Extreme Networks (EXTR) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Extreme Networks (NASDAQ:EXTR) from a sell rating to a hold rating in a research note published on Monday 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 equities analysts have also weighed in on EXTR. Craig Hallum reaffirmed a buy rating and set a $17.00 price objective (up previously from $12.50) on shares of Extreme Networks in a research report on Wednesday, November 8th. Needham & Company LLC reiterated a buy rating on shares of Extreme Networks in a report on Friday, November 10th. ValuEngine downgraded Extreme Networks from a buy rating to a hold rating in a report on Friday, December 1st. Cowen initiated coverage on Extreme Networks in a report on Wednesday, December 20th. They set an outperform rating and a $16.00 price target on the stock. Finally, JMP Securities initiated coverage on Extreme Networks in a report on Wednesday, January 3rd. They set an outperform rating and a $16.00 price target on the stock. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $16.08.

Extreme Networks (NASDAQ EXTR) opened at $12.10 on Monday. The firm has a market cap of $1,342.87, a P/E ratio of 27.09, a P/E/G ratio of 1.14 and a beta of 1.32. The company has a current ratio of 1.13, a quick ratio of 0.89 and a debt-to-equity ratio of 1.44. Extreme Networks has a 52-week low of $6.00 and a 52-week high of $15.55.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Tuesday, February 6th. The technology company reported $0.14 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.01. The firm had revenue of $231.12 million for the quarter, compared to analyst estimates of $241.49 million. Extreme Networks had a negative net margin of 2.72% and a positive return on equity of 44.24%. The company’s revenue for the quarter was up 47.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.12 earnings per share. equities analysts expect that Extreme Networks will post 0.6 EPS for the current year.

In other Extreme Networks news, Director Charles Carinalli sold 20,000 shares of the stock in a transaction that occurred on 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 filing with the SEC, which is accessible through the SEC website. Also, Director Raj Khanna sold 10,000 shares of the stock in a transaction that occurred on Wednesday, November 22nd. The shares were sold at an average price of $13.81, for a total value of $138,100.00. Following the transaction, the director now 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.

A number of hedge funds have recently made changes to their positions in EXTR. PEAK6 Investments L.P. acquired a new stake in shares of Extreme Networks in the fourth quarter worth $583,000. Cornerstone Capital Management Holdings LLC. grew its stake in shares of Extreme Networks by 14.4% in the fourth quarter. Cornerstone Capital Management Holdings LLC. now owns 364,667 shares of the technology company’s stock worth $4,565,000 after acquiring an additional 45,944 shares during the last quarter. TIAA CREF Investment Management LLC grew its stake in shares of Extreme Networks by 181.0% in the fourth quarter. TIAA CREF Investment Management LLC now owns 3,809,162 shares of the technology company’s stock worth $47,691,000 after acquiring an additional 2,453,458 shares during the last quarter. Teachers Advisors LLC grew its stake in shares of Extreme Networks by 115.4% in the fourth quarter. Teachers Advisors LLC now owns 663,422 shares of the technology company’s stock worth $8,306,000 after acquiring an additional 355,358 shares during the last quarter. Finally, Paloma Partners Management Co grew its stake in shares of Extreme Networks by 249.7% in the fourth quarter. Paloma Partners Management Co now owns 69,422 shares of the technology company’s stock worth $868,000 after acquiring an additional 49,569 shares during the last quarter. Institutional investors own 82.00% of the company’s stock.

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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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