Calix (NYSE:CALX) Reaches New 1-Year High - Should You Buy?

Calix, Inc (NYSE:CALX - Get Free Report)'s share price hit a new 52-week high during trading on Monday . The company traded as high as $52.74 and last traded at $52.50, with a volume of 41862 shares. The stock had previously closed at $51.30.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CALX shares. Rosenblatt Securities lifted their price objective on shares of Calix from $52.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. UBS Group restated a "buy" rating on shares of Calix in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. raised their target price on shares of Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a report on Wednesday, April 23rd. Roth Capital set a $50.00 price target on Calix and gave the stock a "buy" rating in a research report on Tuesday, April 22nd. Finally, Needham & Company LLC reissued a "buy" rating and issued a $53.00 price objective on shares of Calix 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 company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $48.50.

Calix Stock Up 1.9%

The firm has a market cap of $3.49 billion, a PE ratio of -103.63 and a beta of 1.37. The firm has a 50-day moving average price of $46.15 and a two-hundred day moving average price of $39.65.

Calix (NYSE:CALX - Get Free Report) last released its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.13 by $0.06. Calix had a negative net margin of 4.20% and a negative return on equity of 4.14%. The business had revenue of $220.20 million during the quarter, compared to analyst estimates of $206.98 million. During the same quarter in the prior year, the firm earned $0.21 earnings per share. Research analysts forecast that Calix, Inc will post -0.43 earnings per share for the current fiscal year.

Calix declared that its Board of Directors has authorized a stock repurchase program on Monday, April 21st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the communications equipment provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its stock is undervalued.

Insider Activity at Calix

In other news, CFO Cory Sindelar sold 10,000 shares of the company's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $52.00, for a total value of $520,000.00. Following the transaction, the chief financial officer directly owned 76,285 shares in the company, valued at approximately $3,966,820. This represents a 11.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Carl Russo sold 25,000 shares of the business'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 value of $989,750.00. Following the completion of the sale, the director directly owned 2,139,188 shares in the company, valued at approximately $84,690,452.92. The trade was a 1.16% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 16.90% of the company's stock.

Hedge Funds Weigh In On Calix

Institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC boosted its position in Calix by 23.7% during the first quarter. Voya Investment Management LLC now owns 38,278 shares of the communications equipment provider's stock worth $1,357,000 after purchasing an additional 7,328 shares in the last quarter. Inspire Investing LLC grew its stake in Calix by 143.0% in the 1st quarter. Inspire Investing LLC now owns 28,224 shares of the communications equipment provider's stock valued at $1,000,000 after acquiring an additional 16,611 shares during the last quarter. Strs Ohio purchased a new position in Calix during the 1st quarter valued at about $851,000. Acadian Asset Management LLC lifted its holdings in shares of Calix by 60.1% in the first quarter. Acadian Asset Management LLC now owns 183,627 shares of the communications equipment provider's stock valued at $6,504,000 after purchasing an additional 68,937 shares in the last quarter. Finally, Intech Investment Management LLC grew its position in shares of Calix by 26.8% in the first quarter. Intech Investment Management LLC now owns 32,923 shares of the communications equipment provider's stock valued at $1,167,000 after purchasing an additional 6,962 shares during the last quarter. Institutional investors and hedge funds 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.