Extreme Networks Target of Unusually Large Options Trading (NASDAQ:EXTR)

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) saw some unusual options trading activity on Wednesday. Traders bought 6,838 put options on the company. This represents an increase of 686% compared to the average volume of 870 put options.

Extreme Networks Trading Up 2.2 %

Shares of EXTR stock traded up $0.25 during trading hours on Wednesday, hitting $11.45. 4,940,597 shares of the company were exchanged, compared to its average volume of 2,102,031. Extreme Networks has a 1 year low of $10.57 and a 1 year high of $32.73. The firm has a fifty day moving average of $11.57 and a 200 day moving average of $14.91. The company has a quick ratio of 0.74, a current ratio of 1.02 and a debt-to-equity ratio of 1.69. The firm has a market cap of $1.47 billion, a PE ratio of 19.08, a PEG ratio of 4.12 and a beta of 1.90.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its quarterly earnings results on Wednesday, January 31st. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.16 by ($0.05). Extreme Networks had a net margin of 5.96% and a return on equity of 98.24%. The business had revenue of $296.38 million during the quarter, compared to analysts' expectations of $295.50 million. Analysts expect that Extreme Networks will post 0.17 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on EXTR shares. Rosenblatt Securities lowered shares of Extreme Networks from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $19.00 to $15.00 in a research note on Thursday, February 1st. B. Riley upgraded shares of Extreme Networks from a "neutral" rating to a "buy" rating and set a $14.00 target price on the stock in a report on Monday, April 15th. TheStreet lowered shares of Extreme Networks from a "b-" rating to a "c+" rating in a report on Tuesday, February 20th. UBS Group lowered shares of Extreme Networks from a "buy" rating to a "neutral" rating and reduced their target price for the company from $22.00 to $14.00 in a report on Thursday, February 1st. Finally, Needham & Company LLC restated a "buy" rating and issued a $16.50 target price on shares of Extreme Networks in a report on Wednesday. Six research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $22.36.

Insider Buying and Selling at Extreme Networks

In other Extreme Networks news, CEO Edward Meyercord sold 28,443 shares of Extreme Networks stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $13.24, for a total value of $376,585.32. Following the transaction, the chief executive officer now directly owns 1,129,611 shares in the company, valued at $14,956,049.64. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 3.32% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of EXTR. Allworth Financial LP raised its holdings in Extreme Networks by 4,924.4% in the fourth quarter. Allworth Financial LP now owns 2,060 shares of the technology company's stock valued at $36,000 after buying an additional 2,019 shares during the period. Asset Management One Co. Ltd. acquired a new stake in Extreme Networks in the third quarter valued at approximately $37,000. Tucker Asset Management LLC acquired a new stake in Extreme Networks in the third quarter valued at approximately $41,000. Hennessy Advisors Inc. acquired a new stake in Extreme Networks in the fourth quarter valued at approximately $82,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in Extreme Networks in the third quarter valued at approximately $91,000. Hedge funds and other 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.