Bank of America Corp DE Cuts Position in Calix, Inc. (NYSE:CALX)

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

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC grew its stake in Calix by 367.8% during the 4th quarter. Smartleaf Asset Management LLC now owns 814 shares of the communications equipment provider's stock valued at $28,000 after purchasing an additional 640 shares during the last quarter. Pacer Advisors Inc. raised its position in 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 buying an additional 358 shares during the last quarter. Quantbot Technologies LP acquired a new stake in Calix during the 4th quarter valued at approximately $84,000. KBC Group NV raised its holdings in shares of Calix by 57.8% during the fourth quarter. KBC Group NV now owns 2,772 shares of the communications equipment provider's stock worth $97,000 after purchasing an additional 1,015 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Calix during the fourth quarter valued at $208,000. 98.14% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Calix

In other news, Director Carl Russo sold 25,000 shares of the company's stock in a transaction on Monday, April 28th. The stock was 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. This represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 16.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

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

Calix Price Performance

CALX stock traded up $0.56 during trading on Tuesday, hitting $47.30. The stock had a trading volume of 733,375 shares, compared to its average volume of 698,878. Calix, Inc. has a twelve month low of $28.61 and a twelve month high of $47.55. The company's 50-day moving average price is $38.63 and its two-hundred day moving average price is $36.79. The stock has a market capitalization of $3.07 billion, a P/E ratio of -105.11 and a beta of 1.38.

Calix (NYSE:CALX - Get Free Report) last released its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 EPS 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 the consensus estimate 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 quarter in the prior year, the firm earned $0.21 EPS. As a group, sell-side analysts expect that Calix, Inc. will post -0.43 EPS for the current fiscal year.

Calix declared 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 shares. This buyback authorization authorizes the communications equipment provider to reacquire up to 4.5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

About Calix

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.