Extreme Networks (NASDAQ:EXTR) Lowered to “Hold” Rating by StockNews.com

StockNews.com cut shares of Extreme Networks (NASDAQ:EXTR) from a buy rating to a hold rating in a research note issued to investors on Saturday morning.

Other research analysts have also recently issued reports about the stock. Craig Hallum lifted their price target on shares of Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a research report on Thursday, October 31st. Rosenblatt Securities reissued a “buy” rating and set a $21.00 price target on shares of Extreme Networks in a research report on Wednesday. Needham & Company LLC reissued a “buy” rating and set a $16.50 price target on shares of Extreme Networks in a research report on Thursday, August 8th. Finally, B. Riley lifted their price target on shares of Extreme Networks from $18.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday, October 31st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Extreme Networks currently has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Extreme Networks Trading Down 0.5 %

Shares of NASDAQ:EXTR traded down $0.09 on Friday, hitting $16.76. The company had a trading volume of 1,616,802 shares, compared to its average volume of 1,280,567. The firm’s 50-day simple moving average is $14.95 and its two-hundred day simple moving average is $13.52. Extreme Networks has a 1 year low of $10.49 and a 1 year high of $18.77. The company has a quick ratio of 0.63, a current ratio of 0.91 and a debt-to-equity ratio of 5.33. The firm has a market capitalization of $2.21 billion, a price-to-earnings ratio of -17.28, a P/E/G ratio of 3.58 and a beta of 1.77.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, August 7th. The technology company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.13 by ($0.21). Extreme Networks had a negative return on equity of 80.55% and a negative net margin of 12.11%. The company had revenue of $256.65 million during the quarter, compared to analysts’ expectations of $253.21 million. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s revenue for the quarter was down 29.5% on a year-over-year basis. Equities analysts anticipate that Extreme Networks will post 0.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $14.75, for a total value of $526,943.75. Following the completion of the transaction, the chief executive officer now directly owns 1,448,378 shares of the company’s stock, valued at approximately $21,363,575.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Raj Khanna sold 10,000 shares of Extreme Networks stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $16.53, for a total value of $165,300.00. Following the completion of the sale, the director now directly owns 228,733 shares in the company, valued at $3,780,956.49. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $14.75, for a total transaction of $526,943.75. Following the completion of the sale, the chief executive officer now owns 1,448,378 shares of the company’s stock, valued at $21,363,575.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 117,175 shares of company stock valued at $1,763,279. Insiders own 3.70% of the company’s stock.

Institutional Trading of Extreme Networks

A number of large investors have recently made changes to their positions in EXTR. Victory Capital Management Inc. grew its stake in shares of Extreme Networks by 318.7% in the third quarter. Victory Capital Management Inc. now owns 4,466,031 shares of the technology company’s stock worth $67,124,000 after acquiring an additional 3,399,288 shares during the period. Vanguard Group Inc. grew its position in Extreme Networks by 16.9% during the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock valued at $175,191,000 after buying an additional 2,191,181 shares during the period. William Blair Investment Management LLC bought a new stake in Extreme Networks during the second quarter valued at approximately $25,409,000. Rubric Capital Management LP grew its position in Extreme Networks by 52.3% during the second quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock valued at $70,676,000 after buying an additional 1,804,744 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Extreme Networks by 265.8% during the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 731,500 shares of the technology company’s stock valued at $9,839,000 after buying an additional 531,500 shares during the period. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Company Profile

Extreme Networks, Inc delivers cloud-driven networking solutions that leverage the powers of machine learning, artificial intelligence, analytics, and automation.
The company designs, develops, and manufactures wired and wireless network infrastructure equipment and develops the software for network management, policy, analytics, security, and access controls.