Calix (NYSE:CALX) Given New $70.00 Price Target at Needham & Company LLC

Calix (NYSE:CALX - Get Free Report) had its price target lifted by equities researchers at Needham & Company LLC from $60.00 to $70.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the communications equipment provider's stock. Needham & Company LLC's price target indicates a potential upside of 26.03% from the stock's previous close.

CALX has been the topic of several other reports. UBS Group reaffirmed a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Roth Capital set a $50.00 price objective on shares of Calix and gave the company a "buy" rating in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. increased their target price on Calix from $38.00 to $52.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Wall Street Zen lowered Calix from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Finally, Rosenblatt Securities increased their price objective on Calix from $56.00 to $65.00 and gave the stock a "buy" rating in a report on Tuesday. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.17.

Calix Stock Performance

NYSE:CALX traded up $1.81 on Tuesday, reaching $55.54. The company's stock had a trading volume of 2,697,372 shares, compared to its average volume of 705,509. The firm has a market cap of $3.60 billion, a PE ratio of -106.82 and a beta of 1.37. The business's 50-day moving average price is $48.75 and its two-hundred day moving average price is $41.15. Calix has a 1-year low of $28.61 and a 1-year high of $55.95.

Calix (NYSE:CALX - Get Free Report) last released its quarterly earnings data on Monday, July 21st. The communications equipment provider reported $0.33 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.41. The business had revenue of $241.90 million for the quarter, compared to analyst estimates of $223.81 million. Calix had a negative return on equity of 4.14% and a negative net margin of 4.20%. Calix's revenue was up 22.1% compared to the same quarter last year. During the same period last year, the firm posted $0.09 earnings per share. As a group, sell-side analysts expect that Calix will post -0.43 EPS for the current year.

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

Insider Activity

In other news, CFO Cory Sindelar sold 10,000 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $52.00, for a total transaction of $520,000.00. Following the completion of the sale, the chief financial officer directly owned 76,285 shares in the company, valued at $3,966,820. This trade represents a 11.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Carl Russo sold 25,000 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $39.59, for a total value of $989,750.00. Following the completion of the transaction, the director directly owned 2,139,188 shares of the company's stock, valued at $84,690,452.92. This represents a 1.16% decrease in their position. The disclosure for this sale can be found here. Insiders own 16.90% of the company's stock.

Institutional Investors Weigh In On Calix

A number of hedge funds have recently made changes to their positions in the business. Principal Financial Group Inc. raised its stake in Calix by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 294,539 shares of the communications equipment provider's stock valued at $10,438,000 after purchasing an additional 7,030 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Calix in the 4th quarter worth about $512,000. Teacher Retirement System of Texas acquired a new stake in Calix during the 1st quarter worth about $922,000. Vanguard Group Inc. grew its stake in Calix by 5.5% during 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 acquiring an additional 412,982 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of Calix in the 4th quarter valued at about $3,844,000. 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.

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