Short Interest in Extreme Networks, Inc. (NASDAQ:EXTR) Drops By 25.9%

Extreme Networks, Inc. (NASDAQ:EXTR) was the target of a large decrease in short interest during the month of June. As of June 30th, there was short interest totalling 10,230,000 shares, a decrease of 25.9% from the June 15th total of 13,800,000 shares. Based on an average trading volume of 2,320,000 shares, the days-to-cover ratio is presently 4.4 days.

Extreme Networks Price Performance

Shares of NASDAQ:EXTR remained flat at $13.78 during trading on Monday. The stock had a trading volume of 278,416 shares, compared to its average volume of 2,208,887. The company has a 50 day moving average of $11.99 and a two-hundred day moving average of $12.70. Extreme Networks has a 12-month low of $10.49 and a 12-month high of $32.73. The company has a debt-to-equity ratio of 2.78, a quick ratio of 0.61 and a current ratio of 0.96.

Extreme Networks (NASDAQ:EXTR) last issued its quarterly earnings results on Wednesday, May 1st. The technology company reported ($0.33) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.06). Extreme Networks had a negative net margin of 0.52% and a positive return on equity of 37.36%. The business had revenue of $211.04 million for the quarter, compared to analysts’ expectations of $207.80 million. As a group, equities research analysts anticipate that Extreme Networks will post 0.08 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Craig Hallum upgraded shares of Extreme Networks from a “hold” rating to a “buy” rating and lifted their target price for the company from $13.00 to $14.00 in a research report on Thursday, May 16th. B. Riley upped their target price on shares of Extreme Networks from $14.00 to $15.00 and gave the stock a “buy” rating in a research report on Thursday, May 2nd. Needham & Company LLC reaffirmed a “buy” rating and set a $16.50 price target on shares of Extreme Networks in a research note on Monday, June 10th. Finally, Rosenblatt Securities upgraded Extreme Networks from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $15.00 to $17.00 in a research report on Thursday, May 2nd. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $18.25.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC bought a new position in shares of Extreme Networks during the first quarter valued at $27,000. Allworth Financial LP boosted its holdings in shares of Extreme Networks by 4,924.4% during the 4th quarter. Allworth Financial LP now owns 2,060 shares of the technology company’s stock valued at $36,000 after acquiring an additional 2,019 shares during the last quarter. Hennessy Advisors Inc. bought a new stake in shares of Extreme Networks in the fourth quarter worth approximately $82,000. Quest Partners LLC purchased a new position in shares of Extreme Networks during the fourth quarter valued at approximately $104,000. Finally, Harvest Fund Management Co. Ltd boosted its holdings in Extreme Networks by 66.2% in the fourth quarter. Harvest Fund Management Co. Ltd now owns 6,227 shares of the technology company’s stock worth $105,000 after purchasing an additional 2,481 shares during the last quarter. Institutional investors own 91.05% of the company’s stock.

About Extreme Networks

Extreme Networks, Inc delivers cloud-driven networking solutions that leverage the powers of machine learning, artificial intelligence, analytics, and automation.
The company designs, develops, and manufactures wired and wireless network infrastructure equipment and develops the software for network management, policy, analytics, security, and access controls.