Extreme Networks, Inc. (EXTR) Sees Significant Growth in Short Interest
Extreme Networks, Inc. (NASDAQ:EXTR) was the target of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 2,860,913 shares, a growth of 40.5% from the August 15th total of 2,036,617 shares. Based on an average trading volume of 2,327,497 shares, the short-interest ratio is currently 1.2 days. Approximately 2.7% of the shares of the company are sold short.
Shares of Extreme Networks (NASDAQ EXTR) opened at 11.23 on Friday. The company’s market capitalization is $1.24 billion. The stock’s 50 day moving average is $10.33 and its 200 day moving average is $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 the 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 firm had revenue of $178.70 million during the quarter, compared to analyst estimates of $171.96 million. During the same quarter in the prior year, the firm earned $0.10 earnings per share. The business’s revenue for the quarter was up 28.0% on a year-over-year basis. On average, equities analysts predict that Extreme Networks will post $0.70 EPS for the current fiscal year.
Several research firms have weighed in on EXTR. ValuEngine upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded 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. BidaskClub upgraded shares of Extreme Networks from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Finally, Needham & Company LLC restated a “buy” rating and set a $12.50 price objective (up from $9.50) on shares of Extreme Networks in a research report on Friday, June 2nd. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $11.67.
In other Extreme Networks news, insider Edward Meyercord sold 100,000 shares of the stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $10.52, for a total value of $1,052,000.00. Following the transaction, the insider now directly owns 471,653 shares in the company, valued at $4,961,789.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathleen M. Holmgren purchased 5,000 shares of the firm’s stock in a transaction on Wednesday, August 30th. The stock was 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 of the company’s stock, valued at approximately $421,246.38. The disclosure for this purchase can be found here. 1.91% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank lifted its stake in shares of Extreme Networks by 10.9% in the 2nd quarter. Amalgamated Bank now owns 14,049 shares of the technology company’s stock valued at $130,000 after purchasing an additional 1,378 shares during the period. Ameritas Investment Partners Inc. lifted its stake in shares of Extreme Networks by 13.0% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 13,584 shares of the technology company’s stock valued at $124,000 after purchasing an additional 1,565 shares during the period. Legal & General Group Plc lifted its stake in shares of Extreme Networks by 7.4% in the 2nd quarter. Legal & General Group Plc now owns 26,483 shares of the technology company’s stock valued at $245,000 after purchasing an additional 1,819 shares during the period. Raymond James Financial Services Advisors Inc. lifted its stake in shares of Extreme Networks by 7.0% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 30,500 shares of the technology company’s stock valued at $229,000 after purchasing an additional 2,000 shares during the period. Finally, Nordea Investment Management AB lifted its stake in shares of Extreme Networks by 12.5% in the 1st quarter. Nordea Investment Management AB now owns 27,088 shares of the technology company’s stock valued at $203,000 after purchasing an additional 3,000 shares during the period. Hedge funds and other institutional investors own 81.87% 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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