Calix (NYSE:CALX) Shares Gap Up on Earnings Beat

Calix, Inc. (NYSE:CALX - Get Free Report) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $33.25, but opened at $37.50. Calix shares last traded at $37.52, with a volume of 494,209 shares changing hands.

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 return on equity of 3.43% and a negative net margin of 3.58%. The company had revenue of $220.20 million for the quarter, compared to the consensus estimate of $206.98 million. During the same period in the previous year, the business earned $0.21 earnings per share.

Calix announced 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 outstanding shares. This repurchase authorization allows the communications equipment provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research firms have commented on CALX. Needham & Company LLC reiterated a "buy" rating and set a $53.00 price objective on shares of Calix in a research report on Tuesday, April 22nd. Rosenblatt Securities increased their price target on shares of Calix from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday. Roth Capital set a $50.00 price objective on Calix and gave the stock a "buy" rating in a research note on Tuesday. JPMorgan Chase & Co. raised their price objective on Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a research note on Wednesday. Finally, UBS Group reissued a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $47.83.

Insider Buying and Selling

In other Calix news, Director Carl Russo sold 25,000 shares of the business's stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $38.15, for a total value of $953,750.00. Following the completion of the sale, the director now directly owns 2,164,188 shares of the company's stock, valued at $82,563,772.20. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 16.90% of the stock is owned by corporate insiders.

Institutional Trading of Calix

A number of large investors have recently modified their holdings of CALX. Smartleaf Asset Management LLC lifted its holdings in shares of Calix by 367.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 814 shares of the communications equipment provider's stock worth $28,000 after buying an additional 640 shares during the period. Pacer Advisors Inc. lifted its stake in Calix by 29.8% in the fourth quarter. Pacer Advisors Inc. now owns 1,558 shares of the communications equipment provider's stock worth $54,000 after acquiring an additional 358 shares during the period. Quantbot Technologies LP bought a new position in Calix during the 4th quarter worth about $84,000. KBC Group NV grew its holdings in Calix by 57.8% during the 4th quarter. KBC Group NV now owns 2,772 shares of the communications equipment provider's stock worth $97,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new position in Calix during the 4th quarter valued at about $208,000. Hedge funds and other institutional investors own 98.14% of the company's stock.

Calix Stock Performance

The firm's fifty day moving average price is $34.97 and its 200 day moving average price is $35.82. The firm has a market cap of $2.64 billion, a P/E ratio of -88.13 and a beta of 1.75.

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.