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 report issued on Tuesday,Benzinga reports. They currently have a $56.00 price objective on the communications equipment provider's stock.

Several other analysts have also recently weighed in on CALX. JPMorgan Chase & Co. lifted their price target on shares of Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday, April 23rd. Roth Capital set a $50.00 target price on shares of Calix and gave the company a "buy" rating in a report on Tuesday, April 22nd. Needham & Company LLC restated a "buy" rating and set a $53.00 target price on shares of Calix in a report on Tuesday, April 22nd. Wolfe Research started coverage on shares of Calix in a report on Monday, July 7th. They set a "peer perform" rating on the stock. Finally, Wall Street Zen cut shares of Calix from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.83.

Calix Price Performance

NYSE:CALX traded up $0.64 during trading hours on Tuesday, hitting $53.60. The company had a trading volume of 568,503 shares, compared to its average volume of 693,159. The company has a market capitalization of $3.47 billion, a PE ratio of -103.05 and a beta of 1.37. The stock has a 50-day moving average price of $48.54 and a 200 day moving average price of $40.93. Calix has a 52 week low of $28.61 and a 52 week high of $54.19.

Calix (NYSE:CALX - Get Free Report) last released its quarterly earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.06. The business had revenue of $220.20 million for the quarter, compared to analysts' expectations of $206.98 million. Calix had a negative net margin of 4.20% and a negative return on equity of 4.14%. During the same quarter in the previous year, the business posted $0.21 earnings per share. Analysts anticipate that Calix will post -0.43 EPS for the current fiscal year.

Calix declared that its board has initiated a stock repurchase 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 buy up to 4.5% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In other news, Director Carl Russo sold 25,000 shares of Calix stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $39.59, for a total value of $989,750.00. Following the completion of the transaction, the director owned 2,139,188 shares of the company's stock, valued at $84,690,452.92. The trade was a 1.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Cory Sindelar sold 10,000 shares of Calix stock in a transaction dated 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 transaction, the chief financial officer directly owned 76,285 shares of the company's stock, valued at approximately $3,966,820. This 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 insiders.

Hedge Funds Weigh In On Calix

Several large investors have recently modified their holdings of the stock. Millennium Management LLC raised its position in Calix by 77.8% in the 4th 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 last quarter. Assenagon Asset Management S.A. raised its position in Calix by 135.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 947,738 shares of the communications equipment provider's stock worth $50,410,000 after buying an additional 545,490 shares during the last quarter. Nuveen LLC purchased a new position in Calix in the 1st quarter worth about $15,207,000. Vanguard Group Inc. raised its position 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 worth $278,185,000 after buying an additional 412,982 shares during the last quarter. Finally, Balyasny Asset Management L.P. raised its position in Calix by 711.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 436,036 shares of the communications equipment provider's stock worth $15,205,000 after buying an additional 382,301 shares during the last quarter. 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.