Extreme Networks (EXTR) Price Target Cut to $13.00

Extreme Networks (NASDAQ:EXTR) had its price objective lowered by DA Davidson to $13.00 in a research note published on Thursday, The Fly reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other equities analysts have also commented on the company. JMP Securities cut their price target on Extreme Networks from $12.00 to $9.00 and set a market outperform rating for the company in a report on Thursday. Cowen lowered Extreme Networks from an outperform rating to a market perform rating and cut their price target for the stock from $16.00 to $6.50 in a report on Thursday. ValuEngine lowered Extreme Networks from a hold rating to a sell rating in a report on Wednesday. Needham & Company LLC lowered Extreme Networks from a buy rating to a hold rating in a report on Wednesday. Finally, Zacks Investment Research lowered Extreme Networks from a buy rating to a hold rating in a report on Monday, July 9th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company. Extreme Networks has a consensus rating of Hold and an average price target of $11.75.

NASDAQ EXTR traded up $0.22 on Thursday, hitting $6.46. 4,131,338 shares of the stock traded hands, compared to its average volume of 2,350,275. Extreme Networks has a 12 month low of $5.35 and a 12 month high of $15.55. The firm has a market cap of $723.17 million, a price-to-earnings ratio of 14.68, a price-to-earnings-growth ratio of 0.38 and a beta of 1.39. The company has a current ratio of 1.19, a quick ratio of 0.88 and a debt-to-equity ratio of 1.67.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.20 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.01. Extreme Networks had a positive return on equity of 43.70% and a negative net margin of 4.76%. The firm had revenue of $278.30 million during the quarter, compared to analyst estimates of $279.22 million. During the same period last year, the company earned $0.17 earnings per share. The business’s revenue for the quarter was up 55.6% on a year-over-year basis. analysts forecast that Extreme Networks will post 0.96 EPS for the current year.

In other Extreme Networks news, Director Raj Khanna acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 24th. The stock was bought at an average price of $8.96 per share, with a total value of $89,600.00. Following the completion of the purchase, the director now owns 109,523 shares of the company’s stock, valued at $981,326.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward H. Kennedy acquired 50,000 shares of the company’s stock in a transaction that occurred on Friday, May 18th. The shares were acquired at an average cost of $9.03 per share, with a total value of $451,500.00. The disclosure for this purchase can be found here. Insiders bought 130,000 shares of company stock valued at $1,140,500 over the last ninety days. Corporate insiders own 1.90% of the company’s stock.

A number of large investors have recently bought and sold shares of EXTR. Deutsche Bank AG boosted its stake in Extreme Networks by 118.0% during the fourth quarter. Deutsche Bank AG now owns 274,813 shares of the technology company’s stock valued at $3,438,000 after buying an additional 148,743 shares during the period. MetLife Investment Advisors LLC bought a new stake in Extreme Networks during the fourth quarter valued at $631,000. Xact Kapitalforvaltning AB bought a new stake in Extreme Networks during the fourth quarter valued at $153,000. Cambridge Investment Research Advisors Inc. boosted its stake in Extreme Networks by 110.8% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 45,227 shares of the technology company’s stock valued at $566,000 after buying an additional 23,769 shares during the period. Finally, Rhumbline Advisers boosted its stake in Extreme Networks by 152.7% during the first quarter. Rhumbline Advisers now owns 263,901 shares of the technology company’s stock valued at $2,921,000 after buying an additional 159,463 shares during the period. 85.61% of the stock is owned by institutional investors.

About Extreme Networks

Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. 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.

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