Investors Purchase High Volume of Call Options on Extreme Networks (EXTR)
Extreme Networks, Inc. (NASDAQ:EXTR) was the recipient of unusually large options trading on Wednesday. Investors acquired 1,634 call options on the company. This is an increase of approximately Infinity compared to the typical daily volume of 0 call options.
Extreme Networks (NASDAQ EXTR) opened at $11.24 on Friday. Extreme Networks has a 12-month low of $4.17 and a 12-month high of $13.20. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.27 and a quick ratio of 1.09. The company has a market capitalization of $1,280.00, a P/E ratio of 27.58, a PEG ratio of 1.37 and a beta of 1.12.
Extreme Networks (NASDAQ:EXTR) last posted its earnings results on Tuesday, November 7th. The technology company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.14 by $0.02. Extreme Networks had a return on equity of 51.82% and a net margin of 0.34%. The company had revenue of $211.72 million for the quarter, compared to the consensus estimate of $203.86 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. The firm’s revenue for the quarter was up 72.5% on a year-over-year basis. sell-side analysts expect that Extreme Networks will post 0.51 EPS for the current fiscal year.
In other Extreme Networks news, Director Kathleen M. Holmgren purchased 5,000 shares of the stock in a transaction on Wednesday, August 30th. The shares were purchased at an average price of $11.49 per share, with a total value of $57,450.00. Following the completion of the transaction, the director now directly owns 36,662 shares in the company, valued at $421,246.38. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Edward Meyercord sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 21st. The stock was 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 approximately $4,961,789.56. The disclosure for this sale can be found here. 1.90% of the stock is owned by insiders.
Hedge funds have recently modified their holdings of the stock. Morgan Stanley boosted its stake in shares of Extreme Networks by 49.2% in the first quarter. Morgan Stanley now owns 1,145,086 shares of the technology company’s stock valued at $8,600,000 after buying an additional 377,822 shares during the period. American International Group Inc. boosted its stake in shares of Extreme Networks by 7.1% in the first quarter. American International Group Inc. now owns 63,648 shares of the technology company’s stock valued at $478,000 after buying an additional 4,207 shares during the period. Sheets Smith Wealth Management bought a new stake in shares of Extreme Networks in the second quarter valued at approximately $280,000. Cornerstone Financial Partners LLC bought a new stake in shares of Extreme Networks in the second quarter valued at approximately $148,000. Finally, Carl Domino Inc bought a new stake in shares of Extreme Networks in the second quarter valued at approximately $203,000. Institutional investors and hedge funds own 80.05% of the company’s stock.
Several research firms have recently commented on EXTR. Zacks Investment Research raised Extreme Networks from a “hold” rating to a “buy” rating and set a $13.00 target price on the stock in a research report on Friday. Craig Hallum reaffirmed a “buy” rating and issued a $17.00 target price (up previously from $12.50) on shares of Extreme Networks in a research report on Wednesday. BidaskClub raised Extreme Networks from a “sell” rating to a “hold” rating in a research report on Wednesday, August 16th. Needham & Company LLC upped their target price on Extreme Networks from $12.50 to $13.00 and gave the company a “buy” rating in a research report on Tuesday, August 15th. Finally, ValuEngine downgraded Extreme Networks from a “buy” rating to a “hold” rating in a research report on Monday, October 2nd. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $13.25.
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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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