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

Extreme Networks, Inc. (NASDAQ:EXTR) was the target of a large increase in short interest in 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 trading volume of 1,860,000 shares, the short-interest ratio is currently 4.2 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Craig Hallum increased their target price on Extreme Networks from $14.00 to $17.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Needham & Company LLC reiterated a “buy” rating and issued a $16.50 price target on shares of Extreme Networks in a research report on Thursday, August 8th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target 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 value of $536,589.50. Following the completion of the transaction, the chief executive officer now owns 1,448,378 shares of the company’s stock, valued at $21,754,637.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 3.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Extreme Networks

Several hedge funds and other institutional investors have recently made changes to their positions in EXTR. Vanguard Group Inc. boosted its holdings in Extreme Networks by 16.9% in the first quarter. Vanguard Group Inc. now owns 15,181,169 shares of the technology company’s stock valued at $175,191,000 after acquiring an additional 2,191,181 shares during the last quarter. Rubric Capital Management LP lifted its position in 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 valued at $70,676,000 after purchasing an additional 1,804,744 shares during the period. Dimensional Fund Advisors LP boosted 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 valued at $43,976,000 after purchasing an additional 194,802 shares during the last quarter. William Blair Investment Management LLC acquired a new stake in shares of Extreme Networks during the 2nd quarter worth approximately $25,409,000. Finally, Norges Bank bought a new stake in shares of Extreme Networks during the fourth quarter worth approximately $33,267,000. 91.05% of the stock is owned by institutional investors and hedge funds.

Extreme Networks Trading Down 1.3 %

Shares of EXTR opened at $14.99 on Thursday. The stock has a fifty day moving average price of $14.21 and a two-hundred day moving average price of $12.56. The company has a debt-to-equity ratio of 7.05, a quick ratio of 0.63 and a current ratio of 0.90. The company has a market cap of $1.95 billion, a price-to-earnings ratio of -214.14, a PEG ratio of 3.19 and a beta of 1.77. Extreme Networks has a 52-week low of $10.49 and a 52-week high of $25.51.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results 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 return on equity of 24.51% and a negative net margin of 7.69%. The company had revenue of $256.65 million for the quarter, compared to analyst estimates of $253.21 million. During the same quarter last year, the company earned $0.24 EPS. The firm’s quarterly revenue was down 29.5% on a year-over-year basis. Analysts predict 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.