Short Interest in Extreme Networks, Inc. (NASDAQ:EXTR) Declines By 9.5%

Extreme Networks, Inc. (NASDAQ:EXTR) was the recipient of a large decline in short interest in the month of September. As of September 15th, there was short interest totalling 7,010,000 shares, a decline of 9.5% from the August 31st total of 7,750,000 shares. Based on an average trading volume of 1,560,000 shares, the short-interest ratio is currently 4.5 days.

Insiders Place Their Bets

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 sale, the chief executive officer now owns 1,448,378 shares in the company, valued at $21,754,637.56. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 3.32% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Extreme Networks

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets grew its stake in shares of Extreme Networks by 101.8% during the 1st quarter. BNP Paribas Financial Markets now owns 437,659 shares of the technology company’s stock valued at $5,051,000 after acquiring an additional 220,763 shares during the period. Seven Eight Capital LP boosted its stake in shares of Extreme Networks by 724.8% during the fourth quarter. Seven Eight Capital LP now owns 193,903 shares of the technology company’s stock valued at $3,420,000 after purchasing an additional 170,395 shares in the last quarter. Mirador Capital Partners LP boosted its stake in Extreme Networks by 68.1% in the first quarter. Mirador Capital Partners LP now owns 247,008 shares of the technology company’s stock valued at $2,850,000 after acquiring an additional 100,075 shares in the last quarter. Harbor Capital Advisors Inc. boosted its stake in Extreme Networks by 297.1% in the second quarter. Harbor Capital Advisors Inc. now owns 80,371 shares of the technology company’s stock valued at $1,081,000 after acquiring an additional 60,131 shares in the last quarter. Finally, Congress Asset Management Co. MA boosted its stake in Extreme Networks by 11.4% in the fourth quarter. Congress Asset Management Co. MA now owns 1,376,654 shares of the technology company’s stock valued at $24,284,000 after acquiring an additional 141,015 shares in the last quarter. Hedge funds and other institutional investors own 91.05% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on EXTR. Needham & Company LLC reissued a “buy” rating and set a $16.50 target price on shares of Extreme Networks in a research note on Thursday, August 8th. Craig Hallum upped their target price 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. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $15.90.

Extreme Networks Trading Up 0.1 %

Shares of NASDAQ:EXTR traded up $0.01 during trading on Friday, reaching $15.10. 855,675 shares of the company traded hands, compared to its average volume of 1,979,376. The business’s fifty day moving average is $14.40 and its 200-day moving average is $12.71. Extreme Networks has a 52-week low of $10.49 and a 52-week high of $25.51. The firm has a market capitalization of $1.96 billion, a price-to-earnings ratio of -215.71, a P/E/G ratio of 3.46 and a beta of 1.77. The company has a current ratio of 0.90, a quick ratio of 0.63 and a debt-to-equity ratio of 7.05.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, August 7th. The technology company reported ($0.08) earnings per share 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 for the quarter, compared to the consensus estimate of $253.21 million. During the same quarter in the previous year, the business earned $0.24 earnings per share. Extreme Networks’s revenue was down 29.5% compared to the same quarter last year. As a group, analysts forecast that Extreme Networks will post 0.25 EPS for the current year.

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.