Extreme Networks, Inc. (EXTR) Sees Significant Drop in Short Interest
Extreme Networks, Inc. (NASDAQ:EXTR) saw a large decrease in short interest during the month of August. As of August 15th, there was short interest totalling 2,036,617 shares, a decrease of 26.0% from the July 31st total of 2,751,718 shares. Approximately 1.9% of the company’s stock are short sold. Based on an average daily volume of 1,830,283 shares, the days-to-cover ratio is currently 1.1 days.
Shares of Extreme Networks (NASDAQ:EXTR) opened at 11.43 on Friday. The stock’s market cap is $1.26 billion. Extreme Networks has a one year low of $3.75 and a one year high of $11.59. The stock’s 50 day moving average is $9.76 and its 200-day moving average is $8.53.
Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings results on Monday, August 14th. The technology company reported $0.14 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.15 by $0.01. Extreme Networks had a negative net margin of 1.42% and a positive return on equity of 43.34%. The business had revenue of $178.70 million during the quarter, compared to analysts’ expectations of $171.96 million. During the same quarter last year, the firm earned $0.10 earnings per share. The firm’s quarterly revenue was up 28.0% compared to the same quarter last year. On average, equities analysts forecast that Extreme Networks will post $0.70 EPS for the current year.
Several analysts recently commented on EXTR shares. Needham & Company LLC increased their price objective on shares of Extreme Networks from $12.50 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, August 15th. Zacks Investment Research raised shares of Extreme Networks from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Friday, August 18th. Finally, BidaskClub downgraded shares of Extreme Networks from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $9.10.
In related news, insider Edward Meyercord sold 65,000 shares of the stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $10.10, for a total transaction of $656,500.00. Following the sale, the insider now directly owns 563,034 shares of the company’s stock, valued at approximately $5,686,643.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.91% of the company’s stock.
Several hedge funds have recently bought and sold shares of EXTR. AXA increased its stake in Extreme Networks by 127.3% in the first quarter. AXA now owns 95,900 shares of the technology company’s stock worth $720,000 after buying an additional 53,700 shares during the period. JPMorgan Chase & Co. increased its stake in Extreme Networks by 12.9% in the first quarter. JPMorgan Chase & Co. now owns 4,095,453 shares of the technology company’s stock worth $30,757,000 after buying an additional 466,851 shares during the period. Morgan Stanley increased its stake in Extreme Networks by 49.2% in the first quarter. Morgan Stanley now owns 1,145,086 shares of the technology company’s stock worth $8,600,000 after buying an additional 377,822 shares during the period. American International Group Inc. increased its stake in Extreme Networks by 7.1% in the first quarter. American International Group Inc. now owns 63,648 shares of the technology company’s stock worth $478,000 after buying an additional 4,207 shares during the period. Finally, Sheets Smith Wealth Management acquired a new stake in Extreme Networks during the second quarter worth $280,000. Hedge funds and other institutional investors own 81.91% of the company’s stock.
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About Extreme Networks
Extreme Networks, Inc is a provider of network infrastructure equipment. The Company markets its products to business, governmental, healthcare, service provider and educational customers with a focus on corporate enterprises and metropolitan service providers on a global basis. The Company operates through the development and marketing of network infrastructure equipment segment.
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