Townsquare Capital LLC Purchases 12,976 Shares of Calix, Inc (NYSE:CALX)

Key Points

• Townsquare Capital LLC increased its stake in Calix, Inc. by 17.0%, acquiring an additional 12,976 shares to reach a total of 89,219 shares valued at approximately $3.162 million.
• Calix reported strong earnings of $0.33 EPS for the last quarter, exceeding expectations significantly, with revenue of $241.90 million, representing a 22.1% increase year-over-year.
• Calix's board initiated a $100 million share repurchase program, indicating a belief that the company's shares are currently undervalued.

Townsquare Capital LLC increased its position in Calix, Inc (NYSE:CALX - Free Report) by 17.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 89,219 shares of the communications equipment provider's stock after acquiring an additional 12,976 shares during the quarter. Townsquare Capital LLC owned about 0.14% of Calix worth $3,162,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in Calix by 93.0% in the fourth quarter. JPMorgan Chase & Co. now owns 246,199 shares of the communications equipment provider's stock valued at $8,585,000 after purchasing an additional 118,629 shares in the last quarter. Franklin Resources Inc. raised its stake in shares of Calix by 18.3% during the fourth quarter. Franklin Resources Inc. now owns 15,780 shares of the communications equipment provider's stock worth $550,000 after acquiring an additional 2,437 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of 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. Bank of Montreal Can raised its stake in shares of Calix by 27.1% during the fourth quarter. Bank of Montreal Can now owns 11,057 shares of the communications equipment provider's stock worth $386,000 after acquiring an additional 2,358 shares in the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Calix by 57.1% during the fourth quarter. Rockefeller Capital Management L.P. now owns 644,984 shares of the communications equipment provider's stock worth $22,490,000 after acquiring an additional 234,521 shares in the last quarter. 98.14% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on CALX. Rosenblatt Securities lifted their price target on shares of Calix from $56.00 to $65.00 and gave the stock a "buy" rating in a research note on Tuesday, July 22nd. UBS Group reissued a "buy" rating on shares of Calix in a research note on Tuesday, April 22nd. Wall Street Zen raised shares of Calix from a "hold" rating to a "strong-buy" rating in a research note on Saturday, July 26th. Wolfe Research assumed coverage on shares of Calix in a research note on Monday, July 7th. They set a "peer perform" rating on the stock. Finally, Roth Capital set a $50.00 target price on shares of Calix and gave the stock a "buy" rating in a research note on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $59.25.

Insider Buying and Selling at Calix

In related news, Director Carl Russo sold 25,000 shares of Calix stock in a transaction on Monday, July 28th. The shares were sold at an average price of $55.40, for a total value of $1,385,000.00. Following the sale, the director owned 2,114,188 shares in the company, valued at $117,126,015.20. The trade was a 1.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Cory Sindelar sold 10,000 shares of Calix stock in a transaction on Wednesday, July 23rd. The shares were 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 owned 76,285 shares in the company, valued at approximately $4,271,960. This trade represents a 11.59% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,000 shares of company stock worth $2,465,000. 16.90% of the stock is currently owned by company insiders.

Calix Stock Performance

Shares of NYSE CALX traded up $0.08 during mid-day trading on Friday, hitting $56.86. The stock had a trading volume of 259,967 shares, compared to its average volume of 763,600. Calix, Inc has a 1 year low of $28.60 and a 1 year high of $59.30. The business has a 50 day moving average price of $52.59 and a two-hundred day moving average price of $43.58. The firm has a market cap of $3.71 billion, a P/E ratio of -142.05 and a beta of 1.27.

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

Calix declared that its Board of Directors has initiated a share buyback program on Monday, April 21st that permits the company to repurchase $100.00 million in outstanding 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 often an indication that the company's board of directors believes its stock is undervalued.

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.