Extreme Networks (NASDAQ:EXTR) Updates Q4 Earnings Guidance

Extreme Networks (NASDAQ:EXTR) issued an update on its fourth quarter earnings guidance on Wednesday morning. The company provided earnings per share guidance of $0.11-0.15 for the period, compared to the consensus earnings per share estimate of $0.15. The company issued revenue guidance of $250-260 million, compared to the consensus revenue estimate of $271.08 million. Extreme Networks also updated its FY24 guidance to $0.51-0.55 EPS.

Extreme Networks Price Performance

NASDAQ:EXTR opened at $11.20 on Wednesday. Extreme Networks has a 52 week low of $10.57 and a 52 week high of $32.73. The company has a quick ratio of 0.74, a current ratio of 1.02 and a debt-to-equity ratio of 1.69. The company has a market capitalization of $1.44 billion, a P/E ratio of 18.67, a P/E/G ratio of 4.12 and a beta of 1.90. The stock’s fifty day moving average is $11.57 and its two-hundred day moving average is $14.93.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, January 31st. The technology company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.05). Extreme Networks had a net margin of 5.96% and a return on equity of 98.24%. The business had revenue of $296.38 million during the quarter, compared to analysts’ expectations of $295.50 million. Equities analysts expect that Extreme Networks will post 0.17 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Rosenblatt Securities cut Extreme Networks from a buy rating to a neutral rating and dropped their price objective for the company from $19.00 to $15.00 in a research note on Thursday, February 1st. B. Riley raised Extreme Networks from a neutral rating to a buy rating and set a $14.00 price objective for the company in a research note on Monday, April 15th. Needham & Company LLC dropped their price objective on Extreme Networks from $23.00 to $16.50 and set a buy rating for the company in a research note on Thursday, February 1st. StockNews.com cut Extreme Networks from a buy rating to a hold rating in a research note on Thursday, February 1st. Finally, TheStreet cut Extreme Networks from a b- rating to a c+ rating in a research note on Tuesday, February 20th. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Hold and an average target price of $22.36.

Insider Buying and Selling

In other news, CEO Edward Meyercord sold 28,443 shares of the company’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $13.24, for a total transaction of $376,585.32. Following the completion of the transaction, the chief executive officer now directly owns 1,129,611 shares of the company’s stock, valued at approximately $14,956,049.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 3.32% of the stock is currently owned by insiders.

About Extreme Networks

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.