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

Calix, Inc. (NYSE:CALX - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The company 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.

Analyst Ratings Changes

Several research analysts recently commented on the stock. UBS Group restated a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Roth Capital set a $50.00 price objective on shares of Calix and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. Rosenblatt Securities upped their price target 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. Needham & Company LLC reaffirmed a "buy" rating and set a $53.00 price target on shares of Calix in a research report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.83.

Calix Stock Performance

The firm has a market cap of $3.05 billion, a price-to-earnings ratio of -104.54 and a beta of 1.38. The business's 50 day moving average price is $39.08 and its 200-day moving average price is $36.93.

Calix (NYSE:CALX - Get Free Report) last issued its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $206.98 million. During the same quarter in the prior year, the business posted $0.21 EPS. On average, analysts forecast that Calix, Inc. will post -0.43 earnings per share for the current fiscal year.

Calix declared that its board has approved a stock repurchase program on Monday, April 21st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the communications equipment provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

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 shares were 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 in the company, valued at approximately $84,690,452.92. This trade represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 16.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Calix

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CALX. Smartleaf Asset Management LLC boosted its stake in Calix by 367.8% in 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. Meeder Asset Management Inc. acquired a new position in Calix in the 1st quarter worth approximately $28,000. Signaturefd LLC boosted its stake in Calix by 91.1% in 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 boosted its stake in Calix by 1,704.0% in 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. boosted its stake in Calix by 29.8% in 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. Institutional investors and hedge funds own 98.14% of the company's stock.

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.