PAX Financial Group LLC Makes New $915,000 Investment in Calix, Inc (NYSE:CALX)

PAX Financial Group LLC purchased a new position in Calix, Inc (NYSE:CALX - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 25,822 shares of the communications equipment provider's stock, valued at approximately $915,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of CALX. Signaturefd LLC lifted its position in Calix by 91.1% during the first quarter. Signaturefd LLC now owns 1,007 shares of the communications equipment provider's stock valued at $36,000 after purchasing an additional 480 shares in the last quarter. Quantbot Technologies LP purchased a new position in Calix during the fourth quarter valued at $84,000. Mercer Global Advisors Inc. ADV purchased a new position in Calix during the fourth quarter valued at $208,000. Summit Investment Advisors Inc. lifted its position in Calix by 8.1% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,224 shares of the communications equipment provider's stock valued at $217,000 after purchasing an additional 465 shares in the last quarter. Finally, Magnetar Financial LLC purchased a new position in Calix during the fourth quarter valued at $222,000. 98.14% of the stock is currently owned by hedge funds and other institutional investors.

Calix Price Performance

Shares of CALX stock traded up $1.22 during trading hours on Wednesday, hitting $51.30. The stock had a trading volume of 746,759 shares, compared to its average volume of 692,773. Calix, Inc has a one year low of $28.61 and a one year high of $54.07. The stock's 50-day moving average price is $48.34 and its two-hundred day moving average price is $40.80. The stock has a market capitalization of $3.33 billion, a price-to-earnings ratio of -98.65 and a beta of 1.37.

Calix (NYSE:CALX - Get Free Report) last issued its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.06. Calix had a negative return on equity of 4.14% and a negative net margin of 4.20%. The firm had revenue of $220.20 million for the quarter, compared to analysts' expectations of $206.98 million. During the same period in the previous year, the firm posted $0.21 earnings per share. As a group, equities research analysts predict that Calix, Inc will post -0.43 earnings per share for the current fiscal year.

Calix announced that its Board of Directors has authorized a stock buyback program 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 purchase up to 4.5% of its shares through open market purchases. Shares 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 Calix stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $52.00, for a total value of $520,000.00. Following the sale, the chief financial officer directly owned 76,285 shares of the company's stock, valued at approximately $3,966,820. The trade was a 11.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carl Russo sold 25,000 shares of Calix stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $39.59, for a total value of $989,750.00. Following the completion of the sale, the director directly owned 2,139,188 shares in the company, valued at $84,690,452.92. This trade represents a 1.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 16.90% of the company's stock.

Wall Street Analysts Forecast Growth

CALX has been the topic of a number of recent analyst reports. Wall Street Zen cut Calix from a "buy" rating to a "hold" rating in a report on Saturday. UBS Group reissued a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Rosenblatt Securities reissued a "buy" rating and set a $56.00 price target on shares of Calix in a report on Tuesday. Roth Capital set a $50.00 price target on Calix and gave the company a "buy" rating in a report on Tuesday, April 22nd. Finally, Needham & Company LLC reissued a "buy" rating and set a $53.00 price target on shares of Calix in a report on Tuesday, April 22nd. Three equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $48.50.

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.