Calix (NYSE:CALX) Hits New 12-Month High - Should You Buy?

Calix, Inc (NYSE:CALX - Get Free Report)'s share price reached a new 52-week high on Thursday . The company traded as high as $57.90 and last traded at $56.07, with a volume of 1508695 shares trading hands. The stock had previously closed at $55.42.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Rosenblatt Securities boosted their price objective on shares of Calix from $56.00 to $65.00 and gave the stock a "buy" rating in a research report on Tuesday, July 22nd. UBS Group reiterated a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Wall Street Zen upgraded Calix from a "hold" rating to a "strong-buy" rating in a research report on Saturday. Wolfe Research started coverage on Calix in a research report on Monday, July 7th. They issued a "peer perform" rating on the stock. Finally, 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. Two research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $59.25.

Calix Price Performance

The company has a 50-day moving average of $49.79 and a two-hundred day moving average of $41.79. The stock has a market capitalization of $3.69 billion, a PE ratio of -141.22 and a beta of 1.37.

Calix (NYSE:CALX - Get Free Report) last announced its quarterly earnings results on Monday, July 21st. The communications equipment provider reported $0.33 EPS for the quarter, topping the consensus estimate of ($0.08) by $0.41. The company had revenue of $241.90 million during the quarter, compared to analyst estimates 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 was up 22.1% on a year-over-year basis. During the same period in the prior year, the firm 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 approved a stock buyback program on Monday, April 21st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Activity

In other news, CFO Cory Sindelar sold 10,000 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was 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 approximately $4,271,960. This trade represents a 11.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 16.90% of the company's stock.

Institutional Investors Weigh In On Calix

Several hedge funds and other institutional investors have recently bought and sold shares of CALX. Millennium Management LLC increased its holdings in Calix by 77.8% during the 4th quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider's stock worth $70,828,000 after purchasing an additional 889,102 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in Calix by 135.6% during the 2nd quarter. Assenagon Asset Management S.A. now owns 947,738 shares of the communications equipment provider's stock worth $50,410,000 after purchasing an additional 545,490 shares during the last quarter. Nuveen LLC acquired a new position in shares of Calix in the 1st quarter worth approximately $15,207,000. Vanguard Group Inc. grew its position in shares of Calix by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider's stock worth $278,185,000 after acquiring an additional 412,982 shares in the last quarter. Finally, Balyasny Asset Management L.P. grew its position in shares of Calix by 711.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 436,036 shares of the communications equipment provider's stock worth $15,205,000 after acquiring an additional 382,301 shares in the last quarter. 98.14% of the stock is currently owned by hedge funds and other institutional investors.

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.