Calix (NYSE:CALX) Reaches New 52-Week High - Still a Buy?

Key Points

• Calix, Inc. (NYSE:CALX) shares hit a new 52-week high at $57.92, indicating strong trading activity with a current price of $57.69.
• Analysts have raised price targets for Calix, with Rosenblatt Securities setting a target of $65.00 and a consensus rating of "Moderate Buy" with an average price target of $59.25.
• Calix reported $0.33 EPS in its latest quarterly earnings, exceeding the consensus estimate, and its revenue grew by 22.1% year-over-year.

Calix, Inc (NYSE:CALX - Get Free Report) shares reached a new 52-week high during trading on Monday . The company traded as high as $57.92 and last traded at $57.69, with a volume of 266454 shares. The stock had previously closed at $56.06.

Analysts Set New Price Targets

A number of analysts have commented on the company. Rosenblatt Securities boosted their target price on Calix from $56.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. Wall Street Zen upgraded Calix from a "hold" rating to a "strong-buy" rating in a research report on Saturday, July 26th. Wolfe Research initiated coverage on Calix in a research report on Monday, July 7th. They issued a "peer perform" rating on the stock. JPMorgan Chase & Co. upped their price objective on Calix from $38.00 to $52.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Roth Capital set a $50.00 price objective on Calix and gave the company a "buy" rating in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong 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 $59.25.

Calix Price Performance

The company has a 50-day moving average of $50.76 and a two-hundred day moving average of $42.47. The stock has a market capitalization of $3.75 billion, a PE ratio of -143.65 and a beta of 1.27.

Calix (NYSE:CALX - Get Free Report) last released its earnings results on Monday, July 21st. The communications equipment provider reported $0.33 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.41. The firm had revenue of $241.90 million for the quarter, compared to the consensus estimate of $223.81 million. Calix had a negative return on equity of 3.21% and a negative net margin of 3.09%. The firm's revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.09 earnings per share. On average, research analysts forecast that Calix, Inc will post -0.43 EPS for the current fiscal year.

Calix announced that its Board of Directors has authorized a share repurchase 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 often an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling

In other Calix news, Director Carl Russo sold 25,000 shares of the 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 owned 2,114,188 shares of the company's stock, valued at $117,126,015.20. This trade represents a 1.17% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Cory Sindelar sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $56.00, for a total value of $560,000.00. Following the transaction, the chief financial officer directly owned 76,285 shares in the company, valued at approximately $4,271,960. This represents a 11.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 45,000 shares of company stock valued at $2,465,000. 16.90% of the stock is owned by insiders.

Institutional Trading of Calix

Several hedge funds have recently made changes to their positions in the stock. Signaturefd LLC raised its stake in Calix by 36.0% during the 2nd quarter. Signaturefd LLC now owns 1,370 shares of the communications equipment provider's stock valued at $73,000 after acquiring an additional 363 shares in the last quarter. Atria Investments Inc raised its stake in Calix by 4.6% during the 2nd quarter. Atria Investments Inc now owns 9,384 shares of the communications equipment provider's stock valued at $499,000 after acquiring an additional 416 shares in the last quarter. Summit Investment Advisors Inc. raised its stake in Calix by 8.1% during the 4th quarter. Summit Investment Advisors Inc. now owns 6,224 shares of the communications equipment provider's stock valued at $217,000 after acquiring an additional 465 shares in the last quarter. Huntleigh Advisors Inc. raised its stake in Calix by 5.7% during the 2nd quarter. Huntleigh Advisors Inc. now owns 10,383 shares of the communications equipment provider's stock valued at $552,000 after acquiring an additional 561 shares in the last quarter. Finally, Portside Wealth Group LLC raised its stake in Calix by 8.0% during the 1st quarter. Portside Wealth Group LLC now owns 8,414 shares of the communications equipment provider's stock valued at $298,000 after acquiring an additional 621 shares in the last quarter. 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.

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