Extreme Networks Target of Unusually High Options Trading (EXTR)

Extreme Networks, Inc (NASDAQ:EXTR) saw some unusual options trading activity on Wednesday. Stock traders acquired 19,733 put options on the company. This is an increase of 2,881% compared to the typical daily volume of 662 put options.

In related news, insider Edward Meyercord sold 99,859 shares of the firm’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $6.34, for a total transaction of $633,106.06. Following the transaction, the insider now directly owns 554,840 shares of the company’s stock, valued at $3,517,685.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.45% of the stock is owned by company insiders.

A number of hedge funds have recently made changes to their positions in the business. Texas Permanent School Fund raised its position in Extreme Networks by 4.0% in the fourth quarter. Texas Permanent School Fund now owns 77,438 shares of the technology company’s stock worth $472,000 after acquiring an additional 2,991 shares during the period. Raymond James Trust N.A. increased its stake in shares of Extreme Networks by 21.5% in the fourth quarter. Raymond James Trust N.A. now owns 21,500 shares of the technology company’s stock worth $131,000 after purchasing an additional 3,800 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Extreme Networks in the fourth quarter worth about $25,000. PNC Financial Services Group Inc. increased its stake in shares of Extreme Networks by 384.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 9,292 shares of the technology company’s stock worth $57,000 after purchasing an additional 7,372 shares in the last quarter. Finally, NJ State Employees Deferred Compensation Plan increased its stake in shares of Extreme Networks by 10.0% in the third quarter. NJ State Employees Deferred Compensation Plan now owns 110,000 shares of the technology company’s stock worth $603,000 after purchasing an additional 10,000 shares in the last quarter. 81.87% of the stock is currently owned by institutional investors and hedge funds.

Shares of EXTR stock opened at $7.50 on Thursday. The stock has a market capitalization of $874.53 million, a price-to-earnings ratio of 17.05, a P/E/G ratio of 1.93 and a beta of 1.08. The company has a debt-to-equity ratio of 1.50, a quick ratio of 1.04 and a current ratio of 1.23. Extreme Networks has a 52 week low of $4.81 and a 52 week high of $13.05.

Extreme Networks (NASDAQ:EXTR) last announced its quarterly earnings data on Tuesday, January 29th. The technology company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.04 by $0.09. The business had revenue of $252.70 million for the quarter, compared to analyst estimates of $244.45 million. Extreme Networks had a negative net margin of 2.04% and a positive return on equity of 36.26%. The company’s revenue for the quarter was up 9.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.14 earnings per share. Research analysts predict that Extreme Networks will post 0.27 earnings per share for the current year.

A number of research analysts recently weighed in on EXTR shares. BidaskClub raised shares of Extreme Networks from a “buy” rating to a “strong-buy” rating in a research report on Friday, January 11th. ValuEngine raised shares of Extreme Networks from a “strong sell” rating to a “sell” rating in a research report on Friday, October 19th. DA Davidson set a $13.00 price objective on shares of Extreme Networks and gave the stock a “buy” rating in a research report on Monday, January 14th. Finally, TheStreet raised shares of Extreme Networks from a “d+” rating to a “c” rating in a research report on Tuesday, January 29th. Four research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $9.00.

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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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