Rosenblatt Securities Forecasts Strong Price Appreciation for Calix (NYSE:CALX) Stock

Calix (NYSE:CALX) had its target price hoisted by Rosenblatt Securities from $52.00 to $56.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the communications equipment provider’s stock.

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

Calix Stock Up 0.6%

Shares of CALX opened at $48.16 on Thursday. The business’s fifty day moving average is $41.87 and its 200 day moving average is $38.14. Calix has a 12-month low of $28.61 and a 12-month high of $48.88. The stock has a market cap of $3.12 billion, a P/E ratio of -107.02 and a beta of 1.35.

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

Calix announced that its Board of Directors has authorized a stock repurchase program on Monday, April 21st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the communications equipment provider to reacquire up to 4.5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at Calix

In related 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 transaction of $989,750.00. Following the sale, the director now owns 2,139,188 shares of the company’s stock, valued at approximately $84,690,452.92. This represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 16.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Calix

Several hedge funds and other institutional investors have recently modified their holdings of CALX. Rhumbline Advisers increased its holdings in Calix by 1.3% during the 4th quarter. Rhumbline Advisers now owns 168,531 shares of the communications equipment provider’s stock worth $5,877,000 after acquiring an additional 2,238 shares during the period. Principal Financial Group Inc. raised its position in shares of Calix by 3.8% in the fourth quarter. Principal Financial Group Inc. now owns 287,509 shares of the communications equipment provider’s stock worth $10,025,000 after buying an additional 10,393 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Calix by 23.0% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 24,592 shares of the communications equipment provider’s stock valued at $858,000 after buying an additional 4,597 shares during the period. Bank of New York Mellon Corp grew its position in Calix by 3.4% during the fourth quarter. Bank of New York Mellon Corp now owns 1,373,246 shares of the communications equipment provider’s stock worth $47,885,000 after buying an additional 45,195 shares in the last quarter. Finally, Smartleaf Asset Management LLC increased its stake in Calix by 367.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 814 shares of the communications equipment provider’s stock worth $28,000 after acquiring an additional 640 shares during the last quarter. 98.14% of the stock is currently owned by institutional investors.

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.