Extreme Networks (NASDAQ:EXTR) Rating Lowered to Hold at StockNews.com

Extreme Networks (NASDAQ:EXTR) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.

Several other analysts also recently commented on EXTR. Craig Hallum raised their price objective on shares of Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a research report on Thursday, October 31st. B. Riley lifted their target price on Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $16.50 target price on shares of Extreme Networks in a research note on Thursday, August 8th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $21.00 target price on shares of Extreme Networks in a research note on Wednesday. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $19.00.

Extreme Networks Trading Down 0.5 %

Shares of Extreme Networks stock opened at $16.76 on Friday. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -17.28, a PEG ratio of 3.51 and a beta of 1.77. The company has a quick ratio of 0.63, a current ratio of 0.91 and a debt-to-equity ratio of 5.33. Extreme Networks has a 12-month low of $10.49 and a 12-month high of $18.77. The firm’s 50-day moving average price is $14.95 and its two-hundred day moving average price is $13.50.

Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Wednesday, August 7th. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.21). The company had revenue of $256.65 million during the quarter, compared to the consensus estimate of $253.21 million. Extreme Networks had a negative return on equity of 80.55% and a negative net margin of 12.11%. The firm’s revenue was down 29.5% compared to the same quarter last year. During the same period last year, the company posted $0.24 EPS. On average, analysts forecast that Extreme Networks will post 0.25 earnings per share for the current fiscal year.

Insider Activity at Extreme Networks

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

Institutional Investors Weigh In On Extreme Networks

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. increased its holdings 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 valued at $67,124,000 after purchasing an additional 3,399,288 shares during the period. Vanguard Group Inc. grew its holdings in Extreme Networks by 16.9% in the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock valued at $175,191,000 after purchasing an additional 2,191,181 shares during the period. William Blair Investment Management LLC acquired a new stake in Extreme Networks in the second quarter valued at approximately $25,409,000. Rubric Capital Management LP lifted its position in shares of Extreme Networks by 52.3% in 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 acquiring an additional 1,804,744 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Extreme Networks by 265.8% in 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 acquiring an additional 531,500 shares in the last quarter. 91.05% of the stock is currently owned by hedge funds and other 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.