosed in a legal filing with the SEC, which is available on the SEC’s website. In related news, Chief Financial Officer Remi Thomas sold 10,000 shares of the company in a trade that took place on Friday, July 1. The stock was sold at an average price of $8.83, for a total value of $88,300.00. Following the sale, the CFO now owns 94,454 shares of the company, valued at approximately $834,028.82. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Additionally, CRO Joseph A. Vitalone sold 46,682 shares of the company in a trade that took place on Monday, August 1. The shares were sold at an average price of $12.83, for a total value of $598,930.06. Following the completion of the sale, the executive now owns 44,979 shares of the company, valued at $577,080.57. The disclosure of this sale can be found here. During the last quarter, insiders sold 76,682 shares of the company worth $902,630. 3.10% of the shares are currently held by company insiders.

Hedge funds weigh on extreme networks

Several hedge funds have recently changed their holdings in the company. Comerica Bank increased its position in Extreme Networks shares by 3.8% during the second quarter. Comerica Bank now owns 111,339 shares of the technology company valued at $1,180,000 after buying an additional 4,085 shares during the period. The New York State Teachers’ Retirement System increased its position in Extreme Networks stock by 3.8% during the second quarter. The New York State Teachers’ Retirement System now owns 72,877 shares of the technology company valued at $650,000 after purchasing an additional 2,636 shares during the period. Victory Capital Management Inc. increased its position in Extreme Networks shares by 1.4% during the second quarter. Victory Capital Management Inc. now owns 140,984 shares of the technology company valued at $1,257,000 after purchasing an additional 1,920 shares during the period. Maryland State Retirement & Pension System increased its position in Extreme Networks shares by 2.3% during the second quarter. Maryland State Retirement & Pension System now owns 53,017 shares of the technology company valued at $473,000 after purchasing 1,202 additional shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Extreme Networks during the 2nd quarter with a value of $103,000. 84.70% of the shares are currently held by institutional investors and hedge funds.

About Extreme Networks

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Extreme Networks, Inc offers cloud-based networking solutions that harness the powers of machine learning, artificial intelligence, analytics, and automation.
The company designs, develops and manufactures wired and wireless network infrastructure equipment and develops software for network management, policy, analytics, security and access controls.

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