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

Extreme Networks, Inc. (NASDAQ:EXTR) saw a large drop in short interest in 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 currently 5.0 days.

Extreme Networks Stock Performance

Shares of NASDAQ EXTR traded up $0.16 during trading on Friday, reaching $15.09. 1,441,871 shares of the stock traded hands, compared to its average volume of 1,870,505. The company has a 50-day moving average of $14.88 and a 200-day moving average of $13.29. The stock has a market capitalization of $1.99 billion, a P/E ratio of -15.39, a price-to-earnings-growth ratio of 3.67 and a beta of 1.76. The company has a debt-to-equity ratio of 5.33, a current ratio of 0.91 and a quick ratio of 0.63. Extreme Networks has a 52-week low of $10.49 and a 52-week high of $18.77.

Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.21). The company had revenue of $256.65 million for the quarter, compared to analysts’ expectations of $253.21 million. Extreme Networks had a negative net margin of 12.11% and a negative return on equity of 80.55%. The company’s revenue was down 29.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. Analysts forecast that Extreme Networks will post 0.25 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EXTR shares. Craig Hallum boosted their price objective on Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a research note on Thursday. B. Riley lifted their target price on Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday. Needham & Company LLC reiterated a “buy” rating and set a $16.50 price target on shares of Extreme Networks in a report on Thursday, August 8th. Finally, Rosenblatt Securities boosted their target price on Extreme Networks from $17.00 to $21.00 and gave the company a “buy” rating in a research note on Thursday. 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 data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.00.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $14.75, for a total transaction of $526,943.75. Following the completion of the transaction, the chief executive officer now owns 1,448,378 shares in the company, valued at $21,363,575.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Extreme Networks

Large investors have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Extreme Networks by 16.9% during the 1st quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock valued at $175,191,000 after purchasing an additional 2,191,181 shares during the last quarter. William Blair Investment Management LLC purchased a new stake in shares of Extreme Networks during the 2nd quarter worth about $25,409,000. Rubric Capital Management LP lifted its stake 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 in the last quarter. Victory Capital Management Inc. lifted its stake in Extreme Networks by 373.4% in the 2nd quarter. Victory Capital Management Inc. now owns 1,066,743 shares of the technology company’s stock valued at $14,348,000 after buying an additional 841,395 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Extreme Networks by 265.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 731,500 shares of the technology company’s stock worth $9,839,000 after purchasing an additional 531,500 shares in the last quarter. 91.05% of the stock is currently owned by hedge funds and other institutional investors.

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.