Rosenblatt Securities Issues Positive Forecast for Calix (NYSE:CALX) Stock Price

Calix (NYSE:CALX - Get Free Report) had its price objective lifted by research analysts at Rosenblatt Securities from $51.00 to $52.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the communications equipment provider's stock. Rosenblatt Securities' target price indicates a potential upside of 30.75% from the stock's current price.

Several other research firms also recently weighed in on CALX. Roth Capital set a $50.00 target price on Calix and gave the company a "buy" rating in a research report on Tuesday, April 22nd. JPMorgan Chase & Co. cut their price objective on Calix from $45.00 to $34.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $53.00 price target on shares of Calix in a research report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $47.83.

Calix Stock Performance

Shares of Calix stock traded up $0.15 during mid-day trading on Wednesday, hitting $39.77. 429,500 shares of the stock were exchanged, compared to its average volume of 678,391. The company has a 50-day simple moving average of $34.97 and a 200 day simple moving average of $35.81. Calix has a 12 month low of $27.60 and a 12 month high of $42.50. The company has a market capitalization of $2.65 billion, a P/E ratio of -88.28 and a beta of 1.75.

Calix (NYSE:CALX - Get Free Report) last issued its quarterly earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.06. Calix had a negative return on equity of 3.43% and a negative net margin of 3.58%. The firm had revenue of $220.20 million during the quarter, compared to analyst estimates of $206.98 million. During the same quarter in the previous year, the company posted $0.21 earnings per share. Analysts predict that Calix will post -0.43 EPS for the current year.

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

Insider Transactions at Calix

In other news, Director Carl Russo sold 25,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $38.15, for a total transaction of $953,750.00. Following the transaction, the director now directly owns 2,164,188 shares in the company, valued at $82,563,772.20. This represents a 1.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of Calix by 5.5% in the 4th quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider's stock worth $278,185,000 after acquiring an additional 412,982 shares during the period. Millennium Management LLC increased its stake 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 worth $70,828,000 after acquiring an additional 889,102 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake 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 valued at $63,897,000 after purchasing an additional 74,720 shares during the last quarter. Congress Asset Management Co. grew its holdings in Calix by 8.1% during the first 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 during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Calix by 3.4% in the fourth quarter. Bank of New York Mellon Corp now owns 1,373,246 shares of the communications equipment provider's stock valued at $47,885,000 after acquiring an additional 45,195 shares during the period. 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.