Calix, Inc (NYSE:CALX) Director Sells $1,385,000.00 in Stock

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 transaction of $1,385,000.00. Following the completion of the sale, the director directly owned 2,114,188 shares in the company, valued at approximately $117,126,015.20. The trade was a 1.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Calix Price Performance

CALX traded down $0.29 during trading on Tuesday, hitting $56.19. The company's stock had a trading volume of 618,127 shares, compared to its average volume of 775,877. Calix, Inc has a twelve month low of $28.60 and a twelve month high of $57.90. The stock has a market cap of $3.67 billion, a PE ratio of -140.47 and a beta of 1.37. The firm's 50 day moving average price is $49.99 and its 200-day moving average price is $41.93.

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

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on CALX shares. Rosenblatt Securities raised their price objective on shares of Calix from $56.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. Wolfe Research assumed coverage on Calix in a report on Monday, July 7th. They set a "peer perform" rating on the stock. Wall Street Zen raised Calix from a "hold" rating to a "strong-buy" rating in a report on Saturday. Roth Capital set a $50.00 price objective on Calix and gave the company a "buy" rating in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC boosted their target price on shares of Calix from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, July 22nd. Two investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.25.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Millennium Management LLC grew its stake in Calix by 77.8% during the fourth quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider's stock worth $70,828,000 after buying an additional 889,102 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of Calix by 135.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 947,738 shares of the communications equipment provider's stock valued at $50,410,000 after acquiring an additional 545,490 shares in the last quarter. Nuveen LLC purchased a new stake in Calix during the 1st quarter worth $15,207,000. Vanguard Group Inc. increased its holdings in Calix by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider's stock valued at $278,185,000 after purchasing an additional 412,982 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its position in Calix by 711.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 436,036 shares of the communications equipment provider's stock valued at $15,205,000 after purchasing an additional 382,301 shares during the period. 98.14% of the stock is owned by institutional investors and hedge funds.

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.

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