Calix (NYSE:CALX) Hits New 12-Month High - Still a Buy?

Key Points

• Calix (NYSE:CALX) shares hit a new 52-week high of $58.06 during mid-day trading, closing at $58.13, with a trading volume of 126,636 shares.
• The company reported earnings of $0.33 per share, beating the consensus estimate by $0.41, alongside a significant revenue increase of 22.1% year-over-year.
• Multiple analysts have issued positive ratings, with Needham & Company raising the target price from $60.00 to $70.00 and a consensus rating of "Moderate Buy" and an average target price of $59.25.

Calix, Inc (NYSE:CALX - Get Free Report) shares reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $58.06 and last traded at $58.13, with a volume of 126636 shares traded. The stock had previously closed at $56.68.

Analyst Upgrades and Downgrades

CALX has been the subject of several research reports. Wolfe Research assumed coverage on Calix in a report on Monday, July 7th. They set a "peer perform" rating for the company. Wall Street Zen upgraded Calix from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. UBS Group restated a "buy" rating on shares of Calix in a research note on Tuesday, April 22nd. Needham & Company LLC boosted their target price on shares of Calix from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. Finally, Rosenblatt Securities boosted their price objective on shares of Calix from $56.00 to $65.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Two investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Calix has a consensus rating of "Moderate Buy" and an average target price of $59.25.

Calix Stock Performance

The business has a 50 day moving average price of $51.95 and a 200-day moving average price of $43.23. The company has a market capitalization of $3.82 billion, a price-to-earnings ratio of -146.36 and a beta of 1.27.

Calix (NYSE:CALX - Get Free Report) last issued its earnings results on Monday, July 21st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.41. The business had revenue of $241.90 million for the quarter, compared to analyst estimates of $223.81 million. Calix had a negative net margin of 3.09% and a negative return on equity of 3.21%. Calix's revenue was up 22.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 earnings per share. As a group, equities 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 authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the communications equipment provider to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its shares are undervalued.

Insider Buying and Selling

In other news, CFO Cory Sindelar sold 10,000 shares of the stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $56.00, for a total value of $560,000.00. Following the completion of the sale, the chief financial officer owned 76,285 shares in the company, valued at $4,271,960. This represents a 11.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Carl Russo sold 25,000 shares of Calix stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $55.40, for a total transaction of $1,385,000.00. Following the transaction, the director directly owned 2,114,188 shares in the company, valued at approximately $117,126,015.20. This represents a 1.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 45,000 shares of company stock valued at $2,465,000 over the last three months. Corporate insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. grew its stake in Calix by 2.4% during the first quarter. Principal Financial Group Inc. now owns 294,539 shares of the communications equipment provider's stock valued at $10,438,000 after acquiring an additional 7,030 shares in the last quarter. Teacher Retirement System of Texas bought a new position in Calix in the 1st quarter valued at $922,000. D. E. Shaw & Co. Inc. purchased a new position in shares of Calix during the 4th quarter valued at $3,844,000. GAMMA Investing LLC grew its position in shares of Calix by 4,397.2% during the 1st quarter. GAMMA Investing LLC now owns 23,745 shares of the communications equipment provider's stock valued at $842,000 after purchasing an additional 23,217 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its holdings in shares of Calix by 7.4% in the fourth quarter. Nuveen Asset Management LLC now owns 432,623 shares of the communications equipment provider's stock worth $15,086,000 after purchasing an additional 29,754 shares during the period. 98.14% of the stock is currently owned by hedge funds and other 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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