New Age Alpha Advisors LLC Reduces Position in Calix, Inc (NYSE:CALX)

Key Points

• New Age Alpha Advisors LLC reduced its stock position in Calix, Inc by 10.1%, holding 76,838 shares valued at approximately $2.72 million.
• Calix reported a strong quarterly earnings of $0.33 EPS, surpassing analysts' expectations, and revenue of $241.90 million, which represented a 22.1% year-over-year increase.
• The board of Calix has initiated a $100 million stock repurchase program, indicating confidence in the company's value and future growth prospects.

New Age Alpha Advisors LLC cut its holdings in shares of Calix, Inc (NYSE:CALX - Free Report) by 10.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 76,838 shares of the communications equipment provider's stock after selling 8,664 shares during the quarter. New Age Alpha Advisors LLC owned 0.12% of Calix worth $2,723,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Millennium Management LLC increased its holdings in Calix by 77.8% during the 4th quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider's stock worth $70,828,000 after purchasing an additional 889,102 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Calix by 4.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,832,407 shares of the communications equipment provider's stock worth $63,897,000 after buying an additional 74,720 shares in the last quarter. Congress Asset Management Co. increased its holdings in Calix by 8.1% during the 1st quarter. Congress Asset Management Co. now owns 1,378,497 shares of the communications equipment provider's stock valued at $48,854,000 after purchasing an additional 103,175 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Calix by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,337,709 shares of the communications equipment provider's stock worth $46,657,000 after acquiring an additional 6,144 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. increased its position in shares of Calix by 105.7% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 708,723 shares of the communications equipment provider's stock valued at $24,713,000 after acquiring an additional 364,209 shares during the last quarter. Institutional investors and hedge funds own 98.14% of the company's stock.

Calix Stock Performance

CALX traded up $0.56 during trading on Monday, hitting $57.12. 142,459 shares of the stock were exchanged, compared to its average volume of 764,294. Calix, Inc has a 1 year low of $28.60 and a 1 year high of $57.98. The firm has a 50 day simple moving average of $51.76 and a 200 day simple moving average of $43.11. The firm has a market cap of $3.73 billion, a price-to-earnings ratio of -143.26 and a beta of 1.27.

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

Calix declared that its Board of Directors has authorized a stock repurchase plan on Monday, April 21st that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the communications equipment provider to purchase up to 4.5% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CALX shares. Wall Street Zen upgraded Calix from a "hold" rating to a "strong-buy" rating in a report on Saturday, July 26th. JPMorgan Chase & Co. boosted their target price on shares of Calix from $38.00 to $52.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Roth Capital set a $50.00 price objective on shares of Calix and gave the stock a "buy" rating in a research note on Tuesday, April 22nd. Wolfe Research began coverage on shares of Calix in a research note on Monday, July 7th. They issued a "peer perform" rating on the stock. Finally, Needham & Company LLC raised their target price on shares of Calix from $60.00 to $70.00 and gave the company a "buy" rating in a report on Tuesday, July 22nd. Two equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $59.25.

Insider Buying and Selling at Calix

In other Calix news, Director Carl Russo sold 25,000 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $55.40, for a total transaction of $1,385,000.00. Following the completion of the sale, the director owned 2,114,188 shares in the company, valued at approximately $117,126,015.20. The trade was a 1.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Cory Sindelar sold 10,000 shares of the stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $56.00, for a total transaction of $560,000.00. Following the completion of the sale, the chief financial officer directly owned 76,285 shares in the company, valued at approximately $4,271,960. The trade was a 11.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 45,000 shares of company stock worth $2,465,000 over the last 90 days. Company 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.