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Extreme Networks (EXTR) hit a new high Friday after breaking out above a buy point of 21.13. It’s also an all-time high for the stock. Analysts are bullish on the recent IBD Stock Of The Day after the company revealed a strong order backlog in its most recent earnings release.
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The buy range goes to 22.19.
For the quarter ended March 31, Extreme saw sales increase 16% to $322.5 million while earnings per share of 29 cents were up 38% as results continued to improve.
The stock has a perfect Composite Rating of 99 and an impressive Relative Strength Rating of 95. The EPS Rating of 91 is also good.
Mutual funds own 58% of the stock and more fund managers have been adding the growth stock over the past eight quarters, helping Extreme to a top-notch Accumulation/Distribution Rating of A+.
The Morrisville, N.C., company makes networking routers and switches and advanced network automation and analytics software.
LECO At New High
Lincoln Electric (LECO) also made an all-time high. Shares broke out of a flat base at 176.62 Friday and are in a buy zone to 185.45.
Sales and earnings growth have slowed. Although sales reached the $1 billion mark in the March quarter, it was a 12% increase. Top-line growth went from north of 20% to 17%, 16% and 10% prior to the latest report.
Earnings of $2.13 per share also showed tapering growth of just 1%. EPS increases ranged from 20% to 53% the previous four quarters.
The Cleveland-based company makes cutting and welding gear for automotive, energy and transport industries.
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