Bank of America Corp DE Sells 63,109 Shares of Calix, Inc. (NYSE:CALX)

Bank of America Corp DE lowered its stake in shares of Calix, Inc. (NYSE:CALX - Free Report) by 17.8% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 290,925 shares of the communications equipment provider's stock after selling 63,109 shares during the quarter. Bank of America Corp DE owned approximately 0.44% of Calix worth $10,145,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in shares of Calix by 29.8% during the 4th 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. Summit Investment Advisors Inc. lifted its holdings 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 during the last quarter. Atria Investments Inc boosted its position in Calix by 7.1% during the fourth quarter. Atria Investments Inc now owns 7,120 shares of the communications equipment provider's stock worth $248,000 after purchasing an additional 469 shares during the period. Smartleaf Asset Management LLC increased its stake 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 purchasing an additional 640 shares in the last quarter. Finally, Inspire Investing LLC increased its stake in shares of Calix by 9.2% in the fourth quarter. Inspire Investing LLC now owns 11,613 shares of the communications equipment provider's stock worth $405,000 after purchasing an additional 978 shares in the last quarter. Hedge funds and other institutional investors own 98.14% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on CALX. Rosenblatt Securities raised their price objective on shares of Calix from $51.00 to $52.00 and gave the stock a "buy" rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. raised their price target on Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a report on Wednesday, April 23rd. UBS Group reiterated a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Roth Capital set a $50.00 price objective on Calix and gave the company a "buy" rating in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC reissued a "buy" rating and set a $53.00 price objective on shares of Calix in a report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $47.83.

Calix Trading Down 0.9%

Shares of Calix stock traded down $0.42 during trading on Thursday, hitting $46.64. The stock had a trading volume of 483,330 shares, compared to its average volume of 696,181. Calix, Inc. has a 12 month low of $28.61 and a 12 month high of $47.73. The firm has a market cap of $3.02 billion, a price-to-earnings ratio of -103.64 and a beta of 1.38. The business's 50-day moving average is $39.27 and its 200 day moving average is $37.03.

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

Calix announced that its board has authorized a share buyback program on Monday, April 21st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the communications equipment provider to buy up to 4.5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other news, Director Carl Russo sold 25,000 shares of the company's 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 transaction, the director now directly owns 2,139,188 shares in the company, valued at approximately $84,690,452.92. This represents a 1.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 16.90% 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.