Extreme Networks, Inc. (NASDAQ:EXTR – Get Rating) saw a significant growth in short interest in the month of December. As of December 30th, there was short interest totaling 9,790,000 shares, a growth of 6.8% from the December 15th total of 9,170,000 shares. Based on an average trading volume of 1,150,000 shares, the days-to-cover ratio is presently 8.5 days.
Extreme Networks Stock Performance
Shares of NASDAQ:EXTR opened at $19.31 on Wednesday. Extreme Networks has a twelve month low of $8.49 and a twelve month high of $21.03. The firm has a market cap of $2.54 billion, a PE ratio of 58.52 and a beta of 2.10. The company has a debt-to-equity ratio of 2.09, a quick ratio of 0.86 and a current ratio of 0.96. The business has a fifty day moving average of $19.24 and a 200-day moving average of $15.79.
Extreme Networks (NASDAQ:EXTR – Get Rating) last announced its earnings results on Thursday, October 27th. The technology company reported $0.11 earnings per share for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The company had revenue of $297.69 million during the quarter, compared to analyst estimates of $284.70 million. Extreme Networks had a return on equity of 69.86% and a net margin of 3.87%. On average, equity research analysts predict that Extreme Networks will post 0.63 EPS for the current fiscal year.
Analyst Upgrades and Downgrades
Several research firms have issued reports on EXTR. TheStreet upgraded Extreme Networks from a “c+” rating to a “b” rating in a research note on Thursday, October 27th. B. Riley increased their price objective on Extreme Networks from $18.00 to $23.00 in a research note on Friday, October 28th. Cowen increased their price objective on Extreme Networks to $18.00 in a research note on Tuesday, November 1st. Craig Hallum increased their price objective on Extreme Networks from $19.00 to $22.00 in a research note on Friday, October 28th. Finally, StockNews.com assumed coverage on Extreme Networks in a research note on Wednesday, October 12th. They set a “strong-buy” rating for the company. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $21.17.
Insider Activity
In related news, CFO Remi Thomas sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $18.08, for a total value of $180,800.00. Following the completion of the transaction, the chief financial officer now directly owns 116,342 shares in the company, valued at $2,103,463.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via the SEC website. In related news, CFO Remi Thomas sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $18.08, for a total value of $180,800.00. Following the completion of the transaction, the chief financial officer now directly owns 116,342 shares in the company, valued at $2,103,463.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via the SEC website. Also, CEO Edward Meyercord sold 2,130 shares of the company’s stock in a transaction on Thursday, October 27th. The shares were sold at an average price of $17.00, for a total value of $36,210.00. Following the completion of the transaction, the chief executive officer now owns 1,006,629 shares of the company’s stock, valued at $17,112,693. The disclosure for this sale can be found here. Over the last three months, insiders sold 26,632 shares of company stock valued at $504,698. 3.16% of the stock is owned by company insiders.
Hedge Funds Weigh In On Extreme Networks
Hedge funds have recently added to or reduced their stakes in the company. Altshuler Shaham Ltd bought a new position in Extreme Networks in the third quarter valued at about $31,000. Quadrant Capital Group LLC boosted its holdings in Extreme Networks by 29.8% during the third quarter. Quadrant Capital Group LLC now owns 2,429 shares of the technology company’s stock worth $32,000 after buying an additional 558 shares during the last quarter. Captrust Financial Advisors boosted its holdings in Extreme Networks by 389.4% during the first quarter. Captrust Financial Advisors now owns 4,463 shares of the technology company’s stock worth $54,000 after buying an additional 3,551 shares during the last quarter. Point72 Hong Kong Ltd bought a new position in Extreme Networks during the second quarter worth about $58,000. Finally, Lazard Asset Management LLC boosted its holdings in Extreme Networks by 3,060.3% during the second quarter. Lazard Asset Management LLC now owns 7,332 shares of the technology company’s stock worth $65,000 after buying an additional 7,100 shares during the last quarter. Institutional investors own 86.65% of the company’s stock.
About Extreme Networks
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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.
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