Wells Fargo & Company MN Reduces Stock Holdings in Calix, Inc. (NYSE:CALX)

Wells Fargo & Company MN reduced its holdings in Calix, Inc. (NYSE:CALX) by 14.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,601 shares of the communications equipment provider’s stock after selling 5,512 shares during the period. Wells Fargo & Company MN’s holdings in Calix were worth $1,137,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. HighTower Advisors LLC boosted its holdings in shares of Calix by 30.5% in the 4th quarter. HighTower Advisors LLC now owns 118,245 shares of the communications equipment provider’s stock valued at $4,123,000 after acquiring an additional 27,622 shares during the last quarter. Amundi purchased a new stake in Calix during the fourth quarter worth $330,000. Principal Financial Group Inc. boosted its holdings in Calix by 3.8% during 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. TradeLink Capital LLC purchased a new stake in Calix during the fourth quarter worth $299,000. Finally, Vanguard Group Inc. boosted its holdings in Calix by 5.5% during the fourth quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider’s stock worth $278,185,000 after buying an additional 412,982 shares in the last quarter. 98.14% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Carl Russo sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $38.15, for a total value of $953,750.00. Following the completion of the sale, the director now directly owns 2,164,188 shares in the company, valued at $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 Securities & Exchange Commission, which is available at this link. Company insiders own 16.90% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on CALX. Roth Capital set a $50.00 price target on shares of Calix and gave the stock a “buy” rating in a report on Tuesday, April 22nd. JPMorgan Chase & Co. increased their price target on shares of Calix from $34.00 to $38.00 and gave the stock a “neutral” rating in a report on Wednesday, April 23rd. 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. UBS Group reissued a “buy” rating on shares of Calix in a report on Tuesday, April 22nd. Finally, Rosenblatt Securities increased their price objective on shares of Calix from $51.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Calix currently has an average rating of “Moderate Buy” and a consensus target price of $47.83.

Calix Trading Up 1.1 %

Shares of NYSE CALX opened at $40.05 on Tuesday. The company has a 50-day moving average of $34.97 and a 200 day moving average of $35.82. Calix, Inc. has a 12-month low of $27.60 and a 12-month high of $42.50. The stock has a market cap of $2.67 billion, a PE ratio of -89.00 and a beta of 1.75.

Calix (NYSE:CALX) 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 analysts’ consensus estimates of $0.13 by $0.06. The business had revenue of $220.20 million during the quarter, compared to analyst estimates 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 in the prior year, the business earned $0.21 earnings per share. On average, sell-side analysts forecast that Calix, Inc. will post -0.43 EPS for the current fiscal year.

Calix declared that its board has approved a share repurchase plan on Monday, April 21st that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the communications equipment provider to repurchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

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.