Zacks Investment Research cut shares of Extreme Networks Inc. (NASDAQ:EXTR) from a buy rating to a hold rating in a research note released on Tuesday 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. “

A number of other research firms also recently weighed in on EXTR. DA Davidson upgraded Extreme Networks from a neutral rating to a buy rating and set a $5.00 price objective for the company in a report on Thursday, September 15th. Needham & Company LLC restated a buy rating and issued a $4.75 price objective (up from $4.30) on shares of Extreme Networks in a report on Monday, September 19th. Wunderlich increased their price objective on Extreme Networks from $5.00 to $6.00 and gave the company a buy rating in a report on Thursday, September 15th. Finally, Buckingham Research increased their price objective on Extreme Networks from $4.00 to $4.50 and gave the company a neutral rating in a report on Thursday, September 15th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $4.95.

Shares of Extreme Networks (NASDAQ:EXTR) traded down 1.50% during mid-day trading on Tuesday, hitting $4.59. The stock had a trading volume of 288,947 shares. The firm’s 50 day moving average price is $4.35 and its 200 day moving average price is $3.91. Extreme Networks has a 1-year low of $2.32 and a 1-year high of $4.71. The company’s market cap is $491.38 million.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Tuesday, November 1st. The company reported $0.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.01. Extreme Networks had a positive return on equity of 17.60% and a negative net margin of 5.10%. The company earned $122.60 million during the quarter, compared to analysts’ expectations of $126.06 million. During the same period in the prior year, the company earned $0.07 EPS. Extreme Networks’s revenue was down 1.6% compared to the same quarter last year. Analysts predict that Extreme Networks will post $0.33 earnings per share for the current fiscal year.

In other news, Director John C. Shoemaker sold 15,000 shares of the firm’s stock in a transaction dated Thursday, September 15th. The stock was sold at an average price of $4.25, for a total value of $63,750.00. Following the completion of the sale, the director now directly owns 220,748 shares in the company, valued at approximately $938,179. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Edward Meyercord sold 25,000 shares of the firm’s stock in a transaction dated Monday, October 24th. The shares were sold at an average price of $4.12, for a total value of $103,000.00. Following the completion of the sale, the insider now owns 629,169 shares of the company’s stock, valued at $2,592,176.28. The disclosure for this sale can be found here. 1.91% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its stake in shares of Extreme Networks by 7.2% in the second quarter. Bank of New York Mellon Corp now owns 420,796 shares of the company’s stock valued at $1,427,000 after buying an additional 28,429 shares in the last quarter. GSA Capital Partners LLP increased its stake in shares of Extreme Networks by 11.8% in the second quarter. GSA Capital Partners LLP now owns 520,259 shares of the company’s stock valued at $1,764,000 after buying an additional 54,949 shares in the last quarter. Barclays PLC increased its stake in shares of Extreme Networks by 54.0% in the first quarter. Barclays PLC now owns 536,353 shares of the company’s stock valued at $1,609,000 after buying an additional 188,153 shares in the last quarter. Smith Asset Management Group LP increased its stake in shares of Extreme Networks by 4.8% in the second quarter. Smith Asset Management Group LP now owns 878,930 shares of the company’s stock valued at $2,980,000 after buying an additional 40,620 shares in the last quarter. Finally, Emerald Acquisition Ltd. purchased a new stake in shares of Extreme Networks during the second quarter valued at approximately $1,828,000. Institutional investors own 79.84% of the company’s stock.

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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