Extreme Networks, Inc. (NASDAQ:EXTR) Short Interest Update

Extreme Networks, Inc. (NASDAQ:EXTR) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totalling 6,210,000 shares, a drop of 8.9% from the September 30th total of 6,820,000 shares. Based on an average trading volume of 1,230,000 shares, the days-to-cover ratio is presently 5.0 days.

Analyst Ratings Changes

A number of research firms recently issued reports on EXTR. B. Riley raised their price objective on shares of Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum lifted their price objective on shares of Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $16.50 price objective on shares of Extreme Networks in a research report on Thursday, August 8th. Finally, Rosenblatt Securities lifted their price objective on shares of Extreme Networks from $17.00 to $21.00 and gave the company a “buy” rating in a research report on Thursday. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $19.00.

Extreme Networks Trading Up 1.1 %

Shares of EXTR traded up $0.16 during trading hours on Friday, reaching $15.09. 1,441,871 shares of the company traded hands, compared to its average volume of 1,870,505. Extreme Networks has a 12-month low of $10.49 and a 12-month high of $18.77. The stock’s fifty day moving average price is $14.88 and its 200 day moving average price is $13.29. The firm has a market cap of $1.99 billion, a price-to-earnings ratio of -15.39, a PEG ratio of 3.67 and a beta of 1.76. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 5.33.

Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, August 7th. The technology company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.21). Extreme Networks had a negative return on equity of 80.55% and a negative net margin of 12.11%. The business had revenue of $256.65 million during the quarter, compared to analysts’ expectations of $253.21 million. During the same period last year, the company earned $0.24 earnings per share. The firm’s revenue was down 29.5% compared to the same quarter last year. Sell-side analysts forecast that Extreme Networks will post 0.25 earnings per share for the current year.

Insider Activity

In other news, CEO Edward Meyercord sold 35,725 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $14.75, for a total transaction of $526,943.75. Following the sale, the chief executive officer now owns 1,448,378 shares of the company’s stock, valued at $21,363,575.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Large investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its holdings in Extreme Networks by 109.5% in the third quarter. GAMMA Investing LLC now owns 1,980 shares of the technology company’s stock worth $30,000 after purchasing an additional 1,035 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Extreme Networks during the first quarter valued at about $27,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Extreme Networks by 1,635.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,997 shares of the technology company’s stock valued at $67,000 after acquiring an additional 4,709 shares in the last quarter. Gladius Capital Management LP acquired a new position in shares of Extreme Networks during the second quarter valued at about $90,000. Finally, Hennessy Advisors Inc. acquired a new position in shares of Extreme Networks during the second quarter valued at about $148,000. 91.05% of the stock is currently owned by institutional investors.

About Extreme Networks

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.