Envestnet Asset Management Inc. Lowers Position in Calix, Inc (NYSE:CALX)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Calix, Inc by 14.6%, selling 22,252 shares during the first quarter, bringing its ownership down to 130,303 shares valued at approximately $4.62 million.
• Calix's share performance included a 22.1% increase in revenue year-over-year, reporting earnings of $0.33 per share for the most recent quarter, surpassing consensus estimates.
• Several analysts have upgraded Calix’s stock ratings, with new target prices set, including an increase from Rosenblatt Securities from $56.00 to $65.00, reflecting a positive outlook from the research community.

Envestnet Asset Management Inc. reduced its holdings in Calix, Inc (NYSE:CALX - Free Report) by 14.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 130,303 shares of the communications equipment provider's stock after selling 22,252 shares during the quarter. Envestnet Asset Management Inc. owned 0.20% of Calix worth $4,618,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Summit Investment Advisors Inc. increased its position in shares of Calix by 8.1% during the 4th 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. Portside Wealth Group LLC increased its position in shares of Calix by 8.0% during the 1st quarter. Portside Wealth Group LLC now owns 8,414 shares of the communications equipment provider's stock valued at $298,000 after purchasing an additional 621 shares during the last quarter. OV Management LLC increased its position in shares of Calix by 0.8% during the 4th quarter. OV Management LLC now owns 139,603 shares of the communications equipment provider's stock valued at $4,868,000 after purchasing an additional 1,094 shares during the last quarter. Wellington Management Group LLP increased its position in shares of Calix by 0.6% during the 4th quarter. Wellington Management Group LLP now owns 202,274 shares of the communications equipment provider's stock valued at $7,053,000 after purchasing an additional 1,135 shares during the last quarter. Finally, Huntleigh Advisors Inc. increased its position in shares of Calix by 16.6% during the 1st quarter. Huntleigh Advisors Inc. now owns 9,822 shares of the communications equipment provider's stock valued at $348,000 after purchasing an additional 1,397 shares during the last quarter. 98.14% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Calix news, CFO Cory Sindelar sold 10,000 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $56.00, for a total value of $560,000.00. Following the completion of the sale, the chief financial officer owned 76,285 shares in the company, valued at approximately $4,271,960. This trade represents a 11.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 16.90% of the company's stock.

Calix Stock Performance

CALX traded up $0.22 on Tuesday, hitting $56.70. 87,383 shares of the company were exchanged, compared to its average volume of 771,961. The firm has a fifty day simple moving average of $49.99 and a two-hundred day simple moving average of $41.93. Calix, Inc has a 12 month low of $28.60 and a 12 month high of $57.90. The stock has a market capitalization of $3.70 billion, a PE ratio of -142.18 and a beta of 1.37.

Calix (NYSE:CALX - Get Free Report) last posted its quarterly earnings results on Monday, July 21st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.41. Calix had a negative return on equity of 3.21% and a negative net margin of 3.09%. The business had revenue of $241.90 million for the quarter, compared to analyst estimates of $223.81 million. During the same period last year, the company earned $0.09 EPS. Calix's revenue for the quarter was up 22.1% compared to the same quarter last year. On average, equities analysts expect that Calix, Inc will post -0.43 earnings per share for the current year.

Calix announced that its board has authorized a stock repurchase program on Monday, April 21st that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the communications equipment provider to reacquire up to 4.5% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its stock is undervalued.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Needham & Company LLC increased their price objective on Calix from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price objective on Calix from $38.00 to $52.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Roth Capital set a $50.00 price objective on Calix and gave the company a "buy" rating in a research report on Tuesday, April 22nd. UBS Group restated a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Finally, Wolfe Research started coverage on Calix in a research report on Monday, July 7th. They set a "peer perform" rating on the stock. Two analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Calix has an average rating of "Moderate Buy" and an average target price of $59.25.

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.