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

Extreme Networks, Inc. (NASDAQ:EXTR) was the recipient of a significant increase in short interest during the month of August. As of August 31st, there was short interest totalling 7,750,000 shares, an increase of 6.7% from the August 15th total of 7,260,000 shares. Based on an average daily trading volume, of 1,860,000 shares, the days-to-cover ratio is currently 4.2 days.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $16.50 target price on shares of Extreme Networks in a report on Thursday, August 8th. Craig Hallum increased their price objective 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. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.90.

Extreme Networks Stock Performance

Shares of Extreme Networks stock traded up $0.45 during trading on Tuesday, hitting $15.26. 229,413 shares of the stock were exchanged, compared to its average volume of 2,008,673. The stock has a market cap of $1.98 billion, a PE ratio of -217.57, a P/E/G ratio of 3.19 and a beta of 1.77. The stock’s fifty day moving average is $14.13 and its 200 day moving average is $12.52. Extreme Networks has a 12 month low of $10.49 and a 12 month high of $25.51. The company has a debt-to-equity ratio of 7.05, a quick ratio of 0.63 and a current ratio of 0.90.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly 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 firm had revenue of $256.65 million during the quarter, compared to analyst estimates of $253.21 million. Extreme Networks had a negative net margin of 7.69% and a negative return on equity of 24.51%. Extreme Networks’s revenue for the quarter was down 29.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 EPS. As a group, sell-side analysts anticipate that Extreme Networks will post 0.25 EPS for the current year.

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, September 3rd. The stock was sold at an average price of $15.02, for a total transaction of $536,589.50. Following the transaction, the chief executive officer now owns 1,448,378 shares of the company’s stock, valued at approximately $21,754,637.56. The transaction was disclosed in a document filed with the SEC, which is available at this link. 3.32% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in EXTR. Vanguard Group Inc. raised its stake 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 valued at $175,191,000 after purchasing an additional 2,191,181 shares in the last quarter. Rubric Capital Management LP raised its position in shares of Extreme Networks by 52.3% during the 2nd quarter. Rubric Capital Management LP now owns 5,254,744 shares of the technology company’s stock worth $70,676,000 after buying an additional 1,804,744 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Extreme Networks by 8.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,492,869 shares of the technology company’s stock worth $43,976,000 after acquiring an additional 194,802 shares during the period. William Blair Investment Management LLC bought a new position in shares of Extreme Networks in the second quarter valued at approximately $25,409,000. Finally, Norges Bank acquired a new position in shares of Extreme Networks during the fourth quarter valued at approximately $33,267,000. 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.