Calix (NYSE:CALX) Hits New 12-Month High After Analyst Upgrade

Calix, Inc (NYSE:CALX - Get Free Report)'s share price reached a new 52-week high on Friday after JPMorgan Chase & Co. raised their price target on the stock from $38.00 to $52.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Calix traded as high as $54.27 and last traded at $53.77, with a volume of 322119 shares traded. The stock had previously closed at $52.96.

Other equities analysts have also recently issued research reports about the company. Wall Street Zen cut Calix from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Rosenblatt Securities reissued a "buy" rating and set a $56.00 target price on shares of Calix in a report on Tuesday. Needham & Company LLC reissued a "buy" rating and set a $53.00 target price on shares of Calix in a report on Tuesday, April 22nd. Wolfe Research initiated coverage on Calix in a report on Monday, July 7th. They set a "peer perform" rating on the stock. Finally, UBS Group restated a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $50.83.

Insider Buying and Selling at Calix

In other Calix news, CFO Cory Sindelar sold 10,000 shares of the company's stock in a transaction on Monday, June 30th. The shares were 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 owned 76,285 shares in the company, valued at $3,966,820. This represents a 11.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, 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 stock was sold at an average price of $39.59, for a total transaction of $989,750.00. Following the sale, the director owned 2,139,188 shares of the company's stock, valued at $84,690,452.92. This trade represents a 1.16% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Cooper Financial Group acquired a new stake in Calix during the second quarter worth approximately $238,000. LVW Advisors LLC boosted its holdings in shares of Calix by 50.4% in the 2nd quarter. LVW Advisors LLC now owns 9,571 shares of the communications equipment provider's stock valued at $509,000 after purchasing an additional 3,206 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Calix by 36.0% in the 2nd quarter. Signaturefd LLC now owns 1,370 shares of the communications equipment provider's stock valued at $73,000 after purchasing an additional 363 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Calix by 5.1% in the 2nd quarter. State of Alaska Department of Revenue now owns 34,361 shares of the communications equipment provider's stock valued at $1,827,000 after purchasing an additional 1,658 shares during the last quarter. Finally, Congress Asset Management Co. boosted its holdings in shares of Calix by 2.9% in the 2nd quarter. Congress Asset Management Co. now owns 1,417,944 shares of the communications equipment provider's stock valued at $75,420,000 after purchasing an additional 39,447 shares during the last quarter. 98.14% of the stock is owned by hedge funds and other institutional investors.

Calix Stock Performance

The company has a market cap of $3.49 billion, a price-to-earnings ratio of -103.56 and a beta of 1.37. The stock's fifty day simple moving average is $48.54 and its two-hundred day simple moving average is $40.93.

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 (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.06. Calix had a negative net margin of 4.20% and a negative return on equity of 4.14%. The firm had revenue of $220.20 million for the quarter, compared to the consensus estimate of $206.98 million. During the same quarter in the previous year, the firm posted $0.21 EPS. Analysts predict that Calix, Inc will post -0.43 EPS for the current fiscal year.

Calix declared that its board has initiated a share repurchase plan on Monday, April 21st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company's leadership believes its stock is undervalued.

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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