Extreme Networks (EXTR) Downgraded to Hold at Zacks Investment Research

Extreme Networks (NASDAQ:EXTR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.

According to Zacks, “Extreme Networks, Inc. is a leading provider of a next generation of switching solutions that meet the increasing needs of enterprise local area networks internet service providers and content providers. The key advantages of its Layer 3 switching solutions are increased performance, the ability to easily grow in size as customer needs change, flexible allocation of network resources, ease of use and lower cost of ownership. These advantages are obtained through the use of custom semiconductors, known as ASICs, in its products and through hardware and software designs. “

A number of other equities research analysts also recently commented on the company. Craig Hallum reiterated a “buy” rating and issued a $17.00 target price (up from $12.50) on shares of Extreme Networks in a research report on Wednesday, November 8th. Needham & Company LLC reiterated a “buy” rating on shares of Extreme Networks in a research report on Friday, November 10th. Cowen started coverage on Extreme Networks in a research report on Wednesday, December 20th. They issued an “outperform” rating and a $16.00 target price on the stock. ValuEngine downgraded Extreme Networks from a “buy” rating to a “hold” rating in a research report on Friday, December 1st. Finally, JMP Securities started coverage on Extreme Networks in a research report on Wednesday, January 3rd. They issued an “outperform” rating and a $16.00 target price on the stock. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $14.17.

Extreme Networks (NASDAQ:EXTR) traded down $0.46 during midday trading on Tuesday, hitting $12.76. The stock had a trading volume of 2,177,760 shares, compared to its average volume of 1,702,100. The company has a market capitalization of $1,500.00, a price-to-earnings ratio of 638.00, a price-to-earnings-growth ratio of 1.31 and a beta of 1.14. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.09 and a current ratio of 1.31. Extreme Networks has a 1 year low of $5.22 and a 1 year high of $14.34.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Tuesday, November 7th. The technology company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. The firm had revenue of $211.72 million during the quarter, compared to analyst estimates of $203.86 million. Extreme Networks had a return on equity of 46.58% and a net margin of 0.34%. The business’s quarterly revenue was up 72.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.07 earnings per share. sell-side analysts forecast that Extreme Networks will post 0.6 earnings per share for the current fiscal year.

In other Extreme Networks news, Director Charles Carinalli sold 20,000 shares of the company’s stock in a transaction that occurred on Friday, November 17th. The stock was sold at an average price of $12.91, for a total transaction of $258,200.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Raj Khanna sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $13.81, for a total value of $138,100.00. Following the sale, the director now owns 99,523 shares in the company, valued at $1,374,412.63. The disclosure for this sale can be found here. 1.90% of the stock is currently owned by insiders.

A number of hedge funds have recently modified their holdings of EXTR. Great West Life Assurance Co. Can raised its position in Extreme Networks by 228.8% during the second quarter. Great West Life Assurance Co. Can now owns 18,411 shares of the technology company’s stock valued at $169,000 after purchasing an additional 12,811 shares during the period. First Trust Advisors LP purchased a new stake in Extreme Networks during the second quarter valued at approximately $499,000. Rhumbline Advisers raised its position in Extreme Networks by 5.3% during the second quarter. Rhumbline Advisers now owns 121,920 shares of the technology company’s stock valued at $1,124,000 after purchasing an additional 6,155 shares during the period. Bank of New York Mellon Corp raised its position in Extreme Networks by 24.4% during the second quarter. Bank of New York Mellon Corp now owns 947,014 shares of the technology company’s stock valued at $8,731,000 after purchasing an additional 185,996 shares during the period. Finally, Legal & General Group Plc raised its position in Extreme Networks by 7.4% during the second quarter. Legal & General Group Plc now owns 26,483 shares of the technology company’s stock valued at $245,000 after purchasing an additional 1,819 shares during the period. Institutional investors and hedge funds own 80.87% of the company’s stock.

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Extreme Networks Company Profile

Extreme Networks, Inc is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment.

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