Extreme Networks (NASDAQ: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 report issued on Tuesday, January 9th.

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. “

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating on shares of Extreme Networks in a report on Friday, November 10th. Craig Hallum reaffirmed a “buy” rating and set a $17.00 price objective (up from $12.50) on shares of Extreme Networks in a report on Wednesday, November 8th. JMP Securities started coverage on Extreme Networks in a report on Wednesday, January 3rd. They set an “outperform” rating and a $16.00 price objective for the company. ValuEngine cut Extreme Networks from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Finally, Cowen started coverage on Extreme Networks in a report on Wednesday, December 20th. They issued an “outperform” rating and a $16.00 price target for the company. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $14.17.

Extreme Networks (NASDAQ EXTR) traded down $0.54 during trading hours on Tuesday, reaching $12.79. The company had a trading volume of 1,686,800 shares, compared to its average volume of 1,631,140. Extreme Networks has a 12-month low of $5.22 and a 12-month high of $14.34. The stock has a market cap of $1,530.00, a P/E ratio of 639.50, a PEG ratio of 1.30 and a beta of 1.14. The company has a quick ratio of 1.09, a current ratio of 1.31 and a debt-to-equity ratio of 1.11.

Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Tuesday, November 7th. The technology company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. Extreme Networks had a return on equity of 46.58% and a net margin of 0.34%. The company had revenue of $211.72 million for the quarter, compared to the consensus estimate of $203.86 million. During the same period last year, the business posted $0.07 EPS. The company’s revenue was up 72.5% on a year-over-year basis. equities research analysts predict that Extreme Networks will post 0.6 EPS for the current fiscal year.

In other Extreme Networks news, Director Charles Carinalli sold 20,000 shares of the business’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $12.91, for a total transaction of $258,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Raj Khanna sold 10,000 shares of the company’s stock in a transaction dated Wednesday, November 22nd. The stock was sold at an average price of $13.81, for a total value of $138,100.00. Following the completion of the sale, the director now directly 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. Corporate insiders own 1.90% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Extreme Networks by 11.5% in the second quarter. Vanguard Group Inc. now owns 8,040,988 shares of the technology company’s stock worth $74,138,000 after buying an additional 830,103 shares during the period. State Street Corp lifted its stake in shares of Extreme Networks by 4.7% in the second quarter. State Street Corp now owns 2,307,153 shares of the technology company’s stock worth $21,273,000 after acquiring an additional 102,591 shares in the last quarter. FMR LLC lifted its stake in shares of Extreme Networks by 57.9% in the second quarter. FMR LLC now owns 2,130,799 shares of the technology company’s stock worth $19,647,000 after acquiring an additional 781,130 shares in the last quarter. Copper Rock Capital Partners LLC acquired a new position in shares of Extreme Networks in the fourth quarter worth about $24,503,000. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Extreme Networks by 474.9% in the second quarter. Goldman Sachs Group Inc. now owns 1,593,826 shares of the technology company’s stock worth $14,695,000 after acquiring an additional 1,316,604 shares in the last quarter. 82.58% of the stock is owned by institutional investors.

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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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