BidaskClub Lowers Extreme Networks, Inc. (NASDAQ:EXTR) to Hold

BidaskClub lowered shares of Extreme Networks, Inc. (NASDAQ:EXTR) from a buy rating to a hold rating in a research note published on Wednesday.

EXTR has been the topic of several other reports. Needham & Company LLC reaffirmed a buy rating and issued a $7.00 price target (up from $6.25) on shares of Extreme Networks in a research report on Wednesday, March 8th. Zacks Investment Research upgraded Extreme Networks from a hold rating to a buy rating and set a $7.50 price objective on the stock in a research report on Thursday, March 16th. Finally, DA Davidson boosted their price objective on Extreme Networks from $7.50 to $10.00 and gave the company a buy rating in a research report on Thursday, March 30th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $8.10.

Shares of Extreme Networks (NASDAQ:EXTR) traded up 1.987% during mid-day trading on Wednesday, reaching $9.495. 400,816 shares of the company’s stock traded hands. The firm has a 50-day moving average price of $9.75 and a 200-day moving average price of $7.17. The company’s market capitalization is $1.05 billion. Extreme Networks has a 1-year low of $3.37 and a 1-year high of $11.03.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, May 3rd. The technology company reported $0.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.03. The company had revenue of $148.70 million for the quarter, compared to the consensus estimate of $155.89 million. Extreme Networks had a positive return on equity of 33.40% and a negative net margin of 4.12%. The company’s revenue for the quarter was up 18.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.03 EPS. On average, equities research analysts forecast that Extreme Networks will post $0.43 earnings per share for the current fiscal year.

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In other news, insider Edward Meyercord sold 65,000 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $10.10, for a total transaction of $656,500.00. Following the transaction, the insider now owns 563,034 shares of the company’s stock, valued at $5,686,643.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.91% of the company’s stock.

Several institutional investors have recently modified their holdings of the stock. RK Capital Management LLC raised its position in shares of Extreme Networks by 164.7% in the first quarter. RK Capital Management LLC now owns 3,608,869 shares of the technology company’s stock valued at $27,103,000 after buying an additional 2,245,634 shares during the period. FMR LLC raised its position in shares of Extreme Networks by 6,275.4% in the first quarter. FMR LLC now owns 1,349,669 shares of the technology company’s stock valued at $10,136,000 after buying an additional 1,328,499 shares during the period. MARSHALL WACE ASIA Ltd purchased a new position in shares of Extreme Networks during the first quarter valued at about $7,374,000. Marshall Wace North America L.P. purchased a new position in shares of Extreme Networks during the first quarter valued at about $7,374,000. Finally, Hennessy Advisors Inc. purchased a new position in shares of Extreme Networks during the first quarter valued at about $5,159,000. 82.51% of the stock is currently owned by institutional investors and hedge funds.

About Extreme Networks

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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