Extreme Networks, Inc (EXTR) Short Interest Update

Extreme Networks, Inc (NASDAQ:EXTR) was the recipient of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 4,969,530 shares, an increase of 50.0% from the July 13th total of 3,312,192 shares. Approximately 4.4% of the shares of the company are short sold. Based on an average daily volume of 1,240,178 shares, the short-interest ratio is currently 4.0 days.

EXTR has been the subject of a number of research reports. BidaskClub raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Wednesday, June 13th. Zacks Investment Research raised shares of Extreme Networks from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a report on Wednesday, May 9th. DA Davidson reduced their price target on shares of Extreme Networks to $13.00 and set a “buy” rating for the company in a report on Thursday. ValuEngine raised shares of Extreme Networks from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Needham & Company LLC downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a report on Wednesday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $11.75.

In related news, Director Edward H. Kennedy purchased 50,000 shares of Extreme Networks stock in a transaction on Wednesday, May 16th. The stock was purchased at an average cost of $8.62 per share, with a total value of $431,000.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Edward Meyercord purchased 20,000 shares of Extreme Networks stock in a transaction on Monday, May 14th. The stock was bought at an average cost of $8.42 per share, with a total value of $168,400.00. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 130,000 shares of company stock valued at $1,140,500. Insiders own 1.90% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Riverhead Capital Management LLC acquired a new position in shares of Extreme Networks in the 1st quarter valued at $106,000. Xact Kapitalforvaltning AB acquired a new position in shares of Extreme Networks in the 4th quarter valued at $153,000. Financial Gravity Wealth Inc. acquired a new position in shares of Extreme Networks in the 1st quarter valued at $135,000. Usca Ria LLC acquired a new position in shares of Extreme Networks in the 2nd quarter valued at $102,000. Finally, First Republic Investment Management Inc. acquired a new position in shares of Extreme Networks in the 1st quarter valued at $148,000. Institutional investors own 85.61% of the company’s stock.

Shares of Extreme Networks opened at $6.46 on Friday, MarketBeat Ratings reports. Extreme Networks has a 52-week low of $5.35 and a 52-week high of $15.55. The firm has a market capitalization of $705.79 million, a PE ratio of 14.68, a price-to-earnings-growth ratio of 0.37 and a beta of 1.39. The company has a quick ratio of 0.88, a current ratio of 1.19 and a debt-to-equity ratio of 1.67.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Wednesday, August 8th. The technology company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.01. Extreme Networks had a negative net margin of 4.76% and a positive return on equity of 43.70%. The company had revenue of $278.30 million during the quarter, compared to analysts’ expectations of $279.22 million. During the same quarter in the prior year, the company posted $0.17 EPS. The business’s revenue was up 55.6% on a year-over-year basis. equities research analysts forecast that Extreme Networks will post 0.96 earnings per share for the current year.

About Extreme Networks

Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. 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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