Calix (NYSE:CALX) Rating Lowered to Hold at Wall Street Zen

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

CALX has been the topic of a number of other reports. Wolfe Research started coverage on Calix in a report on Monday. They set a "peer perform" rating on the stock. Roth Capital set a $50.00 price target on Calix and gave the company a "buy" rating in a report on Tuesday, April 22nd. UBS Group reissued a "buy" rating on shares of Calix in a report on Tuesday, April 22nd. Needham & Company LLC reissued a "buy" rating and set a $53.00 price target on shares of Calix in a report on Tuesday, April 22nd. Finally, JPMorgan Chase & Co. raised their price target on Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a report on Wednesday, April 23rd. 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 company has a consensus rating of "Moderate Buy" and a consensus price target of $48.50.

Calix Price Performance

NYSE CALX traded down $0.57 on Friday, reaching $50.48. The company had a trading volume of 487,990 shares, compared to its average volume of 695,418. The firm has a market capitalization of $3.27 billion, a PE ratio of -97.08 and a beta of 1.37. Calix has a 1 year low of $28.61 and a 1 year high of $54.07. The firm has a 50-day moving average of $47.82 and a 200-day moving average of $40.49.

Calix (NYSE:CALX - Get Free Report) last posted its quarterly earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, beating 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 period in the prior year, the company posted $0.21 EPS. As a group, sell-side analysts expect that Calix will post -0.43 EPS for the current fiscal year.

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

Insider Activity

In other Calix news, CFO Cory Sindelar sold 10,000 shares of Calix stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $52.00, for a total transaction of $520,000.00. Following the transaction, the chief financial officer owned 76,285 shares of the company's stock, valued at $3,966,820. The trade was a 11.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, 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 value of $989,750.00. Following the sale, the director owned 2,139,188 shares of the company's stock, valued at approximately $84,690,452.92. This represents a 1.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 16.90% of the company's stock.

Institutional Investors Weigh In On Calix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meeder Asset Management Inc. bought a new stake in shares of Calix during the first quarter valued at approximately $28,000. Signaturefd LLC grew its position in Calix by 91.1% in the first quarter. Signaturefd LLC now owns 1,007 shares of the communications equipment provider's stock valued at $36,000 after acquiring an additional 480 shares during the period. Quarry LP grew its position in Calix by 1,704.0% in the first quarter. Quarry LP now owns 1,353 shares of the communications equipment provider's stock valued at $48,000 after acquiring an additional 1,278 shares during the period. Quantbot Technologies LP acquired a new position in Calix in the fourth quarter worth $84,000. Finally, Mercer Global Advisors Inc. ADV acquired a new position in Calix in the fourth quarter worth $208,000. 98.14% of the stock is currently owned by institutional investors and hedge funds.

About Calix

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.