Stock Repurchase Program Announced by Calix (NYSE:CALX)

Calix (NYSE:CALX) announced that its board has approved a share repurchase program on Monday, April 21st, RTT News reports. The company plans to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the communications equipment provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Calix Stock Performance

NYSE:CALX opened at $33.26 on Tuesday. The firm has a market capitalization of $2.22 billion, a PE ratio of -73.91 and a beta of 1.75. The stock’s fifty day moving average is $35.10 and its 200 day moving average is $35.77. Calix has a fifty-two week low of $26.76 and a fifty-two week high of $42.50.

Calix (NYSE:CALX) last announced its earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.06. Calix had a negative net margin of 3.58% and a negative return on equity of 3.43%. The business had revenue of $220.20 million for the quarter, compared to the consensus estimate of $206.98 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. Equities analysts forecast that Calix will post -0.43 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $45.00 price objective on shares of Calix in a research note on Thursday, January 30th. JPMorgan Chase & Co. decreased their price target on shares of Calix from $45.00 to $34.00 and set a “neutral” rating on the stock in a research note on Thursday, April 17th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $41.33.

Insiders Place Their Bets

In other news, Director Carl Russo sold 25,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $38.15, for a total value of $953,750.00. Following the transaction, the director now directly owns 2,164,188 shares in the company, valued at approximately $82,563,772.20. This represents a 1.14 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 16.90% of the stock is owned by insiders.

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.