Extreme Networks, Inc. (NASDAQ:EXTR) Short Interest Down 8.9% in October

Extreme Networks, Inc. (NASDAQ:EXTR) was the target of a large decline in short interest in the month of October. As of October 15th, there was short interest totalling 6,210,000 shares, a decline of 8.9% from the September 30th total of 6,820,000 shares. Based on an average daily volume of 1,230,000 shares, the days-to-cover ratio is presently 5.0 days.

Insider Activity at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 35,725 shares of Extreme Networks stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $14.75, for a total value of $526,943.75. Following the transaction, the chief executive officer now owns 1,448,378 shares of the company’s stock, valued at approximately $21,363,575.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Extreme Networks

Several institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Extreme Networks during the 1st quarter worth about $27,000. GAMMA Investing LLC lifted its position in Extreme Networks by 109.5% during the third quarter. GAMMA Investing LLC now owns 1,980 shares of the technology company’s stock worth $30,000 after acquiring an additional 1,035 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Extreme Networks by 1,635.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,997 shares of the technology company’s stock worth $67,000 after acquiring an additional 4,709 shares during the period. Gladius Capital Management LP bought a new stake in shares of Extreme Networks during the second quarter worth approximately $90,000. Finally, Hennessy Advisors Inc. bought a new position in shares of Extreme Networks during the second quarter worth approximately $148,000. 91.05% of the stock is currently owned by institutional investors and hedge funds.

Extreme Networks Stock Performance

NASDAQ:EXTR traded up $0.16 during mid-day trading on Friday, hitting $15.09. The stock had a trading volume of 1,441,871 shares, compared to its average volume of 1,870,505. Extreme Networks has a twelve month low of $10.49 and a twelve month high of $18.77. The company has a debt-to-equity ratio of 5.33, a quick ratio of 0.63 and a current ratio of 0.91. The stock has a market cap of $1.99 billion, a price-to-earnings ratio of -15.56, a PEG ratio of 3.67 and a beta of 1.76. The company’s 50 day simple moving average is $14.88 and its 200 day simple moving average is $13.29.

Extreme Networks (NASDAQ:EXTR) last issued 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 business had revenue of $256.65 million for the quarter, compared to the consensus estimate of $253.21 million. Extreme Networks had a negative return on equity of 80.55% and a negative net margin of 12.11%. The business’s revenue was down 29.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 earnings per share. On average, equities research analysts forecast that Extreme Networks will post 0.25 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on EXTR shares. Needham & Company LLC reissued a “buy” rating and issued a $16.50 target price on shares of Extreme Networks in a research report on Thursday, August 8th. Rosenblatt Securities increased their target price on shares of Extreme Networks from $17.00 to $21.00 and gave the stock a “buy” rating in a report on Thursday. Craig Hallum lifted their price target on shares of Extreme Networks from $17.00 to $22.50 and gave the company a “buy” rating in a research note on Thursday. Finally, B. Riley boosted their price target on shares of Extreme Networks from $18.00 to $21.00 and gave the stock a “buy” rating in a research report on Thursday. Four research 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, Extreme Networks has an average rating of “Moderate Buy” and an average target price of $19.00.

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.