Short Interest in Extreme Networks, Inc. (NASDAQ:EXTR) Declines By 19.9%

Extreme Networks, Inc. (NASDAQ:EXTR) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 4,950,000 shares, a decline of 19.9% from the October 31st total of 6,180,000 shares. Based on an average trading volume of 1,170,000 shares, the days-to-cover ratio is currently 4.2 days.

Insider Activity at Extreme Networks

In other Extreme Networks news, Director Raj Khanna sold 10,000 shares of the stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $16.53, for a total value of $165,300.00. Following the completion of the sale, the director now owns 228,733 shares in the company, valued at $3,780,956.49. This trade represents a 4.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Charles Carinalli sold 5,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $16.70, for a total transaction of $83,500.00. Following the transaction, the director now owns 366,793 shares in the company, valued at $6,125,443.10. This represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 127,175 shares of company stock valued at $1,927,079. 3.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Extreme Networks

A number of hedge funds have recently bought and sold shares of EXTR. Quarry LP bought a new stake in Extreme Networks in the 3rd quarter valued at about $26,000. GAMMA Investing LLC boosted its stake in shares of Extreme Networks by 109.5% in the third quarter. GAMMA Investing LLC now owns 1,980 shares of the technology company’s stock valued at $30,000 after buying an additional 1,035 shares during the period. Allspring Global Investments Holdings LLC grew its position in Extreme Networks by 1,635.1% during the second quarter. Allspring Global Investments Holdings LLC now owns 4,997 shares of the technology company’s stock worth $67,000 after buying an additional 4,709 shares in the last quarter. KBC Group NV increased its stake in Extreme Networks by 54.3% during the 3rd quarter. KBC Group NV now owns 4,959 shares of the technology company’s stock worth $75,000 after acquiring an additional 1,745 shares during the period. Finally, Gladius Capital Management LP acquired a new position in Extreme Networks in the 2nd quarter valued at $90,000. 91.05% of the stock is owned by institutional investors.

Extreme Networks Stock Performance

EXTR stock traded up $0.18 during trading hours on Friday, hitting $16.60. 444,667 shares of the stock were exchanged, compared to its average volume of 1,813,148. Extreme Networks has a 12 month low of $10.49 and a 12 month high of $18.77. The company has a current ratio of 0.91, a quick ratio of 0.63 and a debt-to-equity ratio of 5.33. The firm has a market capitalization of $2.19 billion, a P/E ratio of -17.11, a P/E/G ratio of 3.58 and a beta of 1.77. The company has a 50-day simple moving average of $15.42 and a two-hundred day simple moving average of $14.05.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on EXTR. Craig Hallum boosted their price target on Extreme Networks from $17.00 to $22.50 and gave the stock a “buy” rating in a research report on Thursday, October 31st. StockNews.com cut Extreme Networks from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. B. Riley raised their price target on Extreme Networks from $18.00 to $21.00 and gave the company a “buy” rating in a report on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and issued a $16.50 price objective on shares of Extreme Networks in a report on Thursday, August 8th. Finally, Rosenblatt Securities restated a “buy” rating and set a $21.00 target price on shares of Extreme Networks in a research note on Wednesday, November 6th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $19.00.

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.