Principal Financial Group Inc. Increases Stock Holdings in Calix, Inc (NYSE:CALX)

Principal Financial Group Inc. lifted its position in Calix, Inc (NYSE:CALX - Free Report) by 2.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 294,539 shares of the communications equipment provider's stock after buying an additional 7,030 shares during the period. Principal Financial Group Inc. owned about 0.44% of Calix worth $10,438,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in CALX. Charles Schwab Investment Management Inc. lifted its holdings in shares of Calix by 8.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 649,244 shares of the communications equipment provider's stock valued at $22,639,000 after buying an additional 48,098 shares during the period. Victory Capital Management Inc. boosted its position in Calix by 14.1% in the fourth quarter. Victory Capital Management Inc. now owns 23,324 shares of the communications equipment provider's stock worth $813,000 after purchasing an additional 2,888 shares during the last quarter. Atria Investments Inc increased its position in shares of Calix by 7.1% during the 4th quarter. Atria Investments Inc now owns 7,120 shares of the communications equipment provider's stock valued at $248,000 after purchasing an additional 469 shares during the last quarter. Amundi purchased a new position in shares of Calix during the 4th quarter worth $330,000. Finally, HighTower Advisors LLC grew its position in shares of Calix by 30.5% during the 4th quarter. HighTower Advisors LLC now owns 118,245 shares of the communications equipment provider's stock valued at $4,123,000 after acquiring an additional 27,622 shares during the period. Hedge funds and other institutional investors own 98.14% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CALX shares. Rosenblatt Securities increased their price objective on shares of Calix from $52.00 to $56.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Roth Capital set a $50.00 target price on Calix and gave the stock a "buy" rating in a report on Tuesday, April 22nd. Needham & Company LLC reissued a "buy" rating and set a $53.00 price target on shares of Calix in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. increased their price target on Calix from $34.00 to $38.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 23rd. Finally, UBS Group reaffirmed a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Calix currently has a consensus rating of "Moderate Buy" and an average price target of $48.50.

Calix Price Performance

Shares of CALX stock traded up $0.06 during trading on Monday, reaching $50.55. The company's stock had a trading volume of 491,452 shares, compared to its average volume of 749,152. The company has a market capitalization of $3.28 billion, a price-to-earnings ratio of -97.20 and a beta of 1.37. Calix, Inc has a 1-year low of $28.60 and a 1-year high of $54.07. The stock's 50-day moving average price is $47.82 and its 200 day moving average price is $40.56.

Calix (NYSE:CALX - Get Free Report) last released 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 firm had revenue of $220.20 million for the quarter, compared to analyst estimates of $206.98 million. Calix had a negative net margin of 4.20% and a negative return on equity of 4.14%. During the same period in the prior year, the firm earned $0.21 earnings per share. On average, sell-side analysts anticipate that Calix, Inc will post -0.43 EPS for the current fiscal year.

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

Insider Buying and Selling

In related 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 transaction of $989,750.00. Following the transaction, the director owned 2,139,188 shares of the company's stock, valued at $84,690,452.92. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Cory Sindelar sold 10,000 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $52.00, for a total value of $520,000.00. Following the completion of the transaction, the chief financial officer owned 76,285 shares of the company's stock, valued at $3,966,820. The trade was a 11.59% decrease in their position. The disclosure for this sale can be found here. 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.