Calix (NYSE:CALX) Hits New 1-Year High - What's Next?

Shares of Calix, Inc. (NYSE:CALX - Get Free Report) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $47.45 and last traded at $47.34, with a volume of 55427 shares traded. The stock had previously closed at $46.74.

Wall Street Analysts Forecast Growth

CALX has been the topic of several research reports. JPMorgan Chase & Co. lifted their target price on Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a report on Wednesday, April 23rd. Rosenblatt Securities lifted their target price on Calix from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. Roth Capital set a $50.00 target price on Calix and gave the stock a "buy" rating in a report on Tuesday, April 22nd. Needham & Company LLC reaffirmed a "buy" rating and issued a $53.00 target price on shares of Calix in a report on Tuesday, April 22nd. Finally, UBS Group reaffirmed a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Two equities research 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 has a consensus rating of "Moderate Buy" and an average price target of $47.83.

Calix Stock Down 0.9%

The company has a 50 day simple moving average of $39.46 and a two-hundred day simple moving average of $37.12. The company has a market capitalization of $3.00 billion, a P/E ratio of -102.95 and a beta of 1.38.

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, topping the consensus estimate 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 for the quarter, compared to analysts' expectations of $206.98 million. During the same period in the previous year, the firm posted $0.21 earnings per share. As a group, research analysts expect that Calix, Inc. will post -0.43 EPS for the current fiscal year.

Calix declared that its Board of Directors has initiated a stock buyback plan on Monday, April 21st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the communications equipment provider to reacquire up to 4.5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's board of directors believes its shares are undervalued.

Insider Buying and Selling at Calix

In other Calix news, Director Carl Russo sold 25,000 shares of the business'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 transaction, the director now owns 2,139,188 shares in the company, valued at $84,690,452.92. The trade was a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of Calix by 0.5% in the first quarter. Vanguard Group Inc. now owns 8,015,370 shares of the communications equipment provider's stock valued at $284,065,000 after purchasing an additional 37,601 shares during the period. Alliancebernstein L.P. boosted its holdings in shares of Calix by 12.1% in the first quarter. Alliancebernstein L.P. now owns 2,509,223 shares of the communications equipment provider's stock valued at $88,927,000 after purchasing an additional 270,397 shares during the period. Millennium Management LLC boosted its holdings in shares of 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 during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Calix by 4.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,832,407 shares of the communications equipment provider's stock valued at $63,897,000 after purchasing an additional 74,720 shares during the period. Finally, Congress Asset Management Co. boosted its holdings in shares of Calix by 8.1% in the first quarter. Congress Asset Management Co. now owns 1,378,497 shares of the communications equipment provider's stock valued at $48,854,000 after purchasing an additional 103,175 shares during the period. Hedge funds and other 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.