Extreme Networks, Inc. (NASDAQ:EXTR) Sees Significant Decline in Short Interest

Extreme Networks, Inc. (NASDAQ:EXTRGet Free Report) was the recipient of a significant drop in short interest in the month of December. As of December 31st, there was short interest totalling 11,880,000 shares, a drop of 8.6% from the December 15th total of 13,000,000 shares. Based on an average daily volume of 2,340,000 shares, the short-interest ratio is presently 5.1 days.

Insiders Place Their Bets

In other news, CEO Edward Meyercord sold 28,443 shares of the company’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $17.10, for a total value of $486,375.30. Following the sale, the chief executive officer now directly owns 1,090,354 shares in the company, valued at approximately $18,645,053.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 3.32% of the company’s stock.

Institutional Investors Weigh In On Extreme Networks

Several institutional investors and hedge funds have recently made changes to their positions in the stock. West Tower Group LLC acquired a new position in shares of Extreme Networks in the 2nd quarter worth approximately $28,000. Cutler Group LLC CA raised its stake in Extreme Networks by 166.7% during the second quarter. Cutler Group LLC CA now owns 1,200 shares of the technology company’s stock worth $31,000 after buying an additional 3,000 shares during the last quarter. Meeder Asset Management Inc. lifted its holdings in Extreme Networks by 49.8% in the fourth quarter. Meeder Asset Management Inc. now owns 1,781 shares of the technology company’s stock valued at $33,000 after buying an additional 592 shares during the period. Asset Management One Co. Ltd. bought a new stake in Extreme Networks during the third quarter valued at $37,000. Finally, Tucker Asset Management LLC acquired a new stake in Extreme Networks during the 3rd quarter worth about $41,000. Institutional investors and hedge funds own 86.95% of the company’s stock.

Extreme Networks Price Performance

NASDAQ:EXTR opened at $16.25 on Thursday. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.82 and a current ratio of 1.01. The firm has a market cap of $2.11 billion, a price-to-earnings ratio of 23.21, a P/E/G ratio of 1.08 and a beta of 1.99. Extreme Networks has a 52 week low of $14.63 and a 52 week high of $32.73. The firm’s 50-day simple moving average is $16.96 and its 200 day simple moving average is $22.43.

Extreme Networks (NASDAQ:EXTRGet Free Report) last announced its quarterly earnings results on Wednesday, November 1st. The technology company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.05. The company had revenue of $353.14 million for the quarter, compared to analyst estimates of $349.95 million. Extreme Networks had a net margin of 6.88% and a return on equity of 112.23%. As a group, sell-side analysts predict that Extreme Networks will post 0.89 earnings per share for the current year.

Wall Street Analysts Forecast Growth

EXTR has been the subject of a number of research analyst reports. Lake Street Capital cut Extreme Networks from a “buy” rating to a “hold” rating in a report on Wednesday, November 1st. Rosenblatt Securities dropped their target price on shares of Extreme Networks from $35.00 to $28.00 and set a “buy” rating for the company in a research note on Tuesday, October 31st. Needham & Company LLC reissued a “buy” rating and set a $23.00 price target on shares of Extreme Networks in a research note on Thursday, December 28th. UBS Group started coverage on shares of Extreme Networks in a report on Friday, September 22nd. They issued a “buy” rating and a $30.00 price target for the company. Finally, Oppenheimer downgraded Extreme Networks from an “outperform” rating to a “market perform” rating in a report on Wednesday, November 1st. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.71.

Check Out Our Latest Stock Analysis on Extreme Networks

About Extreme Networks

(Get Free Report)

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.

Further Reading

Receive News & Ratings for Extreme Networks Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Extreme Networks and related companies with MarketBeat.com's FREE daily email newsletter.