Zacks Investment Research cut shares of Extreme Networks, Inc. (NASDAQ:EXTR) from a strong-buy rating to a hold rating in a report published on Tuesday, October 17th.
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. “
Other equities analysts have also recently issued reports about the company. Needham & Company LLC increased their price target on Extreme Networks from $12.50 to $13.00 and gave the stock a buy rating in a report on Tuesday, August 15th. ValuEngine upgraded Extreme Networks from a hold rating to a buy rating in a report on Friday, September 1st. Finally, BidaskClub cut Extreme Networks from a buy rating to a hold rating in a report on Wednesday, July 5th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $11.67.
Shares of Extreme Networks (EXTR) opened at 11.67 on Tuesday. The company’s market capitalization is $1.32 billion. Extreme Networks has a one year low of $4.02 and a one year high of $13.20. The stock has a 50 day moving average of $11.80 and a 200-day moving average of $9.97.
Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings data on Monday, August 14th. The technology company reported $0.14 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.01). The firm had revenue of $178.70 million during the quarter, compared to analyst estimates of $171.96 million. Extreme Networks had a negative net margin of 1.42% and a positive return on equity of 41.17%. The firm’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.10 earnings per share. On average, equities analysts expect that Extreme Networks will post $0.65 earnings per share for the current year.
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In other news, insider Edward Meyercord sold 100,000 shares of the firm’s stock in a transaction dated Monday, August 21st. The stock was sold at an average price of $10.52, for a total transaction of $1,052,000.00. Following the sale, the insider now owns 471,653 shares of the company’s stock, valued at approximately $4,961,789.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kathleen M. Holmgren bought 5,000 shares of the business’s stock in a transaction dated Wednesday, August 30th. The shares were acquired at an average cost of $11.49 per share, for a total transaction of $57,450.00. Following the transaction, the director now directly owns 36,662 shares in the company, valued at approximately $421,246.38. The disclosure for this purchase can be found here. 1.90% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the business. Amalgamated Bank boosted its stake in shares of Extreme Networks by 10.9% in the second quarter. Amalgamated Bank now owns 14,049 shares of the technology company’s stock valued at $130,000 after buying an additional 1,378 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of Extreme Networks by 13.0% in the second quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock valued at $124,000 after buying an additional 1,565 shares in the last quarter. Legal & General Group Plc boosted its stake in shares of Extreme Networks by 7.4% in the second quarter. Legal & General Group Plc now owns 26,483 shares of the technology company’s stock valued at $245,000 after buying an additional 1,819 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Extreme Networks by 7.0% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 30,500 shares of the technology company’s stock valued at $229,000 after buying an additional 2,000 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Extreme Networks by 4.1% during the second quarter. The Manufacturers Life Insurance Company now owns 84,882 shares of the technology company’s stock worth $782,000 after purchasing an additional 3,319 shares during the last quarter. Institutional investors own 79.62% of the company’s stock.
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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