Connor Clark & Lunn Investment Management Ltd. Raises Stock Position in Extreme Networks, Inc. (NASDAQ:EXTR)

Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Extreme Networks, Inc. (NASDAQ:EXTR) by 3.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 761,283 shares of the technology company’s stock after acquiring an additional 22,986 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.57% of Extreme Networks worth $12,744,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Essex Investment Management Co. LLC purchased a new position in Extreme Networks during the fourth quarter valued at approximately $2,599,000. Amundi increased its holdings in Extreme Networks by 82.1% during the fourth quarter. Amundi now owns 88,308 shares of the technology company’s stock valued at $1,545,000 after buying an additional 39,819 shares during the period. Edgestream Partners L.P. increased its holdings in Extreme Networks by 58.2% during the fourth quarter. Edgestream Partners L.P. now owns 185,024 shares of the technology company’s stock valued at $3,097,000 after buying an additional 68,059 shares during the period. Lisanti Capital Growth LLC increased its holdings in Extreme Networks by 71.0% during the fourth quarter. Lisanti Capital Growth LLC now owns 334,300 shares of the technology company’s stock valued at $5,596,000 after buying an additional 138,810 shares during the period. Finally, Inceptionr LLC purchased a new position in Extreme Networks during the fourth quarter valued at approximately $426,000. 91.05% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

EXTR has been the topic of several research reports. StockNews.com raised shares of Extreme Networks from a “hold” rating to a “buy” rating in a report on Thursday, December 19th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $22.00 price target on shares of Extreme Networks in a report on Friday, February 7th. Lake Street Capital lifted their price target on shares of Extreme Networks from $15.00 to $16.00 and gave the stock a “hold” rating in a report on Thursday, January 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Extreme Networks in a report on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Transactions at Extreme Networks

In related news, CEO Edward Meyercord sold 35,725 shares of the business’s stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $15.39, for a total transaction of $549,807.75. Following the completion of the transaction, the chief executive officer now directly owns 1,478,941 shares in the company, valued at $22,760,901.99. The trade was a 2.36 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 3.70% of the company’s stock.

Extreme Networks Price Performance

NASDAQ EXTR opened at $14.53 on Friday. Extreme Networks, Inc. has a 12-month low of $10.50 and a 12-month high of $19.24. The firm’s fifty day simple moving average is $15.91 and its two-hundred day simple moving average is $15.88. 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 firm has a market capitalization of $1.93 billion, a P/E ratio of -15.46, a P/E/G ratio of 3.06 and a beta of 1.72.

Extreme Networks (NASDAQ:EXTR) last posted its quarterly earnings data on Wednesday, January 29th. The technology company reported $0.11 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.07). Extreme Networks had a negative return on equity of 110.86% and a negative net margin of 11.98%. Analysts forecast that Extreme Networks, Inc. will post 0.31 EPS for the current fiscal year.

Extreme Networks declared that its board has initiated a share repurchase plan on Tuesday, February 18th that allows the company to buyback $200.00 million in shares. This buyback authorization allows the technology company to repurchase up to 9.2% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Extreme Networks 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.