Extreme Networks (NASDAQ:EXTR) Updates FY24 Earnings Guidance

Extreme Networks (NASDAQ:EXTR) issued an update on its FY24 earnings guidance on Wednesday morning. 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 Stock Down 1.9 %

EXTR traded down $0.22 on Friday, hitting $11.20. The company had a trading volume of 4,770,165 shares, compared to its average volume of 2,162,929. The business’s fifty day simple moving average is $11.52 and its 200 day simple moving average is $14.80. The company has a current ratio of 0.96, a quick ratio of 0.74 and a debt-to-equity ratio of 2.78. Extreme Networks has a 12-month low of $10.57 and a 12-month 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 for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.05). Extreme Networks had a positive return on equity of 37.36% and a negative net margin of 0.52%. The firm had revenue of $296.38 million during the quarter, compared to analysts’ expectations of $295.50 million. As a group, equities research analysts predict that Extreme Networks will post 0.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on EXTR. Needham & Company LLC reaffirmed a buy rating and set a $16.50 price objective on shares of Extreme Networks in a research report on Wednesday. TheStreet cut shares of Extreme Networks from a b- rating to a c+ rating in a research report on Tuesday, February 20th. Rosenblatt Securities raised Extreme Networks from a neutral rating to a buy rating and upped their price target for the stock from $15.00 to $17.00 in a research report on Thursday. UBS Group downgraded Extreme Networks from a buy rating to a neutral rating and dropped their target price for the stock from $22.00 to $14.00 in a research note on Thursday, February 1st. Finally, B. Riley increased their price target on Extreme Networks from $14.00 to $15.00 and gave the company a buy rating in a research note on Thursday. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $20.50.

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.