Extreme Networks, Inc. (NASDAQ:EXTR) Short Interest Down 9.5% in September

Extreme Networks, Inc. (NASDAQ:EXTR) saw a large decrease in short interest in the month of September. As of September 15th, there was short interest totalling 7,010,000 shares, a decrease of 9.5% from the August 31st total of 7,750,000 shares. Based on an average daily volume of 1,560,000 shares, the days-to-cover ratio is presently 4.5 days.

Analysts Set New Price Targets

EXTR has been the topic of a number of recent analyst reports. Craig Hallum increased their price target on shares of Extreme Networks from $14.00 to $17.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.50 target price on shares of Extreme Networks in a research report on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, Extreme Networks presently has an average rating of “Moderate Buy” and an average target price of $15.90.

Extreme Networks Stock Down 1.7 %

Shares of NASDAQ:EXTR traded down $0.26 during midday trading on Tuesday, hitting $14.77. 786,322 shares of the company’s stock traded hands, compared to its average volume of 1,967,473. Extreme Networks has a twelve month low of $10.49 and a twelve month high of $25.51. The company has a market cap of $1.92 billion, a PE ratio of -212.57, a P/E/G ratio of 3.46 and a beta of 1.77. The company has a debt-to-equity ratio of 7.05, a quick ratio of 0.63 and a current ratio of 0.90. The firm’s fifty day moving average price is $14.42 and its two-hundred day moving average price is $12.75.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings data on Wednesday, August 7th. The technology company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.21). Extreme Networks had a negative return on equity of 24.51% and a negative net margin of 7.69%. The company had revenue of $256.65 million for the quarter, compared to analyst estimates of $253.21 million. During the same quarter in the prior year, the firm earned $0.24 EPS. The company’s revenue for the quarter was down 29.5% compared to the same quarter last year. On average, equities research analysts anticipate that Extreme Networks will post 0.25 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Edward Meyercord sold 35,725 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $15.02, for a total value of $536,589.50. Following the completion of the transaction, the chief executive officer now directly owns 1,448,378 shares in the company, valued at $21,754,637.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 3.32% of the company’s stock.

Institutional Trading of Extreme Networks

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in shares of Extreme Networks by 16.9% during the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock worth $175,191,000 after purchasing an additional 2,191,181 shares in the last quarter. Rubric Capital Management LP boosted its position in Extreme Networks by 52.3% in the 2nd quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock valued at $70,676,000 after buying an additional 1,804,744 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Extreme Networks during the second quarter valued at about $25,409,000. Norges Bank purchased a new stake in shares of Extreme Networks during the fourth quarter worth about $33,267,000. Finally, Congress Asset Management Co. MA lifted its stake in shares of Extreme Networks by 11.4% in the fourth quarter. Congress Asset Management Co. MA now owns 1,376,654 shares of the technology company’s stock worth $24,284,000 after acquiring an additional 141,015 shares in the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

Extreme Networks Company Profile

Extreme Networks, Inc delivers cloud-driven networking solutions that leverage the powers of machine learning, artificial intelligence, analytics, and automation.
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.