JPMorgan Chase & Co. Raises Calix (NYSE:CALX) Price Target to $52.00

Calix (NYSE:CALX - Free Report) had its target price increased by JPMorgan Chase & Co. from $38.00 to $52.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the communications equipment provider's stock.

CALX has been the topic of several other reports. Needham & Company LLC reissued a "buy" rating and set a $53.00 target price on shares of Calix in a research note on Tuesday, April 22nd. Wolfe Research initiated coverage on Calix in a research note on Monday, July 7th. They set a "peer perform" rating on the stock. Rosenblatt Securities reissued a "buy" rating and set a $56.00 target price on shares of Calix in a research note on Tuesday, July 15th. UBS Group reissued a "buy" rating on shares of Calix in a research report on Tuesday, April 22nd. Finally, Wall Street Zen cut Calix from a "buy" rating to a "hold" rating in a research report on Saturday, July 12th. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $50.83.

Calix Stock Up 0.9%

NYSE:CALX traded up $0.46 during trading hours on Thursday, hitting $54.13. 531,665 shares of the company traded hands, compared to its average volume of 694,889. The firm's 50-day simple moving average is $48.75 and its 200-day simple moving average is $41.15. Calix has a one year low of $28.61 and a one year high of $54.35. The company has a market cap of $3.51 billion, a PE ratio of -104.16 and a beta of 1.37.

Calix (NYSE:CALX - Get Free Report) last announced its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.06. The company had revenue of $220.20 million during 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 last year, the firm posted $0.21 EPS. As a group, equities research analysts expect that Calix will post -0.43 EPS for the current year.

Calix declared that its board has initiated a share buyback plan on Monday, April 21st that allows the company to buyback $100.00 million in shares. This buyback authorization allows the communications equipment provider to buy up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

Insider Buying and Selling at Calix

In related news, Director Carl Russo sold 25,000 shares of the company's stock in a transaction dated 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 directly owned 2,139,188 shares of the company's stock, valued at $84,690,452.92. This represents a 1.16% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Cory Sindelar sold 10,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $52.00, for a total value of $520,000.00. Following the sale, 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 disclosure for this sale can be found here. 16.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calix

A number of hedge funds have recently bought and sold shares of CALX. Millennium Management LLC increased its holdings in shares of Calix by 77.8% in the fourth quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider's stock valued at $70,828,000 after purchasing an additional 889,102 shares during the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Calix by 135.6% during the second 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 period. Nuveen LLC purchased a new position in Calix in the first quarter valued at $15,207,000. Vanguard Group Inc. raised its stake in Calix by 5.5% in the fourth quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider's stock valued at $278,185,000 after buying an additional 412,982 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its stake in Calix by 711.5% in the fourth quarter. Balyasny Asset Management L.P. now owns 436,036 shares of the communications equipment provider's stock valued at $15,205,000 after buying an additional 382,301 shares in the last quarter. Hedge funds and other institutional investors own 98.14% 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.