Envestnet Asset Management Inc. Sells 22,252 Shares of Calix, Inc (NYSE:CALX)

Envestnet Asset Management Inc. decreased its stake in Calix, Inc (NYSE:CALX) by 14.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 130,303 shares of the communications equipment provider’s stock after selling 22,252 shares during the period. Envestnet Asset Management Inc. owned 0.20% of Calix worth $4,618,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Quantbot Technologies LP bought a new position in shares of Calix in the 4th quarter valued at about $84,000. Mercer Global Advisors Inc. ADV acquired a new stake in Calix in the 4th quarter valued at about $208,000. Summit Investment Advisors Inc. lifted its stake in Calix by 8.1% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,224 shares of the communications equipment provider’s stock valued at $217,000 after purchasing an additional 465 shares during the last quarter. LVW Advisors LLC acquired a new stake in Calix in the 1st quarter valued at about $226,000. Finally, Kera Capital Partners Inc. acquired a new stake in Calix in the 1st quarter valued at about $261,000. Institutional investors own 98.14% of the company’s stock.

Calix Stock Down 0.0%

Shares of CALX stock opened at $55.28 on Friday. The firm has a 50 day moving average price of $49.79 and a two-hundred day moving average price of $41.74. The company has a market capitalization of $3.61 billion, a PE ratio of -138.20 and a beta of 1.37. Calix, Inc has a 12-month low of $28.60 and a 12-month high of $57.90.

Calix (NYSE:CALX) last issued its quarterly earnings data on Monday, July 21st. The communications equipment provider reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.08) by $0.41. The firm had revenue of $241.90 million during the quarter, compared to the consensus estimate of $223.81 million. Calix had a negative net margin of 3.09% and a negative return on equity of 3.21%. The business’s revenue for the quarter was up 22.1% compared to the same quarter last year. During the same period last year, the business posted $0.09 earnings per share. As a group, research analysts expect that Calix, Inc will post -0.43 EPS for the current year.

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

Insider Activity at Calix

In other news, Director Carl Russo sold 25,000 shares of Calix stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $39.59, for a total value of $989,750.00. Following the completion of the sale, the director directly owned 2,139,188 shares in the company, valued at approximately $84,690,452.92. The trade was a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Cory Sindelar sold 10,000 shares of Calix stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $56.00, for a total transaction of $560,000.00. Following the completion of the sale, the chief financial officer owned 76,285 shares of the company’s stock, valued at approximately $4,271,960. The trade was a 11.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 45,000 shares of company stock valued at $2,069,750 over the last 90 days. Company insiders own 16.90% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Calix in a research note on Monday, July 7th. They issued a “peer perform” rating for the company. Wall Street Zen upgraded shares of Calix from a “hold” rating to a “strong-buy” rating in a research note on Saturday. Rosenblatt Securities raised their target price on shares of Calix from $56.00 to $65.00 and gave the company a “buy” rating in a research note on Tuesday. UBS Group restated a “buy” rating on shares of Calix in a research note on Tuesday, April 22nd. Finally, Needham & Company LLC raised their target price on shares of Calix from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday. Two equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Calix presently has an average rating of “Moderate Buy” and an average target price of $59.25.

Calix 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.