Zacks Investment Research cut shares of Extreme Networks, Inc. (NASDAQ:EXTR) from a buy rating to a hold rating in a report issued on Tuesday, July 4th.

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 equities analysts have also recently issued reports on the stock. BidaskClub cut shares of Extreme Networks from a strong-buy rating to a buy rating in a research report on Wednesday, June 14th. Needham & Company LLC restated a buy rating and issued a $12.50 target price (up previously from $9.50) on shares of Extreme Networks in a report on Friday, June 2nd. Finally, DA Davidson upped their target price on shares of Extreme Networks from $7.50 to $10.00 and gave the stock a buy rating in a report on Thursday, March 30th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The company currently has an average rating of Hold and a consensus target price of $8.10.

Shares of Extreme Networks (NASDAQ EXTR) traded up 0.11% during midday trading on Tuesday, hitting $8.87. The stock had a trading volume of 855,466 shares. The firm’s market cap is $977.17 million. Extreme Networks has a 12-month low of $3.70 and a 12-month high of $11.03. The firm has a 50-day moving average of $9.55 and a 200 day moving average of $7.86.

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

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In other Extreme Networks news, insider Edward Meyercord sold 65,000 shares of the stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $10.10, for a total value of $656,500.00. Following the completion of the sale, the insider now owns 563,034 shares in the company, valued at approximately $5,686,643.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.91% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in EXTR. FNY Partners Fund LP bought a new position in Extreme Networks during the first quarter worth $112,000. Bank of Montreal Can increased its position in Extreme Networks by 3,689.4% in the first quarter. Bank of Montreal Can now owns 15,006 shares of the technology company’s stock valued at $113,000 after buying an additional 14,610 shares during the period. Allianz Asset Management AG increased its position in Extreme Networks by 142.7% in the fourth quarter. Allianz Asset Management AG now owns 24,600 shares of the technology company’s stock valued at $124,000 after buying an additional 14,465 shares during the period. Bank of America Corp DE increased its position in Extreme Networks by 29.0% in the first quarter. Bank of America Corp DE now owns 18,318 shares of the technology company’s stock valued at $138,000 after buying an additional 4,118 shares during the period. Finally, Raymond James Financial Services Advisors Inc. acquired a new position in Extreme Networks during the fourth quarter valued at approximately $143,000. 82.60% of the stock is owned by hedge funds and other institutional investors.

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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