Calix (NYSE:CALX) Reaches New 1-Year High on Analyst Upgrade

Calix, Inc. (NYSE:CALX - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Thursday after Rosenblatt Securities raised their price target on the stock from $52.00 to $56.00. Rosenblatt Securities currently has a buy rating on the stock. Calix traded as high as $48.78 and last traded at $48.76, with a volume of 63149 shares traded. The stock had previously closed at $47.88.

CALX has been the topic of a number of other reports. Needham & Company LLC reiterated a "buy" rating and set a $53.00 price target on shares of Calix in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. boosted their price objective on Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 23rd. UBS Group reissued a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Finally, Roth Capital set a $50.00 price objective on Calix and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $48.50.

Insider Transactions at Calix

In related news, Director Carl Russo sold 25,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 2,139,188 shares of the company's stock, valued at $84,690,452.92. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 16.90% of the company's stock.

Hedge Funds Weigh In On Calix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CALX. Millennium Management LLC boosted its holdings in Calix by 77.8% in the fourth quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider's stock valued at $70,828,000 after purchasing an additional 889,102 shares in the last quarter. Nuveen LLC purchased a new stake in Calix in the first quarter valued at approximately $15,207,000. Vanguard Group Inc. lifted its stake in Calix by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider's stock valued at $278,185,000 after buying an additional 412,982 shares during the last quarter. Balyasny Asset Management L.P. lifted its stake 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 buying an additional 382,301 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its stake in Calix by 105.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 708,723 shares of the communications equipment provider's stock valued at $24,713,000 after buying an additional 364,209 shares during the last quarter. 98.14% of the stock is owned by institutional investors and hedge funds.

Calix Price Performance

The stock has a 50 day simple moving average of $41.87 and a two-hundred day simple moving average of $38.14. The company has a market cap of $3.12 billion, a PE ratio of -107.02 and a beta of 1.35.

Calix (NYSE:CALX - Get Free Report) last issued its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.06. Calix had a negative return on equity of 3.43% and a negative net margin of 3.58%. The company had revenue of $220.20 million during the quarter, compared to analysts' expectations of $206.98 million. During the same quarter in the previous year, the business earned $0.21 earnings per share. As a group, equities analysts anticipate that Calix, Inc. will post -0.43 EPS for the current fiscal year.

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

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.