Calix (NYSE:CALX) Sets New 52-Week High After Analyst Upgrade

Calix, Inc. (NYSE:CALX)’s share price reached a new 52-week high during trading on Thursday after Rosenblatt Securities raised their price target on the stock from $52.00 to $56.00. Rosenblatt Securities currently has a buy rating on the stock. Calix traded as high as $48.78 and last traded at $48.76, with a volume of 63149 shares. The stock had previously closed at $47.88.

A number of other equities analysts have also commented on CALX. Roth Capital set a $50.00 price objective on Calix and gave the stock a “buy” rating in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. boosted their price objective on Calix from $34.00 to $38.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 23rd. Needham & Company LLC reissued a “buy” rating and issued a $53.00 price objective on shares of Calix in a research note on Tuesday, April 22nd. Finally, UBS Group restated a “buy” rating on shares of Calix in a research report on Tuesday, April 22nd. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $48.50.

Insider Activity

In other Calix news, Director Carl Russo sold 25,000 shares of the stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $39.59, for a total value of $989,750.00. Following the completion of the sale, the director now directly owns 2,139,188 shares in the company, valued at $84,690,452.92. This represents a 1.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 16.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Calix

Several large investors have recently modified their holdings of the business. Inspire Investing LLC increased its holdings in shares of Calix by 143.0% in the first quarter. Inspire Investing LLC now owns 28,224 shares of the communications equipment provider’s stock worth $1,000,000 after acquiring an additional 16,611 shares in the last quarter. Strs Ohio bought a new stake in shares of Calix in the first quarter worth about $851,000. Acadian Asset Management LLC increased its holdings in shares of Calix by 60.1% in the first quarter. Acadian Asset Management LLC now owns 183,627 shares of the communications equipment provider’s stock worth $6,504,000 after acquiring an additional 68,937 shares in the last quarter. Intech Investment Management LLC increased its holdings in shares of Calix by 26.8% in the first quarter. Intech Investment Management LLC now owns 32,923 shares of the communications equipment provider’s stock worth $1,167,000 after acquiring an additional 6,962 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Calix by 10.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 176,328 shares of the communications equipment provider’s stock worth $6,249,000 after acquiring an additional 16,905 shares in the last quarter. 98.14% of the stock is currently owned by institutional investors.

Calix Stock Up 0.6%

The company has a market capitalization of $3.12 billion, a P/E ratio of -107.02 and a beta of 1.35. The firm has a fifty day simple moving average of $41.87 and a 200-day simple moving average of $38.14.

Calix (NYSE:CALX) last posted its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. The business had revenue of $220.20 million during the quarter, compared to the consensus estimate of $206.98 million. Calix had a negative return on equity of 3.43% and a negative net margin of 3.58%. During the same period last year, the company earned $0.21 earnings per share. On average, sell-side analysts predict that Calix, Inc. will post -0.43 earnings per share for the current fiscal year.

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

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.