Zacks Investment Research Lowers Extreme Networks (EXTR) to Hold

Zacks Investment Research cut shares of Extreme Networks (NASDAQ:EXTR) from a buy rating to a hold rating in a report released on Tuesday morning.

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

Shares of Extreme Networks (NASDAQ EXTR) traded up $0.17 during trading on Tuesday, reaching $13.33. 1,208,996 shares of the company’s stock were exchanged, compared to its average volume of 1,461,176. The company has a current ratio of 1.31, a quick ratio of 1.09 and a debt-to-equity ratio of 1.11. The stock has a market cap of $1,492.61, a P/E ratio of 666.50, a P/E/G ratio of 1.28 and a beta of 1.14. Extreme Networks has a fifty-two week low of $5.22 and a fifty-two week high of $14.34.

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

In other news, Director Charles Carinalli sold 20,000 shares of the company’s stock in a transaction dated 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 filing with the SEC, which is available through this link. 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 transaction of $138,100.00. Following the completion of the sale, the director now directly 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 owned by corporate insiders.

Several large investors have recently added to or reduced their stakes in EXTR. Copper Rock Capital Partners LLC purchased a new stake in shares of Extreme Networks in the 4th quarter worth about $24,503,000. Cramer Rosenthal Mcglynn LLC bought a new position in Extreme Networks in the 2nd quarter worth about $14,029,000. Goldman Sachs Group Inc. boosted its stake in Extreme Networks by 474.9% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,593,826 shares of the technology company’s stock worth $14,695,000 after purchasing an additional 1,316,604 shares in the last quarter. Ratan Capital Management LP bought a new position in Extreme Networks in the 2nd quarter worth about $11,106,000. Finally, Vanguard Group Inc. boosted its stake in Extreme Networks by 11.5% in the 2nd quarter. Vanguard Group Inc. now owns 8,040,988 shares of the technology company’s stock worth $74,138,000 after purchasing an additional 830,103 shares in the last quarter. 80.87% of the stock is currently owned by hedge funds and other institutional investors.

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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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