Wall Street Zen Downgrades Calix (NYSE:CALX) to Hold

Calix (NYSE:CALX - Get Free Report) was downgraded by investment analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research note issued to investors on Saturday.

A number of other equities research analysts have also issued reports on CALX. 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. Wolfe Research began coverage on shares of Calix in a research note on Monday, July 7th. They issued a "peer perform" rating on the stock. UBS Group restated a "buy" rating on shares of Calix in a research note on Tuesday, April 22nd. Rosenblatt Securities boosted their price objective on shares of Calix from $52.00 to $56.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $53.00 price objective on shares of Calix in a research note on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.50.

Calix Stock Performance

NYSE:CALX traded down $0.32 during mid-day trading on Friday, hitting $50.27. 335,125 shares of the company's stock traded hands, compared to its average volume of 692,096. The firm's 50 day simple moving average is $47.82 and its 200 day simple moving average is $40.56. Calix has a 1 year low of $28.61 and a 1 year high of $54.07. The company has a market cap of $3.26 billion, a PE ratio of -96.80 and a beta of 1.37.

Calix (NYSE:CALX - Get Free Report) last issued its quarterly earnings results on Monday, April 21st. The communications equipment provider reported $0.19 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.06. Calix had a negative net margin of 4.20% and a negative return on equity of 4.14%. The business had revenue of $220.20 million during the quarter, compared to the consensus estimate of $206.98 million. During the same period in the previous year, the firm posted $0.21 earnings per share. On average, research analysts expect that Calix will post -0.43 earnings per share for the current fiscal year.

Calix declared that its Board of Directors has initiated a stock repurchase plan on Monday, April 21st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, Director Carl Russo sold 25,000 shares of Calix stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $39.59, for a total transaction of $989,750.00. Following the completion of the transaction, the director directly owned 2,139,188 shares of the company's stock, valued at $84,690,452.92. This trade represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Cory Sindelar sold 10,000 shares of the business's stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $52.00, for a total transaction of $520,000.00. Following the sale, the chief financial officer directly owned 76,285 shares of the company's stock, valued at approximately $3,966,820. This trade represents a 11.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Millennium Management LLC raised its position 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 period. Assenagon Asset Management S.A. grew its stake in 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 in the last quarter. Nuveen LLC acquired a new stake in shares of Calix in the 1st quarter valued at approximately $15,207,000. Vanguard Group Inc. boosted its stake 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 valued at $278,185,000 after purchasing an additional 412,982 shares in the last quarter. Finally, Balyasny Asset Management L.P. raised its holdings in Calix by 711.5% in 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 buying an additional 382,301 shares during the last quarter. Institutional investors and hedge funds 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.