Calix’s (CALX) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Calix (NYSE:CALX) in a research report released on Tuesday morning,Benzinga reports. They currently have a $56.00 price target on the communications equipment provider’s stock.

CALX has been the subject of several other reports. Wolfe Research started coverage on shares of Calix in a research report on Monday, July 7th. They set a “peer perform” rating for the company. Roth Capital set a $50.00 target price on shares of Calix and gave the stock a “buy” rating in a report on Tuesday, April 22nd. 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. Wall Street Zen cut shares of Calix from a “buy” rating to a “hold” rating in a research note on Saturday, July 12th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Calix from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, April 23rd. Three investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.83.

Calix Price Performance

Shares of CALX opened at $53.04 on Tuesday. The company has a market capitalization of $3.44 billion, a P/E ratio of -101.99 and a beta of 1.37. Calix has a one year low of $28.61 and a one year high of $54.07. The business’s 50 day simple moving average is $48.54 and its 200-day simple moving average is $40.93.

Calix (NYSE:CALX) last released 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 during the quarter, compared to analysts’ expectations of $206.98 million. Calix had a negative net margin of 4.20% and a negative return on equity of 4.14%. During the same quarter in the prior year, the company earned $0.21 EPS. On average, sell-side analysts anticipate that Calix will post -0.43 EPS for the current fiscal year.

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

Insiders Place Their Bets

In other news, CFO Cory Sindelar sold 10,000 shares of Calix stock in a transaction on Monday, June 30th. The shares were sold at an average price of $52.00, for a total transaction of $520,000.00. Following the transaction, the chief financial officer owned 76,285 shares in the company, valued at approximately $3,966,820. The trade was a 11.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Carl Russo sold 25,000 shares of Calix stock in a transaction on 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 owned 2,139,188 shares in the company, valued at approximately $84,690,452.92. This trade represents a 1.16% decrease in their position. The disclosure for this sale can be found here. 16.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Calix

Hedge funds and other institutional investors have recently bought and sold shares of the company. LVW Advisors LLC increased its stake in Calix by 50.4% in the second quarter. LVW Advisors LLC now owns 9,571 shares of the communications equipment provider’s stock valued at $509,000 after purchasing an additional 3,206 shares in the last quarter. Signaturefd LLC increased its stake in Calix by 36.0% in the second quarter. Signaturefd LLC now owns 1,370 shares of the communications equipment provider’s stock valued at $73,000 after purchasing an additional 363 shares in the last quarter. State of Alaska Department of Revenue increased its stake in Calix by 5.1% in the second quarter. State of Alaska Department of Revenue now owns 34,361 shares of the communications equipment provider’s stock valued at $1,827,000 after purchasing an additional 1,658 shares in the last quarter. Congress Asset Management Co. increased its stake in Calix by 2.9% in the second quarter. Congress Asset Management Co. now owns 1,417,944 shares of the communications equipment provider’s stock valued at $75,420,000 after purchasing an additional 39,447 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Calix by 119.7% in the second quarter. GAMMA Investing LLC now owns 1,472 shares of the communications equipment provider’s stock valued at $78,000 after purchasing an additional 802 shares in the last quarter. Institutional investors and hedge funds own 98.14% of the company’s stock.

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.