Rosenblatt Securities Boosts Calix (NYSE:CALX) Price Target to $56.00

Calix (NYSE:CALX - Free Report) had its price objective hoisted by Rosenblatt Securities from $52.00 to $56.00 in a research note released on Thursday morning,Benzinga reports. Rosenblatt Securities currently has a buy rating on the communications equipment provider's stock.

A number of other research analysts also recently issued reports on the stock. UBS Group restated a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. lifted their price objective on shares of Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a research report on Wednesday, April 23rd. Needham & Company LLC reiterated a "buy" rating and issued a $53.00 price objective on shares of Calix in a research report on Tuesday, April 22nd. Finally, Roth Capital set a $50.00 price objective on shares of Calix and gave the company a "buy" rating in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $48.50.

Calix Price Performance

CALX traded down $1.03 during trading hours on Thursday, reaching $47.17. 378,057 shares of the stock traded hands, compared to its average volume of 688,323. The company has a market cap of $3.06 billion, a price-to-earnings ratio of -104.82 and a beta of 1.35. Calix has a fifty-two week low of $28.61 and a fifty-two week high of $48.88. The firm's fifty day simple moving average is $42.20 and its two-hundred day simple moving average is $38.33.

Calix (NYSE:CALX - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.06. Calix had a negative net margin of 3.58% and a negative return on equity of 3.43%. The company had revenue of $220.20 million during the quarter, compared to analyst estimates of $206.98 million. During the same period last year, the business earned $0.21 EPS. On average, research analysts predict that Calix will post -0.43 earnings per share for the current year.

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

Insider Buying and Selling at Calix

In other news, Director Carl Russo sold 25,000 shares of Calix stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $39.59, for a total value of $989,750.00. Following the transaction, the director now owns 2,139,188 shares of the company's stock, valued at $84,690,452.92. The trade was a 1.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 16.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Calix

Several hedge funds have recently made changes to their positions in CALX. Millennium Management LLC increased its position in shares of Calix by 77.8% in the fourth quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider's stock worth $70,828,000 after acquiring an additional 889,102 shares in the last quarter. Nuveen LLC purchased a new position in shares of Calix in the first quarter worth approximately $15,207,000. Vanguard Group Inc. increased its position in shares of Calix by 5.5% in the fourth 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. Balyasny Asset Management L.P. increased its position in shares of Calix by 711.5% in the fourth 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. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Calix by 105.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 708,723 shares of the communications equipment provider's stock worth $24,713,000 after acquiring an additional 364,209 shares in the last quarter. Institutional investors and hedge funds 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.