Extreme Networks (NASDAQ:EXTR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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. “
A number of other brokerages have also recently commented on EXTR. ValuEngine cut Extreme Networks from a “buy” rating to a “hold” rating in a report on Friday, December 1st. JMP Securities initiated coverage on Extreme Networks in a research note on Wednesday, January 3rd. They issued an “outperform” rating and a $16.00 price objective for the company. Cowen initiated coverage on Extreme Networks in a research note on Wednesday, December 20th. They issued an “outperform” rating and a $16.00 price objective for the company. Craig Hallum reiterated a “buy” rating and issued a $17.00 price objective (up previously from $12.50) on shares of Extreme Networks in a research note on Wednesday, November 8th. Finally, Needham & Company LLC reiterated a “buy” rating on shares of Extreme Networks in a research note on Friday, November 10th. Three equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $14.17.
Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Tuesday, November 7th. The technology company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $203.86 million. During the same period last year, the business posted $0.07 EPS. Extreme Networks’s revenue for the quarter was up 72.5% on a year-over-year basis. 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 firm’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 sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Raj Khanna sold 10,000 shares of the firm’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 sale, the director now directly owns 99,523 shares in the company, valued at approximately $1,374,412.63. The disclosure for this sale can be found here. Company insiders own 1.90% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. acquired a new position in Extreme Networks during the second quarter worth approximately $101,000. BlueCrest Capital Management Ltd acquired a new position in Extreme Networks during the second quarter worth approximately $116,000. SG Americas Securities LLC acquired a new position in Extreme Networks during the third quarter worth approximately $116,000. Ameritas Investment Partners Inc. increased its position in Extreme Networks by 13.0% during the second quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock worth $124,000 after buying an additional 1,565 shares during the period. Finally, Amalgamated Bank increased its position in Extreme Networks by 10.9% during the second quarter. Amalgamated Bank now owns 14,049 shares of the technology company’s stock worth $130,000 after buying an additional 1,378 shares during the period. 82.58% of the stock is currently owned by institutional investors.
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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