Extreme Networks, Inc (NASDAQ:EXTR) was the target of a large increase in short interest in September. As of September 30th, there was short interest totalling 4,750,000 shares, an increase of 25.0% from the September 15th total of 3,800,000 shares. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is presently 4.4 days.
Shares of NASDAQ EXTR traded down $0.16 during mid-day trading on Friday, reaching $4.40. The company’s stock had a trading volume of 668,115 shares, compared to its average volume of 1,455,222. The stock has a 50-day moving average of $4.16 and a two-hundred day moving average of $3.94. The stock has a market capitalization of $540.84 million, a P/E ratio of -4.15 and a beta of 1.90. The company has a debt-to-equity ratio of 73.10, a quick ratio of 0.88 and a current ratio of 1.04. Extreme Networks has a 1-year low of $1.43 and a 1-year high of $8.00.
Extreme Networks (NASDAQ:EXTR) last issued its earnings results on Wednesday, August 5th. The technology company reported $0.03 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.03) by $0.06. The business had revenue of $215.50 million during the quarter, compared to analysts’ expectations of $212.68 million. Extreme Networks had a negative net margin of 13.38% and a negative return on equity of 59.45%. The company’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same period in the prior year, the business earned $0.06 earnings per share. Analysts predict that Extreme Networks will post 0.03 EPS for the current fiscal year.
Several research firms have recently commented on EXTR. Zacks Investment Research upgraded shares of Extreme Networks from a “sell” rating to a “hold” rating and set a $5.00 price target for the company in a report on Monday, October 12th. B. Riley boosted their target price on shares of Extreme Networks from $9.00 to $9.50 in a research note on Friday, October 9th. Needham & Company LLC began coverage on shares of Extreme Networks in a research report on Wednesday, August 5th. They set a “hold” rating for the company. ValuEngine upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating in a research report on Wednesday, July 22nd. Finally, BidaskClub upgraded shares of Extreme Networks from a “sell” rating to a “hold” rating in a research report on Wednesday, September 30th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Extreme Networks has a consensus rating of “Buy” and a consensus target price of $6.30.
In other news, CEO Edward Meyercord sold 50,000 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were sold at an average price of $4.37, for a total value of $218,500.00. Following the completion of the sale, the chief executive officer now owns 588,552 shares in the company, valued at approximately $2,571,972.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 3.15% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of EXTR. Advisor Group Holdings Inc. acquired a new stake in shares of Extreme Networks in the first quarter valued at about $33,000. Profund Advisors LLC grew its holdings in shares of Extreme Networks by 20.1% in the second quarter. Profund Advisors LLC now owns 13,586 shares of the technology company’s stock valued at $59,000 after purchasing an additional 2,278 shares during the period. Bank of Montreal Can grew its holdings in shares of Extreme Networks by 801.7% in the second quarter. Bank of Montreal Can now owns 15,058 shares of the technology company’s stock valued at $61,000 after purchasing an additional 13,388 shares during the period. Stone Ridge Asset Management LLC purchased a new stake in shares of Extreme Networks in the second quarter valued at about $65,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Extreme Networks by 165.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,512 shares of the technology company’s stock valued at $67,000 after purchasing an additional 9,674 shares during the period. Institutional investors and hedge funds own 78.20% of the company’s stock.
Extreme Networks Company Profile
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.
Further Reading: Cost of Equity For A Business, Investors
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