Extreme Networks Sees Unusually Large Options Volume (NASDAQ:EXTR)
Extreme Networks, Inc (NASDAQ:EXTR) was the recipient of some unusual options trading on Monday. Investors bought 1,828 put options on the company. This is an increase of 2,756% compared to the average volume of 64 put options.
In related news, insider Edward Meyercord sold 100,000 shares of Extreme Networks stock in a transaction that occurred on Friday, August 2nd. The stock was sold at an average price of $8.22, for a total value of $822,000.00. Following the transaction, the insider now directly owns 482,416 shares of the company’s stock, valued at $3,965,459.52. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CRO Robert J. Gault sold 39,584 shares of Extreme Networks stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $7.73, for a total value of $305,984.32. Following the completion of the transaction, the executive now directly owns 294,797 shares in the company, valued at $2,278,780.81. The disclosure for this sale can be found here. Company insiders own 2.62% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in shares of Extreme Networks during the second quarter valued at approximately $27,000. Patriot Financial Group Insurance Agency LLC purchased a new position in shares of Extreme Networks during the second quarter valued at approximately $46,000. Westwood Holdings Group Inc. purchased a new position in shares of Extreme Networks during the second quarter valued at approximately $65,000. Bailard Inc. purchased a new position in shares of Extreme Networks during the second quarter valued at approximately $68,000. Finally, Hennessy Advisors Inc. purchased a new position in shares of Extreme Networks during the second quarter valued at approximately $87,000. Hedge funds and other institutional investors own 80.33% of the company’s stock.
Extreme Networks (NASDAQ:EXTR) last released its quarterly earnings data on Wednesday, July 31st. The technology company reported ($0.01) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.01. The firm had revenue of $252.40 million during the quarter, compared to the consensus estimate of $244.72 million. Extreme Networks had a positive return on equity of 10.98% and a negative net margin of 2.60%. The company’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.20 earnings per share. As a group, equities research analysts forecast that Extreme Networks will post 0.43 EPS for the current fiscal year.
A number of equities research analysts have weighed in on EXTR shares. Zacks Investment Research upgraded Extreme Networks from a “hold” rating to a “buy” rating and set a $8.00 target price for the company in a report on Tuesday, October 8th. ValuEngine downgraded Extreme Networks from a “hold” rating to a “sell” rating in a report on Monday, October 7th. BidaskClub downgraded Extreme Networks from a “buy” rating to a “hold” rating in a report on Friday, September 20th. Finally, Lake Street Capital began coverage on Extreme Networks in a report on Monday, July 29th. They set a “buy” rating and a $9.00 price objective for the company. One analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $10.00.
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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