Extreme Networks, Inc. (NASDAQ:EXTR) was the recipient of a large decrease in short interest in 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 shares of the stock are sold short. Based on an average daily trading volume, of 1,830,283 shares, the days-to-cover ratio is presently 1.1 days.
Shares of Extreme Networks (EXTR) traded down 0.88% during trading on Friday, reaching $11.23. 1,788,403 shares of the company’s stock were exchanged. The stock’s market cap is $1.24 billion. The company has a 50 day moving average of $10.33 and a 200 day moving average of $8.90. Extreme Networks has a 12-month low of $3.79 and a 12-month high of $11.90.
Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Monday, August 14th. The technology company reported $0.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.01). The company had revenue of $178.70 million during the quarter, compared to the consensus estimate of $171.96 million. Extreme Networks had a negative net margin of 1.42% and a positive return on equity of 43.34%. The business’s quarterly revenue was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.10 earnings per share. Equities research analysts anticipate that Extreme Networks will post $0.70 EPS for the current year.
In other news, insider Edward Meyercord sold 65,000 shares of the company’s 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 in the company, valued at approximately $5,686,643.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kathleen M. Holmgren bought 5,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were acquired at an average price of $11.49 per share, for a total transaction of $57,450.00. Following the completion of the transaction, the director now directly owns 36,662 shares in the company, valued at approximately $421,246.38. The disclosure for this purchase can be found here. 1.91% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently bought and sold shares of the business. Dynamic Technology Lab Private Ltd bought a new stake in Extreme Networks in the second quarter valued at $397,000. Koch Industries Inc. bought a new stake in Extreme Networks in the second quarter valued at $144,000. Ameritas Investment Partners Inc. lifted its stake in Extreme Networks by 13.0% in the second quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock valued at $124,000 after buying an additional 1,565 shares during the last quarter. Castleark Management LLC bought a new stake in Extreme Networks in the second quarter valued at $3,417,000. Finally, Raymond James Financial Services Advisors Inc. lifted its stake in Extreme Networks by 139.1% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 72,936 shares of the technology company’s stock valued at $672,000 after buying an additional 42,436 shares during the last quarter. Institutional investors own 81.87% of the company’s stock.
EXTR has been the topic of several analyst reports. Zacks Investment Research downgraded shares of Extreme Networks from a “buy” rating to a “hold” rating in a report on Tuesday, July 4th. ValuEngine upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Friday, September 1st. BidaskClub upgraded shares of Extreme Networks from a “sell” rating to a “hold” rating in a report on Wednesday, August 16th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $12.50 price target (up from $9.50) on shares of Extreme Networks in a report on Friday, June 2nd. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $9.10.
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Extreme Networks Company Profile
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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