Extreme Networks (EXTR) Upgraded to Hold by Zacks Investment Research

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

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. “

EXTR has been the topic of a number of other research reports. ValuEngine downgraded Extreme Networks from a “buy” rating to a “hold” rating in a research note on Friday, December 1st. JMP Securities initiated coverage on Extreme Networks in a research note on Wednesday, January 3rd. They issued an “outperform” rating and a $16.00 price target on the stock. Cowen initiated coverage on Extreme Networks in a research note on Wednesday, December 20th. They issued an “outperform” rating and a $16.00 price target on the stock. DA Davidson increased their price target on Extreme Networks from $16.00 to $17.00 and gave the company a “buy” rating in a research note on Wednesday, February 7th. Finally, Craig Hallum reissued a “buy” rating and issued a $17.00 price target (up previously from $12.50) on shares of Extreme Networks in a research note on Wednesday, November 8th. Two research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $16.08.

Extreme Networks (NASDAQ:EXTR) traded up $0.60 during mid-day trading on Monday, hitting $11.13. The stock had a trading volume of 3,911,647 shares, compared to its average volume of 3,370,000. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.89 and a current ratio of 1.13. The firm has a market cap of $1,260.00, a P/E ratio of -58.58, a P/E/G ratio of 1.03 and a beta of 1.31. Extreme Networks has a one year low of $5.65 and a one year high of $15.55.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Tuesday, February 6th. The technology company reported $0.14 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.13 by $0.01. The company had revenue of $231.12 million for the quarter, compared to the consensus estimate of $241.49 million. Extreme Networks had a positive return on equity of 44.24% and a negative net margin of 2.72%. The firm’s quarterly revenue was up 47.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.12 EPS. analysts predict that Extreme Networks will post 0.6 EPS for the current year.

In related news, Director Charles Carinalli sold 20,000 shares of the company’s stock in a transaction on Friday, November 17th. The shares were sold at an average price of $12.91, for a total value of $258,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Raj Khanna sold 10,000 shares of the company’s stock in a transaction on Wednesday, November 22nd. The shares were sold at an average price of $13.81, for a total transaction of $138,100.00. Following the completion of the sale, the director now owns 99,523 shares of the company’s stock, valued at approximately $1,374,412.63. The disclosure for this sale can be found here. 1.90% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. bought a new position in Extreme Networks during the 2nd quarter worth about $101,000. BlueCrest Capital Management Ltd bought a new position in Extreme Networks during the 2nd quarter worth about $116,000. SG Americas Securities LLC bought a new position in Extreme Networks during the 3rd quarter worth about $116,000. Ameritas Investment Partners Inc. increased its holdings in Extreme Networks by 13.0% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock worth $124,000 after purchasing an additional 1,565 shares in the last quarter. Finally, Suntrust Banks Inc. bought a new position in Extreme Networks during the 4th quarter worth about $128,000. Institutional investors and hedge funds own 82.00% of the company’s stock.

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About Extreme Networks

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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