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

Extreme Networks, Inc. (NASDAQ:EXTR) saw a large growth in short interest in August. As of August 31st, there was short interest totalling 7,750,000 shares, a growth of 6.7% from the August 15th total of 7,260,000 shares. Based on an average daily volume of 1,860,000 shares, the short-interest ratio is presently 4.2 days.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EXTR. Craig Hallum upped their price target on Extreme Networks from $14.00 to $17.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Needham & Company LLC restated a “buy” rating and set 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. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $15.90.

Insider Activity

In related news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $15.02, for a total transaction of $536,589.50. Following the completion of the sale, the chief executive officer now owns 1,448,378 shares in the company, valued at approximately $21,754,637.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 3.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Clearbridge Investments LLC increased its position in shares of Extreme Networks by 42.9% in the second quarter. Clearbridge Investments LLC now owns 855,541 shares of the technology company’s stock valued at $11,507,000 after acquiring an additional 256,765 shares during the last quarter. Point72 Asset Management L.P. boosted its holdings in shares of Extreme Networks by 61.1% during the 2nd quarter. Point72 Asset Management L.P. now owns 689,222 shares of the technology company’s stock worth $9,270,000 after buying an additional 261,322 shares during the period. Clearline Capital LP grew its stake in Extreme Networks by 252.4% in the 2nd quarter. Clearline Capital LP now owns 613,360 shares of the technology company’s stock valued at $8,250,000 after buying an additional 439,321 shares during the last quarter. SkyView Investment Advisors LLC raised its holdings in Extreme Networks by 23.1% in the 2nd quarter. SkyView Investment Advisors LLC now owns 93,308 shares of the technology company’s stock valued at $1,255,000 after acquiring an additional 17,510 shares during the period. Finally, Susquehanna Fundamental Investments LLC lifted its position in Extreme Networks by 491.1% during the second quarter. Susquehanna Fundamental Investments LLC now owns 333,644 shares of the technology company’s stock worth $4,488,000 after acquiring an additional 277,196 shares during the last quarter. 91.05% of the stock is currently owned by institutional investors.

Extreme Networks Stock Down 1.3 %

Shares of NASDAQ EXTR traded down $0.20 during mid-day trading on Wednesday, reaching $14.99. 1,176,176 shares of the company’s stock were exchanged, compared to its average volume of 2,009,234. Extreme Networks has a twelve month low of $10.49 and a twelve month high of $25.51. The company has a current ratio of 0.90, a quick ratio of 0.63 and a debt-to-equity ratio of 7.05. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -214.14, a PEG ratio of 3.19 and a beta of 1.77. The business has a fifty day simple moving average of $14.21 and a 200 day simple moving average of $12.56.

Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Wednesday, August 7th. The technology company reported ($0.08) EPS 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 analyst estimates of $253.21 million. Extreme Networks had a negative return on equity of 24.51% and a negative net margin of 7.69%. The business’s quarterly revenue was down 29.5% on a year-over-year basis. During the same quarter last year, the business posted $0.24 earnings per share. As a group, equities analysts expect that Extreme Networks will post 0.25 EPS for the current fiscal year.

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.