Zacks Investment Research lowered shares of Extreme Networks (NASDAQ:EXTR) from a buy rating to a hold rating in a research report released on Wednesday 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. “
Several other brokerages also recently weighed in on EXTR. ValuEngine raised shares of Extreme Networks from a strong sell rating to a sell rating in a report on Friday, October 19th. BidaskClub downgraded shares of Extreme Networks from a hold rating to a sell rating in a report on Friday, September 14th. Finally, TheStreet downgraded shares of Extreme Networks from a c- rating to a d+ rating in a report on Wednesday, September 12th. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Extreme Networks presently has a consensus rating of Buy and an average target price of $10.20.
Shares of EXTR stock traded up $0.01 during mid-day trading on Wednesday, reaching $6.34. 680,349 shares of the company’s stock traded hands, compared to its average volume of 1,506,744. The company has a market cap of $747.89 million, a price-to-earnings ratio of 14.41, a PEG ratio of 1.37 and a beta of 0.83. The company has a debt-to-equity ratio of 1.51, a current ratio of 1.23 and a quick ratio of 1.06. Extreme Networks has a 12 month low of $4.81 and a 12 month high of $15.55.
Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Friday, November 2nd. The technology company reported $0.08 earnings per share for the quarter, topping the consensus estimate of $0.03 by $0.05. The company had revenue of $239.89 million during the quarter, compared to the consensus estimate of $233.36 million. Extreme Networks had a negative net margin of 5.96% and a positive return on equity of 35.66%. Extreme Networks’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.16 EPS. Equities research analysts expect that Extreme Networks will post 0.33 EPS for the current year.
In other Extreme Networks news, insider Edward Meyercord sold 99,859 shares of the business’s stock in a transaction on Friday, November 16th. The shares were sold at an average price of $6.34, for a total value of $633,106.06. Following the sale, the insider now owns 554,840 shares in the company, valued at approximately $3,517,685.60. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 2.45% of the stock is owned by insiders.
A number of hedge funds have recently made changes to their positions in the business. FMR LLC raised its position in shares of Extreme Networks by 925.2% during the 2nd quarter. FMR LLC now owns 3,381,200 shares of the technology company’s stock valued at $26,914,000 after buying an additional 3,051,400 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Extreme Networks during the 3rd quarter valued at about $9,922,000. State of New Jersey Common Pension Fund D purchased a new stake in shares of Extreme Networks during the 3rd quarter valued at about $8,768,000. Alliancebernstein L.P. raised its position in shares of Extreme Networks by 62.0% during the 3rd quarter. Alliancebernstein L.P. now owns 3,047,897 shares of the technology company’s stock valued at $16,702,000 after buying an additional 1,166,520 shares in the last quarter. Finally, Millennium Management LLC raised its position in shares of Extreme Networks by 731.1% during the 2nd quarter. Millennium Management LLC now owns 1,200,465 shares of the technology company’s stock valued at $9,556,000 after buying an additional 1,056,025 shares in the last quarter. Institutional investors and hedge funds own 80.56% of the company’s stock.
About Extreme Networks
Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. It designs, develops, and manufactures wired and wireless network infrastructure equipment; and develops the software for network management, policy, analytics, security, and access controls. The company offers edge/access Ethernet switching systems that deliver Ethernet connectivity for edge of the network; aggregation/core Ethernet switching systems for aggregation, top-of-rack, and campus core environments; data center switching systems for enterprises and cloud data centers; and wireless access point products, as well as distributed Wi-Fi networks.
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