Connor Clark & Lunn Investment Management Ltd. Has $9.21 Million Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Extreme Networks, Inc. by 8.6%, selling 65,549 shares, and now holds approximately 0.52% of the company valued at $9.2 million.
• Extreme Networks reported earnings of $0.25 per share for the latest quarter, exceeding estimates, while its revenue increased by 19.6% year-over-year to $307 million.
• Several analyst firms upgraded their price targets for Extreme Networks, with Needham & Company raising their target to $24.00 and Rosenblatt Securities to $25.00, indicating a positive outlook for the stock.

Connor Clark & Lunn Investment Management Ltd. trimmed its holdings in shares of Extreme Networks, Inc. (NASDAQ:EXTR - Free Report) by 8.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 695,734 shares of the technology company's stock after selling 65,549 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.52% of Extreme Networks worth $9,205,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of EXTR. Sterling Capital Management LLC increased its holdings in Extreme Networks by 603.3% in the fourth quarter. Sterling Capital Management LLC now owns 1,941 shares of the technology company's stock valued at $32,000 after buying an additional 1,665 shares during the last quarter. Orion Capital Management LLC bought a new stake in Extreme Networks in the fourth quarter valued at about $33,000. Quarry LP increased its holdings in Extreme Networks by 42.1% in the fourth quarter. Quarry LP now owns 2,426 shares of the technology company's stock valued at $41,000 after buying an additional 719 shares during the last quarter. GAMMA Investing LLC increased its holdings in Extreme Networks by 105.6% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the technology company's stock valued at $42,000 after buying an additional 1,628 shares during the last quarter. Finally, Byrne Asset Management LLC boosted its stake in Extreme Networks by 115.6% in the first quarter. Byrne Asset Management LLC now owns 3,881 shares of the technology company's stock valued at $51,000 after acquiring an additional 2,081 shares during the period. 91.05% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. UBS Group lifted their target price on Extreme Networks from $15.00 to $21.00 and gave the company a "neutral" rating in a research note on Thursday, August 7th. Lake Street Capital upgraded Extreme Networks from a "hold" rating to a "buy" rating and set a $24.00 target price for the company in a research note on Thursday, August 7th. Rosenblatt Securities lifted their target price on Extreme Networks from $20.00 to $25.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Needham & Company LLC lifted their target price on Extreme Networks from $20.00 to $24.00 and gave the company a "buy" rating in a research note on Thursday, August 7th. Finally, Wall Street Zen upgraded Extreme Networks from a "buy" rating to a "strong-buy" rating in a research report on Thursday, May 22nd. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Extreme Networks has a consensus rating of "Buy" and an average target price of $22.92.

Insider Buying and Selling

In other Extreme Networks news, Director Raj Khanna sold 2,027 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $17.43, for a total value of $35,330.61. Following the transaction, the director owned 231,708 shares of the company's stock, valued at approximately $4,038,670.44. This represents a 0.87% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Edward H. Kennedy sold 25,000 shares of the company's stock in a transaction on Monday, August 11th. The shares were sold at an average price of $20.01, for a total value of $500,250.00. Following the completion of the transaction, the director directly owned 612,691 shares in the company, valued at $12,259,946.91. This represents a 3.92% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 106,450 shares of company stock valued at $1,937,024 over the last quarter. Corporate insiders own 3.70% of the company's stock.

Extreme Networks Price Performance

NASDAQ:EXTR traded down $0.07 during midday trading on Friday, hitting $19.69. 520,070 shares of the stock were exchanged, compared to its average volume of 1,244,603. Extreme Networks, Inc. has a one year low of $10.10 and a one year high of $21.34. The company has a market capitalization of $2.62 billion, a price-to-earnings ratio of -393.80, a P/E/G ratio of 2.29 and a beta of 1.75. The business has a 50-day moving average price of $17.88 and a two-hundred day moving average price of $15.64. The company has a current ratio of 0.91, a quick ratio of 0.74 and a debt-to-equity ratio of 2.50.

Extreme Networks (NASDAQ:EXTR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The technology company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.22 by $0.03. Extreme Networks had a positive return on equity of 82.47% and a negative net margin of 0.65%. The firm had revenue of $307.00 million for the quarter, compared to analysts' expectations of $299.88 million. During the same quarter in the previous year, the company earned ($0.08) earnings per share. The firm's quarterly revenue was up 19.6% compared to the same quarter last year. Sell-side analysts predict that Extreme Networks, Inc. will post 0.31 EPS for the current year.

Extreme Networks Company Profile

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.