Calix (NYSE:CALX) Sets New 52-Week High - Here's Why

Calix, Inc. (NYSE:CALX - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $46.20 and last traded at $46.15, with a volume of 547962 shares changing hands. The stock had previously closed at $45.43.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on CALX. JPMorgan Chase & Co. boosted their price objective on shares of Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a research report on Wednesday, April 23rd. Roth Capital set a $50.00 target price on shares of Calix and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. Rosenblatt Securities upped their target price on shares of Calix from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, April 23rd. UBS Group restated a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $53.00 price target on shares of Calix in a research note on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $47.83.

Calix Stock Performance

The business's 50 day moving average price is $38.39 and its two-hundred day moving average price is $36.68. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of -103.95 and a beta of 1.38.

Calix (NYSE:CALX - Get Free Report) last released its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.13 by $0.06. Calix had a negative net margin of 3.58% and a negative return on equity of 3.43%. The business had revenue of $220.20 million during the quarter, compared to analyst estimates of $206.98 million. During the same period in the prior year, the business earned $0.21 earnings per share. On average, sell-side analysts expect that Calix, Inc. will post -0.43 earnings per share for the current year.

Calix declared that its board has authorized a stock buyback plan on Monday, April 21st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.

Insider Transactions at Calix

In other Calix news, Director Carl Russo sold 25,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $38.15, for a total value of $953,750.00. Following the completion of the sale, the director now directly owns 2,164,188 shares of the company's stock, valued at $82,563,772.20. This represents a 1.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 16.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Calix

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its position in Calix by 0.5% in the 1st quarter. Vanguard Group Inc. now owns 8,015,370 shares of the communications equipment provider's stock valued at $284,065,000 after acquiring an additional 37,601 shares in the last quarter. Alliancebernstein L.P. increased its position in Calix by 12.1% in the 1st quarter. Alliancebernstein L.P. now owns 2,509,223 shares of the communications equipment provider's stock valued at $88,927,000 after acquiring an additional 270,397 shares in the last quarter. Millennium Management LLC increased 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 valued at $70,828,000 after acquiring an additional 889,102 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Calix by 4.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,832,407 shares of the communications equipment provider's stock valued at $63,897,000 after acquiring an additional 74,720 shares in the last quarter. Finally, Congress Asset Management Co. increased its position in Calix by 8.1% in the 1st quarter. Congress Asset Management Co. now owns 1,378,497 shares of the communications equipment provider's stock valued at $48,854,000 after acquiring an additional 103,175 shares in the last quarter. 98.14% of the stock is owned by institutional investors.

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.