Extreme Networks (EXTR) Lowered to “Sell” at ValuEngine

ValuEngine downgraded shares of Extreme Networks (NASDAQ:EXTR) from a hold rating to a sell rating in a report issued on Friday morning.

EXTR has been the topic of a number of other reports. TheStreet lowered shares of Extreme Networks from a c- rating to a d+ rating in a research note on Wednesday, September 12th. BidaskClub upgraded shares of Extreme Networks from a hold rating to a buy rating in a research note on Wednesday, November 7th. DA Davidson dropped their price target on shares of Extreme Networks to $13.00 and set a buy rating on the stock in a research note on Thursday, August 9th. JMP Securities lowered their target price on shares of Extreme Networks from $12.00 to $9.00 and set a market outperform rating on the stock in a research report on Thursday, August 9th. Finally, Zacks Investment Research lowered shares of Extreme Networks from a hold rating to a sell rating in a research report on Tuesday, August 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $10.70.

Shares of Extreme Networks stock traded down $0.40 on Friday, reaching $5.82. 2,077,939 shares of the stock were exchanged, compared to its average volume of 1,428,090. Extreme Networks has a 1-year low of $4.81 and a 1-year high of $15.55. The company has a quick ratio of 1.06, a current ratio of 1.23 and a debt-to-equity ratio of 1.51. The firm has a market cap of $736.06 million, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 1.35 and a beta of 0.82.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Friday, November 2nd. The technology company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.03 by $0.05. Extreme Networks had a negative net margin of 5.96% and a positive return on equity of 35.66%. The business had revenue of $239.89 million for the quarter, compared to analyst estimates of $233.36 million. During the same period in the previous year, the business posted $0.16 earnings per share. The business’s revenue was up 13.3% compared to the same quarter last year. Equities research analysts anticipate 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 company’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $6.34, for a total transaction of $633,106.06. Following the transaction, the insider now directly owns 554,840 shares in the company, valued at $3,517,685.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.45% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. grew its position in Extreme Networks by 5.7% during the second quarter. BlackRock Inc. now owns 15,963,564 shares of the technology company’s stock worth $127,071,000 after buying an additional 855,965 shares during the period. United Services Automobile Association grew its position in Extreme Networks by 31.9% during the second quarter. United Services Automobile Association now owns 782,785 shares of the technology company’s stock worth $6,231,000 after buying an additional 189,463 shares during the period. BlueMountain Capital Management LLC lifted its holdings in shares of Extreme Networks by 8,273.7% in the second quarter. BlueMountain Capital Management LLC now owns 50,996 shares of the technology company’s stock valued at $406,000 after purchasing an additional 50,387 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Extreme Networks by 1,163.6% in the first quarter. Principal Financial Group Inc. now owns 967,304 shares of the technology company’s stock valued at $10,708,000 after purchasing an additional 890,753 shares in the last quarter. Finally, Trexquant Investment LP purchased a new stake in shares of Extreme Networks in the second quarter valued at about $739,000. Institutional investors own 80.59% of the company’s stock.

Extreme Networks Company Profile

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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