Extreme Networks, Inc (NASDAQ:EXTR) was the target of a significant decline in short interest during the month of March. As of March 13th, there was short interest totalling 3,933,900 shares, a decline of 39.5% from the February 27th total of 6,500,000 shares. Currently, 3.4% of the company’s stock are short sold. Based on an average daily trading volume, of 1,743,100 shares, the days-to-cover ratio is presently 2.3 days.
In related news, Director John C. Shoemaker acquired 25,000 shares of the stock in a transaction on Monday, February 10th. The stock was acquired at an average price of $6.08 per share, for a total transaction of $152,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.62% of the stock is currently owned by insiders.
Large investors have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Extreme Networks by 34.8% in the fourth quarter. FMR LLC now owns 5,377,425 shares of the technology company’s stock worth $39,632,000 after acquiring an additional 1,387,988 shares during the period. Millennium Management LLC boosted its stake in shares of Extreme Networks by 233.3% in the third quarter. Millennium Management LLC now owns 1,847,478 shares of the technology company’s stock worth $13,440,000 after acquiring an additional 1,293,253 shares during the period. Schroder Investment Management Group boosted its stake in shares of Extreme Networks by 47.3% in the fourth quarter. Schroder Investment Management Group now owns 1,948,445 shares of the technology company’s stock worth $14,360,000 after acquiring an additional 625,668 shares during the period. Bank of Montreal Can boosted its stake in shares of Extreme Networks by 1,527.2% in the fourth quarter. Bank of Montreal Can now owns 645,734 shares of the technology company’s stock worth $4,759,000 after acquiring an additional 606,050 shares during the period. Finally, Knights of Columbus Asset Advisors LLC bought a new position in shares of Extreme Networks in the fourth quarter worth about $3,246,000. 84.30% of the stock is owned by institutional investors and hedge funds.
NASDAQ:EXTR traded up $0.10 during mid-day trading on Thursday, hitting $3.25. 1,457,139 shares of the company traded hands, compared to its average volume of 1,767,146. The stock’s fifty day moving average price is $4.84 and its 200-day moving average price is $6.56. Extreme Networks has a one year low of $1.43 and a one year high of $8.50. The company has a quick ratio of 0.80, a current ratio of 0.99 and a debt-to-equity ratio of 8.00. The firm has a market cap of $373.31 million, a price-to-earnings ratio of -4.58 and a beta of 1.58.
Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings results on Wednesday, January 29th. The technology company reported $0.13 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.13. Extreme Networks had a positive return on equity of 6.55% and a negative net margin of 8.31%. The business had revenue of $267.50 million during the quarter, compared to analyst estimates of $273.18 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. Extreme Networks’s revenue for the quarter was up 5.9% on a year-over-year basis. Equities analysts predict that Extreme Networks will post 0.07 EPS for the current year.
A number of analysts recently commented on EXTR shares. Zacks Investment Research cut Extreme Networks from a “buy” rating to a “hold” rating in a research report on Thursday, January 30th. BidaskClub upgraded Extreme Networks from a “strong sell” rating to a “sell” rating in a research report on Tuesday. TheStreet cut Extreme Networks from a “c-” rating to a “d+” rating in a research report on Tuesday, March 3rd. Finally, ValuEngine upgraded Extreme Networks from a “hold” rating to a “buy” rating in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, one has given a hold rating and two have assigned a buy rating to the stock. Extreme Networks currently has a consensus rating of “Hold” and a consensus price target of $8.88.
About Extreme Networks
Extreme Networks, Inc provides software-driven networking solutions for enterprise customers worldwide. It designs, develops, and manufactures wired and wireless network infrastructure equipment; and develops the software for network management, policy, analytics, security, and access controls. The company offers edge/access Ethernet switching systems that deliver Ethernet connectivity for edge of the network; aggregation/core Ethernet switching systems for aggregation, top-of-rack, and campus core environments; data center switching systems for enterprises and cloud data centers; and wireless access point products, as well as distributed Wi-Fi networks.
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