Extreme Networks (NASDAQ:EXTR) Updates FY24 Earnings Guidance

Extreme Networks (NASDAQ:EXTR) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share guidance of $0.51-0.55 for the period, compared to the consensus earnings per share estimate of $0.57. The company issued revenue guidance of $1.1105-1.1205 billion, compared to the consensus revenue estimate of $1.13 billion. Extreme Networks also updated its FY 2024 guidance to 0.510-0.550 EPS.

Extreme Networks Trading Down 1.9 %

EXTR stock opened at $11.20 on Friday. The company has a current ratio of 0.96, a quick ratio of 0.74 and a debt-to-equity ratio of 2.78. The business has a 50-day simple moving average of $11.52 and a two-hundred day simple moving average of $14.80. Extreme Networks has a 52-week low of $10.57 and a 52-week high of $32.73.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings data on Wednesday, January 31st. The technology company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.05). The firm had revenue of $296.38 million for the quarter, compared to analysts’ expectations of $295.50 million. Extreme Networks had a positive return on equity of 37.36% and a negative net margin of 0.52%. Equities analysts forecast that Extreme Networks will post 0.17 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on EXTR. StockNews.com downgraded Extreme Networks from a buy rating to a hold rating in a research note on Thursday, February 1st. Needham & Company LLC restated a buy rating and issued a $16.50 price objective on shares of Extreme Networks in a research note on Wednesday. Rosenblatt Securities upgraded Extreme Networks from a neutral rating to a buy rating and lifted their target price for the stock from $15.00 to $17.00 in a research note on Thursday. Craig Hallum reduced their price target on shares of Extreme Networks from $15.00 to $13.00 and set a hold rating for the company in a research report on Thursday. Finally, UBS Group lowered shares of Extreme Networks from a buy rating to a neutral rating and lowered their price objective for the stock from $22.00 to $14.00 in a research report on Thursday, February 1st. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Extreme Networks currently has an average rating of Hold and a consensus target price of $20.50.

Extreme Networks Company Profile

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.