Short Interest in Extreme Networks, Inc. (NASDAQ:EXTR) Expands By 6.7%

Extreme Networks, Inc. (NASDAQ:EXTR) saw a significant 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 trading volume, of 1,860,000 shares, the days-to-cover ratio is currently 4.2 days.

Extreme Networks Trading Down 1.3 %

NASDAQ EXTR traded down $0.20 on Wednesday, reaching $14.99. The company had a trading volume of 1,176,176 shares, compared to its average volume of 2,009,234. The firm has a market cap of $1.95 billion, a price-to-earnings ratio of -214.14, a P/E/G ratio of 3.19 and a beta of 1.77. Extreme Networks has a fifty-two week low of $10.49 and a fifty-two week high of $25.51. The business has a 50 day moving average of $14.21 and a two-hundred day moving average of $12.56. The company has a debt-to-equity ratio of 7.05, a current ratio of 0.90 and a quick ratio of 0.63.

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). Extreme Networks had a negative net margin of 7.69% and a negative return on equity of 24.51%. The company had revenue of $256.65 million during the quarter, compared to the consensus estimate of $253.21 million. During the same quarter in the previous year, the company earned $0.24 earnings per share. The business’s revenue was down 29.5% on a year-over-year basis. Analysts forecast that Extreme Networks will post 0.25 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on EXTR. Craig Hallum upped their price objective on shares of Extreme Networks from $14.00 to $17.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Needham & Company LLC reissued a “buy” rating and set a $16.50 price target on shares of Extreme Networks in a research note on Thursday, August 8th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.90.

Insider Transactions 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 shares were 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 in the company, valued at approximately $21,754,637.56. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.32% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position 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 worth $175,191,000 after purchasing an additional 2,191,181 shares in the last quarter. William Blair Investment Management LLC acquired a new position in Extreme Networks during the 2nd quarter worth approximately $25,409,000. Norges Bank bought a new stake in shares of Extreme Networks during the fourth quarter valued at approximately $33,267,000. Rubric Capital Management LP increased its stake 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 in the last quarter. Finally, Victory Capital Management Inc. increased its stake in Extreme Networks by 373.4% during 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 purchasing an additional 841,395 shares in the last quarter. 91.05% of the stock is owned by institutional investors and hedge funds.

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.