Calix (NYSE:CALX) Sets New 52-Week High - Here's Why

Calix, Inc (NYSE:CALX - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The company traded as high as $49.15 and last traded at $49.08, with a volume of 123141 shares. The stock had previously closed at $48.42.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CALX shares. UBS Group restated a "buy" rating on shares of Calix in a research note on Tuesday, April 22nd. Roth Capital set a $50.00 price target on shares of Calix and gave the company a "buy" rating in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. upped their price objective on shares of Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 23rd. Rosenblatt Securities raised their target price on shares of Calix from $52.00 to $56.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $53.00 price target on shares of Calix in a report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $48.50.

Calix Stock Up 2.4%

The firm has a market capitalization of $3.21 billion, a P/E ratio of -95.34 and a beta of 1.35. The business's 50-day simple moving average is $43.85 and its 200 day simple moving average is $38.93.

Calix (NYSE:CALX - Get Free Report) last issued its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 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 company had revenue of $220.20 million for the quarter, compared to analysts' expectations of $206.98 million. During the same quarter last year, the company earned $0.21 EPS. Sell-side analysts predict that Calix, Inc will post -0.43 earnings per share for the current year.

Calix announced that its board has authorized a stock buyback plan on Monday, April 21st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to repurchase up to 4.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Insider Transactions at Calix

In other news, Director Carl Russo sold 25,000 shares of the stock in a transaction on Monday, April 28th. The stock was sold at an average price of $39.59, for a total value of $989,750.00. Following the sale, the director now directly owns 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CALX. Rhumbline Advisers lifted its position in Calix by 1.3% during the fourth quarter. Rhumbline Advisers now owns 168,531 shares of the communications equipment provider's stock valued at $5,877,000 after purchasing an additional 2,238 shares during the period. Principal Financial Group Inc. raised its stake in Calix by 3.8% during the 4th quarter. Principal Financial Group Inc. now owns 287,509 shares of the communications equipment provider's stock valued at $10,025,000 after buying an additional 10,393 shares during the last quarter. Y Intercept Hong Kong Ltd lifted its holdings in shares of Calix by 23.0% during the 4th quarter. Y Intercept Hong Kong Ltd now owns 24,592 shares of the communications equipment provider's stock valued at $858,000 after buying an additional 4,597 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Calix by 3.4% in the 4th quarter. Bank of New York Mellon Corp now owns 1,373,246 shares of the communications equipment provider's stock worth $47,885,000 after buying an additional 45,195 shares during the last quarter. Finally, Smartleaf Asset Management LLC grew its holdings in shares of Calix by 367.8% in the fourth quarter. Smartleaf Asset Management LLC now owns 814 shares of the communications equipment provider's stock worth $28,000 after acquiring an additional 640 shares during the period. Hedge funds and other institutional investors own 98.14% of the company's stock.

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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