Calix (NYSE:CALX) Hits New 12-Month High - Here's Why

Calix, Inc. (NYSE:CALX - Get Free Report) reached a new 52-week high on Tuesday . The stock traded as high as $46.20 and last traded at $46.15, with a volume of 547962 shares trading hands. The stock had previously closed at $45.43.

Wall Street Analyst Weigh In

CALX has been the subject of several research analyst reports. Needham & Company LLC restated a "buy" rating and set a $53.00 price target on shares of Calix in a report on Tuesday, April 22nd. JPMorgan Chase & Co. raised their price target on Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday, April 23rd. Rosenblatt Securities raised their price target on Calix from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, April 23rd. UBS Group restated a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Finally, Roth Capital set a $50.00 price target on Calix and gave the company a "buy" rating in a report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.83.

Calix Trading Up 1.6%

The firm has a market capitalization of $2.99 billion, a P/E ratio of -102.55 and a beta of 1.38. The firm has a 50 day moving average price of $37.30 and a 200-day moving average price of $36.37.

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

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

Insider Buying and Selling

In related news, Director Carl Russo sold 25,000 shares of the firm'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 transaction of $989,750.00. Following the completion of the sale, the director now directly owns 2,139,188 shares of the company's stock, valued at approximately $84,690,452.92. This trade represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Calix

Institutional investors and hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new stake in shares of Calix during the 1st quarter worth approximately $28,000. Smartleaf Asset Management LLC increased its holdings in Calix by 367.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 814 shares of the communications equipment provider's stock worth $28,000 after purchasing an additional 640 shares during the period. Signaturefd LLC increased its holdings in Calix by 91.1% during the 1st quarter. Signaturefd LLC now owns 1,007 shares of the communications equipment provider's stock worth $36,000 after purchasing an additional 480 shares during the period. Quarry LP increased its holdings in Calix by 1,704.0% during the 1st quarter. Quarry LP now owns 1,353 shares of the communications equipment provider's stock worth $48,000 after purchasing an additional 1,278 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in Calix by 29.8% during the 4th quarter. Pacer Advisors Inc. now owns 1,558 shares of the communications equipment provider's stock worth $54,000 after purchasing an additional 358 shares during the period. 98.14% of the stock is owned by institutional investors.

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.

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