Extreme Networks, Inc. (NASDAQ:EXTR – Get Rating) was the target of a large increase in short interest during the month of November. As of November 15th, there was short interest totalling 8,050,000 shares, an increase of 10.7% from the October 31st total of 7,270,000 shares. Based on an average daily trading volume, of 1,190,000 shares, the short-interest ratio is presently 6.8 days.
Extreme Networks Stock Performance
NASDAQ:EXTR traded up $0.13 during trading hours on Friday, reaching $20.13. 1,089,574 shares of the company’s stock were exchanged, compared to its average volume of 1,061,770. Extreme Networks has a 1-year low of $8.49 and a 1-year high of $21.03. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 61.00 and a beta of 2.09. The company has a quick ratio of 0.86, a current ratio of 0.96 and a debt-to-equity ratio of 2.09. The company has a 50-day moving average of $16.47 and a 200 day moving average of $13.23.
Insider Buying and Selling at Extreme Networks
In other news, CRO Joseph A. Vitalone sold 20,226 shares of the company’s stock in a transaction on Wednesday, October 26th. The stock was sold at an average price of $16.06, for a total value of $324,829.56. Following the completion of the sale, the executive now directly owns 41,298 shares in the company, valued at approximately $663,245.88. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Extreme Networks news, CRO Joseph A. Vitalone sold 20,226 shares of the stock in a transaction dated Wednesday, October 26th. The shares were sold at an average price of $16.06, for a total transaction of $324,829.56. Following the completion of the transaction, the executive now owns 41,298 shares of the company’s stock, valued at approximately $663,245.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathleen M. Holmgren purchased 5,370 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was acquired at an average cost of $18.63 per share, with a total value of $100,043.10. Following the acquisition, the director now owns 201,034 shares in the company, valued at approximately $3,745,263.42. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 37,858 shares of company stock worth $646,378. Insiders own 3.16% of the company’s stock.
Institutional Trading of Extreme Networks
Several hedge funds have recently made changes to their positions in the company. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Extreme Networks in the 3rd quarter worth $508,000. Alpha Paradigm Partners LLC increased its holdings in shares of Extreme Networks by 567.4% in the 3rd quarter. Alpha Paradigm Partners LLC now owns 132,812 shares of the technology company’s stock valued at $1,736,000 after purchasing an additional 112,913 shares in the last quarter. Balyasny Asset Management LLC purchased a new position in shares of Extreme Networks in the 3rd quarter valued at about $166,000. State Street Corp increased its holdings in shares of Extreme Networks by 0.7% in the 3rd quarter. State Street Corp now owns 4,437,359 shares of the technology company’s stock valued at $57,996,000 after purchasing an additional 31,937 shares in the last quarter. Finally, Algert Global LLC increased its holdings in shares of Extreme Networks by 86.2% in the 3rd quarter. Algert Global LLC now owns 131,751 shares of the technology company’s stock valued at $1,722,000 after purchasing an additional 61,011 shares in the last quarter. Institutional investors and hedge funds own 85.00% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have weighed in on EXTR. Westpark Capital assumed coverage on shares of Extreme Networks in a research note on Tuesday, September 13th. They issued a “buy” rating for the company. Lake Street Capital lifted their price objective on shares of Extreme Networks from $15.00 to $19.00 in a report on Friday, October 28th. Rosenblatt Securities boosted their target price on shares of Extreme Networks from $20.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, October 28th. Cowen boosted their price target on shares of Extreme Networks to $18.00 in a research report on Tuesday, November 1st. Finally, StockNews.com began coverage on shares of Extreme Networks in a report on Wednesday, October 12th. They issued a “strong-buy” rating on the stock. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Extreme Networks has a consensus rating of “Buy” and an average target price of $19.75.
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.