Extreme Networks, Inc. (NASDAQ:EXTR) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday.

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. “

Other equities analysts have also recently issued reports about the company. Needham & Company LLC lifted their price target on Extreme Networks from $12.50 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, August 15th. ValuEngine upgraded Extreme Networks from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, BidaskClub cut Extreme Networks from a “buy” rating to a “hold” rating in a research report on Wednesday, July 5th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $11.67.

Shares of Extreme Networks (EXTR) opened at 11.44 on Tuesday. Extreme Networks has a 52-week low of $4.02 and a 52-week high of $13.20. The stock’s 50 day moving average price is $11.80 and its 200-day moving average price is $9.82. The company’s market capitalization is $1.29 billion.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings results on Monday, August 14th. The technology company reported $0.14 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.01). The company had revenue of $178.70 million during the quarter, compared to analysts’ expectations of $171.96 million. Extreme Networks had a negative net margin of 1.42% and a positive return on equity of 41.17%. Extreme Networks’s revenue for the quarter was up 28.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.10 earnings per share. On average, equities analysts expect that Extreme Networks will post $0.65 earnings per share for the current year.

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In related news, insider Edward Meyercord sold 100,000 shares of Extreme Networks stock in a transaction on Monday, August 21st. The stock was sold at an average price of $10.52, for a total transaction of $1,052,000.00. Following the completion of the sale, the insider now owns 471,653 shares of the company’s stock, valued at $4,961,789.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kathleen M. Holmgren acquired 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 30th. The shares were acquired at an average cost of $11.49 per share, with a total value of $57,450.00. Following the purchase, the director now directly owns 36,662 shares of the company’s stock, valued at approximately $421,246.38. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.

Large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. bought a new stake in Extreme Networks during the second quarter valued at $101,000. BlueCrest Capital Management Ltd bought a new stake in Extreme Networks during the second quarter valued at $116,000. Ameritas Investment Partners Inc. boosted its stake in Extreme Networks by 13.0% during the second quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock valued at $124,000 after buying an additional 1,565 shares during the period. Amalgamated Bank boosted its stake in Extreme Networks by 10.9% during the second quarter. Amalgamated Bank now owns 14,049 shares of the technology company’s stock valued at $130,000 after buying an additional 1,378 shares during the period. Finally, FNY Partners Fund LP bought a new stake in Extreme Networks during the first quarter valued at $112,000. 79.71% of the stock is owned by 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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