JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Calix (NYSE:CALX) Stock

Calix (NYSE:CALX - Get Free Report) had its price objective hoisted by investment analysts at JPMorgan Chase & Co. from $38.00 to $52.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the communications equipment provider's stock. JPMorgan Chase & Co.'s price target would suggest a potential downside of 1.61% from the stock's previous close.

Other equities research analysts have also issued research reports about the stock. Rosenblatt Securities reiterated a "buy" rating and set a $56.00 price objective on shares of Calix in a research note on Tuesday. Wall Street Zen lowered shares of Calix from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. UBS Group restated a "buy" rating on shares of Calix in a report 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 for the company. Finally, Roth Capital set a $50.00 target price on shares of Calix and gave the company a "buy" rating in a research note on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $50.83.

Calix Stock Up 2.9%

Calix stock traded up $1.51 during midday trading on Thursday, reaching $52.85. The company's stock had a trading volume of 453,619 shares, compared to its average volume of 691,977. The business has a 50-day simple moving average of $48.34 and a 200-day simple moving average of $40.80. Calix has a fifty-two week low of $28.61 and a fifty-two week high of $54.07. The company has a market cap of $3.43 billion, a P/E ratio of -101.61 and a beta of 1.37.

Calix (NYSE:CALX - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The communications equipment provider reported $0.19 EPS for the quarter, topping the consensus estimate of $0.13 by $0.06. The business had revenue of $220.20 million for the quarter, compared to analyst estimates of $206.98 million. Calix had a negative return on equity of 4.14% and a negative net margin of 4.20%. During the same quarter in the previous year, the company earned $0.21 EPS. As a group, equities analysts forecast that Calix will post -0.43 earnings per share for the current year.

Calix announced that its board has initiated 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 repurchase up to 4.5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its stock is undervalued.

Insider Activity

In other news, CFO Cory Sindelar sold 10,000 shares of the business's stock in a transaction that occurred on Monday, June 30th. The shares were sold at an average price of $52.00, for a total value of $520,000.00. Following the transaction, the chief financial officer owned 76,285 shares in the company, valued at approximately $3,966,820. The trade was a 11.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 completion of the sale, the director owned 2,139,188 shares of the company's stock, valued at approximately $84,690,452.92. The trade was a 1.16% decrease in their position. The disclosure for this sale can be found here. 16.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Millennium Management LLC lifted its stake in Calix by 77.8% in the fourth quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider's stock worth $70,828,000 after acquiring an additional 889,102 shares during the period. Assenagon Asset Management S.A. raised its position in Calix by 135.6% in the 2nd quarter. Assenagon Asset Management S.A. now owns 947,738 shares of the communications equipment provider's stock worth $50,410,000 after buying an additional 545,490 shares during the last quarter. Nuveen LLC purchased a new position in shares of Calix in the first quarter worth approximately $15,207,000. Vanguard Group Inc. boosted its holdings in shares of Calix by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider's stock worth $278,185,000 after buying an additional 412,982 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in shares of Calix by 711.5% during the 4th quarter. Balyasny Asset Management L.P. now owns 436,036 shares of the communications equipment provider's stock valued at $15,205,000 after acquiring an additional 382,301 shares during the period. 98.14% of the stock is currently owned by institutional investors.

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.

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