Short Interest in Extreme Networks, Inc. (NASDAQ:EXTR) Expands By 21.2%

Extreme Networks, Inc. (NASDAQ:EXTR - Get Free Report) was the target of a large growth in short interest in the month of May. As of May 15th, there was short interest totalling 6,630,000 shares, a growth of 21.2% from the April 30th total of 5,470,000 shares. Based on an average trading volume of 1,400,000 shares, the short-interest ratio is presently 4.7 days. Approximately 5.2% of the shares of the company are sold short.

Extreme Networks Price Performance

Shares of EXTR stock traded up $0.27 on Friday, reaching $16.63. The company's stock had a trading volume of 773,633 shares, compared to its average volume of 1,357,213. The stock's fifty day simple moving average is $13.88 and its 200-day simple moving average is $15.40. Extreme Networks has a 1 year low of $10.10 and a 1 year high of $19.24. The company has a current ratio of 0.93, a quick ratio of 0.68 and a debt-to-equity ratio of 3.34. The company has a market capitalization of $2.21 billion, a price-to-earnings ratio of -17.69, a price-to-earnings-growth ratio of 3.06 and a beta of 1.73.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last posted its earnings results on Wednesday, April 30th. The technology company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.02. Extreme Networks had a negative net margin of 11.98% and a negative return on equity of 110.86%. The firm had revenue of $284.51 million during the quarter, compared to analyst estimates of $280.32 million. During the same period last year, the firm posted ($0.19) earnings per share. Extreme Networks's revenue for the quarter was up 34.8% compared to the same quarter last year. Analysts forecast that Extreme Networks will post 0.31 earnings per share for the current fiscal year.

Extreme Networks announced that its board has authorized a stock repurchase program on Tuesday, February 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its shares are undervalued.

Insider Buying and Selling at Extreme Networks

In other news, CEO Edward Meyercord sold 35,725 shares of the stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $13.73, for a total value of $490,504.25. Following the transaction, the chief executive officer now owns 1,510,719 shares in the company, valued at $20,742,171.87. This represents a 2.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 3.70% of the company's stock.

Institutional Trading of Extreme Networks

Several institutional investors and hedge funds have recently made changes to their positions in the business. First Hawaiian Bank lifted its position in shares of Extreme Networks by 20.3% during the first quarter. First Hawaiian Bank now owns 29,567 shares of the technology company's stock worth $391,000 after purchasing an additional 4,995 shares during the last quarter. Strs Ohio bought a new stake in shares of Extreme Networks in the first quarter valued at about $176,000. Intech Investment Management LLC raised its holdings in shares of Extreme Networks by 26.9% in the first quarter. Intech Investment Management LLC now owns 210,314 shares of the technology company's stock valued at $2,782,000 after acquiring an additional 44,602 shares in the last quarter. Focus Partners Wealth raised its holdings in shares of Extreme Networks by 25.3% in the first quarter. Focus Partners Wealth now owns 324,736 shares of the technology company's stock valued at $4,296,000 after acquiring an additional 65,535 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Extreme Networks by 7.5% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 319,434 shares of the technology company's stock valued at $4,226,000 after acquiring an additional 22,209 shares in the last quarter. 91.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. Lake Street Capital lowered their price objective on shares of Extreme Networks from $16.00 to $15.00 and set a "hold" rating on the stock in a research note on Thursday, May 1st. Needham & Company LLC reissued a "buy" rating and issued a $20.00 target price on shares of Extreme Networks in a report on Thursday, May 15th. Rosenblatt Securities reissued a "buy" rating and issued a $18.00 target price on shares of Extreme Networks in a report on Thursday, May 1st. UBS Group reduced their target price on shares of Extreme Networks from $16.50 to $15.00 and set a "neutral" rating for the company in a report on Thursday, May 1st. Finally, Wall Street Zen raised shares of Extreme Networks from a "buy" rating to a "strong-buy" rating in a report on Thursday, May 22nd. Two research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Extreme Networks presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.58.

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.