Calix’s (CALX) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Calix (NYSE:CALX) in a report issued on Tuesday morning,Benzinga reports. They currently have a $53.00 price objective on the communications equipment provider’s stock.

Separately, JPMorgan Chase & Co. reduced their target price on shares of Calix from $45.00 to $34.00 and set a “neutral” rating on the stock in a report on Thursday, April 17th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $45.29.

Calix Trading Up 5.9 %

NYSE:CALX opened at $39.08 on Tuesday. Calix has a twelve month low of $27.20 and a twelve month high of $42.50. The company has a market capitalization of $2.60 billion, a P/E ratio of -86.84 and a beta of 1.75. The firm has a 50-day moving average price of $34.97 and a two-hundred day moving average price of $35.81.

Calix (NYSE:CALX) last issued its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share 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 analysts’ expectations 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 company posted $0.21 EPS. On average, equities research analysts predict that Calix will post -0.43 earnings per share for the current year.

Calix announced that its board has approved a share repurchase 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 purchase up to 4.5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Carl Russo sold 25,000 shares of the stock in a transaction that occurred on Thursday, February 27th. The shares were sold at an average price of $38.15, for a total transaction of $953,750.00. Following the completion of the sale, the director now owns 2,164,188 shares of the company’s stock, valued at approximately $82,563,772.20. This represents a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 16.90% of the company’s stock.

Institutional Investors Weigh In On Calix

Large investors have recently made changes to their positions in the business. Smartleaf Asset Management LLC increased its holdings in Calix by 367.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 814 shares of the communications equipment provider’s stock valued at $28,000 after purchasing an additional 640 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Calix by 29.8% during the 4th quarter. Pacer Advisors Inc. now owns 1,558 shares of the communications equipment provider’s stock valued at $54,000 after buying an additional 358 shares during the period. FMR LLC boosted its holdings in Calix by 49.0% in the 3rd quarter. FMR LLC now owns 2,398 shares of the communications equipment provider’s stock worth $93,000 after acquiring an additional 789 shares during the period. Quantbot Technologies LP acquired a new stake in Calix in the fourth quarter valued at approximately $84,000. Finally, KBC Group NV raised its stake in shares of Calix by 57.8% during the fourth quarter. KBC Group NV now owns 2,772 shares of the communications equipment provider’s stock valued at $97,000 after purchasing an additional 1,015 shares during the period. Institutional investors and hedge funds own 98.14% of the company’s stock.

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.