Extreme Networks, Inc (NASDAQ:EXTR) Short Interest Down 39.5% in March

Extreme Networks, Inc (NASDAQ:EXTR) was the recipient of a significant decrease in short interest in the month of March. As of March 13th, there was short interest totalling 3,933,900 shares, a decrease of 39.5% from the February 27th total of 6,500,000 shares. Currently, 3.4% of the company’s shares are sold short. Based on an average daily trading volume, of 1,743,100 shares, the days-to-cover ratio is currently 2.3 days.

NASDAQ:EXTR traded up $0.10 during midday trading on Thursday, hitting $3.25. The stock had a trading volume of 1,457,139 shares, compared to its average volume of 1,767,146. Extreme Networks has a one year low of $1.43 and a one year high of $8.50. The company has a market capitalization of $373.31 million, a price-to-earnings ratio of -4.58 and a beta of 1.58. The stock has a 50-day moving average of $4.84 and a 200 day moving average of $6.56. The company has a quick ratio of 0.80, a current ratio of 0.99 and a debt-to-equity ratio of 8.00.

Extreme Networks (NASDAQ:EXTR) last announced its earnings results on Wednesday, January 29th. The technology company reported $0.13 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.13. The business had revenue of $267.50 million for the quarter, compared to analysts’ expectations of $273.18 million. Extreme Networks had a positive return on equity of 6.55% and a negative net margin of 8.31%. The business’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.13 EPS. On average, sell-side analysts anticipate that Extreme Networks will post 0.07 earnings per share for the current fiscal year.

In other Extreme Networks news, Director John C. Shoemaker purchased 25,000 shares of Extreme Networks stock in a transaction dated Monday, February 10th. The shares were purchased at an average cost of $6.08 per share, for a total transaction of $152,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.62% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC boosted its position in Extreme Networks by 1,343.9% during the 4th quarter. Tower Research Capital LLC TRC now owns 3,682 shares of the technology company’s stock valued at $27,000 after acquiring an additional 3,427 shares in the last quarter. Tradewinds Capital Management LLC bought a new stake in Extreme Networks during the 4th quarter valued at $50,000. Envestnet Asset Management Inc. bought a new stake in Extreme Networks during the 4th quarter valued at $78,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Extreme Networks by 70.6% during the 4th quarter. Migdal Insurance & Financial Holdings Ltd. now owns 11,610 shares of the technology company’s stock valued at $86,000 after acquiring an additional 4,806 shares in the last quarter. Finally, LS Investment Advisors LLC boosted its position in Extreme Networks by 389.7% during the 4th quarter. LS Investment Advisors LLC now owns 16,137 shares of the technology company’s stock valued at $119,000 after acquiring an additional 12,842 shares in the last quarter. 84.30% of the stock is currently owned by institutional investors and hedge funds.

EXTR has been the topic of several research analyst reports. TheStreet cut Extreme Networks from a “c-” rating to a “d+” rating in a research note on Tuesday, March 3rd. BidaskClub raised Extreme Networks from a “strong sell” rating to a “sell” rating in a research note on Tuesday. Zacks Investment Research cut Extreme Networks from a “buy” rating to a “hold” rating in a research note on Thursday, January 30th. Finally, ValuEngine raised Extreme Networks from a “hold” rating to a “buy” rating in a research note on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have given a buy rating to the company. Extreme Networks has an average rating of “Hold” and an average target price 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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