Cowen Downgrades Extreme Networks (EXTR) to Market Perform

Extreme Networks (NASDAQ:EXTR) was downgraded by analysts at Cowen from an “outperform” rating to a “market perform” rating in a research note issued to investors on Thursday, The Fly reports.

EXTR has been the subject of a number of other research reports. ValuEngine downgraded shares of Extreme Networks from a “sell” rating to a “strong sell” rating in a report on Thursday, June 21st. BidaskClub raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Wednesday, June 13th. Zacks Investment Research downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a report on Monday, July 9th. Finally, Needham & Company LLC downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $13.67.

Extreme Networks stock opened at $6.09 on Thursday. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of 17.91, a price-to-earnings-growth ratio of 0.54 and a beta of 1.39. The company has a debt-to-equity ratio of 1.36, a current ratio of 1.09 and a quick ratio of 0.88. Extreme Networks has a 12 month low of $5.35 and a 12 month high of $15.55.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.01. The firm had revenue of $278.30 million during the quarter, compared to the consensus estimate of $279.22 million. Extreme Networks had a negative net margin of 3.28% and a positive return on equity of 43.61%. The firm’s revenue was up 55.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.17 earnings per share. analysts anticipate that Extreme Networks will post 0.42 earnings per share for the current fiscal year.

In related news, Director Edward H. Kennedy bought 50,000 shares of the business’s stock in a transaction on Friday, May 18th. The shares were bought at an average cost of $9.03 per share, for a total transaction of $451,500.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Raj Khanna bought 10,000 shares of the business’s stock in a transaction on Thursday, May 24th. The stock was bought at an average price of $8.96 per share, for a total transaction of $89,600.00. Following the completion of the purchase, the director now directly owns 109,523 shares of the company’s stock, valued at approximately $981,326.08. The disclosure for this purchase can be found here. Insiders acquired 150,000 shares of company stock worth $1,308,500 over the last quarter. 1.90% of the stock is currently owned by company insiders.

Hedge funds have recently bought and sold shares of the business. Riverhead Capital Management LLC bought a new stake in shares of Extreme Networks during the first quarter valued at about $106,000. Xact Kapitalforvaltning AB bought a new stake in shares of Extreme Networks during the fourth quarter valued at about $153,000. Financial Gravity Wealth Inc. bought a new stake in shares of Extreme Networks during the first quarter valued at about $135,000. Usca Ria LLC bought a new stake in shares of Extreme Networks during the second quarter valued at about $102,000. Finally, First Republic Investment Management Inc. bought a new stake in shares of Extreme Networks during the first quarter valued at about $148,000. Institutional investors own 85.61% of the company’s stock.

Extreme Networks Company Profile

Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. 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.

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