Calix, Inc (NYSE:CALX) Director Carl Russo Sells 25,000 Shares

Key Points

• Carl Russo, a director at Calix, Inc, sold 25,000 shares of the company for $1,385,000 on July 28th, reducing his ownership by 1.17% while retaining approximately 2.1 million shares valued at about $117 million.
• Calix reported strong quarterly earnings, with $0.33 earnings per share, exceeding estimates, and a year-over-year revenue increase of 22.1% to $241.9 million.
• The company has authorized a $100 million stock buyback plan, indicative of the board's belief that the stock is undervalued.

Calix, Inc (NYSE:CALX - Get Free Report) Director Carl Russo sold 25,000 shares of the stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $55.40, for a total value of $1,385,000.00. Following the completion of the transaction, the director directly owned 2,114,188 shares in the company, valued at approximately $117,126,015.20. This represents a 1.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Calix Price Performance

Shares of CALX stock traded down $0.64 on Friday, hitting $56.05. 612,921 shares of the stock traded hands, compared to its average volume of 840,088. Calix, Inc has a 52 week low of $28.60 and a 52 week high of $57.90. The firm has a 50 day simple moving average of $50.76 and a two-hundred day simple moving average of $42.40. The firm has a market cap of $3.66 billion, a price-to-earnings ratio of -140.12 and a beta of 1.27.

Calix (NYSE:CALX - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The communications equipment provider reported $0.33 EPS for the quarter, beating analysts' consensus estimates of ($0.08) by $0.41. The business had revenue of $241.90 million for the quarter, compared to analysts' expectations of $223.81 million. Calix had a negative return on equity of 3.21% and a negative net margin of 3.09%. The business's quarterly revenue was up 22.1% on a year-over-year basis. During the same period last year, the firm earned $0.09 earnings per share. Sell-side analysts forecast that Calix, Inc will post -0.43 EPS for the current year.

Calix declared that its board has authorized a stock buyback program on Monday, April 21st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the communications equipment provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

Analyst Ratings Changes

Several brokerages recently issued reports on CALX. Wall Street Zen upgraded shares of Calix from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. UBS Group reissued a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. raised their target price on Calix from $38.00 to $52.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Needham & Company LLC lifted their target price on Calix from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Finally, Rosenblatt Securities upped their price target on Calix from $56.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Two analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Calix currently has an average rating of "Moderate Buy" and a consensus target price of $59.25.

Institutional Investors Weigh In On Calix

A number of institutional investors have recently added to or reduced their stakes in CALX. Teacher Retirement System of Texas lifted its holdings in shares of Calix by 29.1% in the second quarter. Teacher Retirement System of Texas now owns 33,564 shares of the communications equipment provider's stock worth $1,785,000 after buying an additional 7,560 shares in the last quarter. Nisa Investment Advisors LLC boosted its holdings in shares of Calix by 59.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 4,004 shares of the communications equipment provider's stock valued at $213,000 after purchasing an additional 1,496 shares during the last quarter. Linden Thomas Advisory Services LLC purchased a new position in shares of Calix during the second quarter valued at about $216,000. State of New Jersey Common Pension Fund D bought a new stake in shares of Calix in the second quarter worth about $2,141,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Calix in the second quarter worth about $1,877,000. 98.14% of the stock is owned by hedge funds and other institutional investors.

Calix Company Profile

Calix, Inc, together with its subsidiaries, engages in the provision of cloud and software platforms, and systems and services in the United States, rest of Americas, Europe, the Middle East, Africa, and the Asia Pacific. Its cloud and software platforms, and systems and services enable broadband service providers (BSPs) to provide a range of services.