Extreme Networks, Inc. (NASDAQ:EXTR) Sees Large Drop in Short Interest

Extreme Networks, Inc. (NASDAQ:EXTR) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 6,210,000 shares, a decrease 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 short-interest ratio is presently 5.0 days.

Extreme Networks Price Performance

EXTR traded up $0.16 on Friday, reaching $15.09. The stock had a trading volume of 1,441,871 shares, compared to its average volume of 1,870,505. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 5.33. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -15.56, a price-to-earnings-growth ratio of 3.67 and a beta of 1.76. Extreme Networks has a fifty-two week low of $10.49 and a fifty-two week high of $18.77. The firm has a 50-day moving average of $14.88 and a 200-day moving average of $13.29.

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

Analyst Ratings Changes

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

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $14.75, for a total transaction of $526,943.75. Following the transaction, the chief executive officer now owns 1,448,378 shares in the company, valued at $21,363,575.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 3.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Extreme Networks

Hedge funds have recently modified their holdings of the business. Andina Capital Management LLC raised its position in Extreme Networks by 3.8% during the 2nd quarter. Andina Capital Management LLC now owns 19,610 shares of the technology company’s stock worth $264,000 after purchasing an additional 719 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of Extreme Networks by 109.5% in the 3rd 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 during the period. Louisiana State Employees Retirement System boosted its stake in shares of Extreme Networks by 2.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 65,400 shares of the technology company’s stock valued at $880,000 after purchasing an additional 1,600 shares during the last quarter. ProShare Advisors LLC raised its stake in Extreme Networks by 7.3% during the first quarter. ProShare Advisors LLC now owns 25,502 shares of the technology company’s stock worth $294,000 after buying an additional 1,741 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in Extreme Networks by 2.8% during the second quarter. The Manufacturers Life Insurance Company now owns 64,433 shares of the technology company’s stock valued at $867,000 after acquiring an additional 1,749 shares during the last quarter. Institutional investors and hedge funds own 91.05% of the company’s stock.

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.