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

Shares of Calix, Inc (NYSE:CALX - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as $57.90 and last traded at $56.07, with a volume of 1508695 shares traded. The stock had previously closed at $55.42.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Roth Capital set a $50.00 price target on Calix and gave the company a "buy" rating in a research note on Tuesday, April 22nd. Wolfe Research started coverage on shares of Calix in a report on Monday, July 7th. They set a "peer perform" rating on the stock. Needham & Company LLC boosted their price target on Calix from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday. UBS Group reaffirmed a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Finally, Wall Street Zen cut Calix from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $57.40.

Calix Stock Performance

The company has a 50 day moving average of $49.16 and a 200 day moving average of $41.38. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -138.19 and a beta of 1.37.

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

Calix announced that its board has approved a share buyback plan on Monday, April 21st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Calix

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CALX. Meeder Asset Management Inc. purchased a new stake in Calix in the 1st quarter valued at $28,000. Signaturefd LLC raised its stake in Calix by 91.1% during the 1st quarter. Signaturefd LLC now owns 1,007 shares of the communications equipment provider's stock valued at $36,000 after acquiring an additional 480 shares during the last quarter. Quarry LP lifted its position in Calix by 1,704.0% during the 1st quarter. Quarry LP now owns 1,353 shares of the communications equipment provider's stock worth $48,000 after acquiring an additional 1,278 shares during the period. GAMMA Investing LLC grew its stake in shares of Calix by 119.7% in the 2nd quarter. GAMMA Investing LLC now owns 1,472 shares of the communications equipment provider's stock valued at $78,000 after purchasing an additional 802 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in shares of Calix in the fourth quarter valued at approximately $84,000. 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.

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