Calix, Inc. (NYSE:CALX) Holdings Lowered by Bank of America Corp DE

Bank of America Corp DE trimmed its stake in shares of Calix, Inc. (NYSE:CALX) by 17.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 290,925 shares of the communications equipment provider’s stock after selling 63,109 shares during the period. Bank of America Corp DE owned about 0.44% of Calix worth $10,145,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of CALX. Smartleaf Asset Management LLC lifted its holdings in shares of Calix by 367.8% during the fourth 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 during the last quarter. Pacer Advisors Inc. lifted its stake in Calix by 29.8% in the 4th quarter. Pacer Advisors Inc. now owns 1,558 shares of the communications equipment provider’s stock worth $54,000 after acquiring an additional 358 shares in the last quarter. Quantbot Technologies LP purchased a new stake in Calix in the 4th quarter worth about $84,000. KBC Group NV lifted its stake in Calix by 57.8% in the 4th quarter. KBC Group NV now owns 2,772 shares of the communications equipment provider’s stock worth $97,000 after acquiring an additional 1,015 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Calix in the 4th quarter worth about $208,000. 98.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on CALX shares. Rosenblatt Securities increased their price objective on Calix from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, April 23rd. UBS Group reissued a “buy” rating on shares of Calix in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. increased 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. 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. Finally, 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. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $47.83.

Calix Price Performance

Shares of CALX stock opened at $46.78 on Friday. Calix, Inc. has a fifty-two week low of $28.61 and a fifty-two week high of $47.34. The stock’s 50-day moving average is $38.39 and its two-hundred day moving average is $36.67. The firm has a market cap of $3.03 billion, a P/E ratio of -103.95 and a beta of 1.38.

Calix (NYSE:CALX) last issued its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.06. The business had revenue of $220.20 million for 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 quarter in the prior year, the firm posted $0.21 EPS. As a group, research analysts expect that Calix, Inc. will post -0.43 EPS for the current year.

Calix announced that its board has initiated a share buyback 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 reacquire up to 4.5% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other 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 transaction, 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 legal filing with the SEC, which is accessible through this link. 16.90% of the stock is currently owned by insiders.

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.