Share Repurchase Plan Authorized by Calix (NYSE:CALX) Board of Directors

Calix (NYSE:CALX - Get Free Report) declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 21st, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization permits the communications equipment provider to buy up to 4.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's management believes its stock is undervalued.

Calix Trading Up 1.6 %

CALX traded up $0.61 during trading on Friday, hitting $39.66. 1,453,897 shares of the company's stock were exchanged, compared to its average volume of 678,897. The stock has a 50 day moving average price of $34.97 and a 200 day moving average price of $35.82. Calix has a 1 year low of $27.60 and a 1 year high of $42.50. The firm has a market cap of $2.64 billion, a P/E ratio of -88.13 and a beta of 1.75.

Calix (NYSE:CALX - Get Free Report) last posted its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, beating analysts' consensus estimates of $0.13 by $0.06. The company had revenue of $220.20 million during the quarter, compared to analysts' expectations of $206.98 million. Calix had a negative net margin of 3.58% and a negative return on equity of 3.43%. During the same period in the prior year, the company posted $0.21 EPS. Analysts forecast that Calix will post -0.43 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Roth Capital set a $50.00 price target on shares of Calix and gave the stock a "buy" rating in a report on Tuesday. JPMorgan Chase & Co. lifted their target price on shares of Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a research note on Wednesday. Needham & Company LLC reiterated a "buy" rating and issued a $53.00 price target on shares of Calix in a report on Tuesday. Rosenblatt Securities raised their price objective on Calix from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, UBS Group reaffirmed a "buy" rating on shares of Calix in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat, Calix currently has an average rating of "Moderate Buy" and a consensus target price of $47.83.

Insiders Place Their Bets

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

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.