Calix's (CALX) Buy Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Calix (NYSE:CALX - Free Report) in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a $56.00 price target on the communications equipment provider's stock.

Other equities analysts have also issued reports about the company. Wolfe Research started coverage on Calix in a report on Monday, July 7th. They set a "peer perform" rating for the company. Wall Street Zen lowered Calix from a "buy" rating to a "hold" rating in a report on Saturday. JPMorgan Chase & Co. increased their price objective on Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday, April 23rd. UBS Group reissued a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Finally, Roth Capital set a $50.00 price objective on Calix and gave the company a "buy" rating in a report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.50.

Calix Trading Up 2.4%

Shares of CALX stock traded up $1.22 during trading on Tuesday, hitting $51.30. The company's stock had a trading volume of 746,759 shares, compared to its average volume of 692,773. The company has a market cap of $3.33 billion, a PE ratio of -98.65 and a beta of 1.37. The business has a fifty day moving average of $48.34 and a 200-day moving average of $40.80. Calix has a 52 week low of $28.61 and a 52 week high of $54.07.

Calix (NYSE:CALX - Get Free Report) last released its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.06. The company had revenue of $220.20 million during the quarter, compared to analyst estimates of $206.98 million. Calix had a negative return on equity of 4.14% and a negative net margin of 4.20%. During the same period in the prior year, the company posted $0.21 earnings per share. As a group, research analysts predict that Calix will post -0.43 EPS for the current year.

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

Insiders Place Their Bets

In related news, Director Carl Russo sold 25,000 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $39.59, for a total value of $989,750.00. Following the sale, the director owned 2,139,188 shares in the company, valued at approximately $84,690,452.92. This trade represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Cory Sindelar sold 10,000 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $52.00, for a total value of $520,000.00. Following the completion of the sale, the chief financial officer owned 76,285 shares in the company, valued at $3,966,820. This trade represents a 11.59% decrease in their position. The disclosure for this sale can be found here. 16.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Calix

Institutional investors and hedge funds have recently made changes to their positions in the business. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Calix in the fourth quarter worth $512,000. Principal Financial Group Inc. raised its position in shares of Calix by 2.4% in the first quarter. Principal Financial Group Inc. now owns 294,539 shares of the communications equipment provider's stock worth $10,438,000 after buying an additional 7,030 shares in the last quarter. Amundi purchased a new stake in shares of Calix in the fourth quarter worth $330,000. HighTower Advisors LLC raised its position in shares of Calix by 30.5% in the fourth quarter. HighTower Advisors LLC now owns 118,245 shares of the communications equipment provider's stock worth $4,123,000 after buying an additional 27,622 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Calix in the first quarter worth $922,000. Hedge funds and other institutional investors own 98.14% of the company's stock.

About Calix

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.