Calix, Inc (NYSE:CALX) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Shares of Calix, Inc (NYSE:CALX) have received a consensus recommendation of “Moderate Buy” from the six research firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $59.25.

Several equities analysts recently issued reports on the stock. Needham & Company LLC boosted their target price on shares of Calix from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Tuesday, July 22nd. JPMorgan Chase & Co. upped their price objective on shares of Calix from $38.00 to $52.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Wall Street Zen upgraded shares of Calix from a “hold” rating to a “strong-buy” rating in a research report on Saturday, July 26th. Roth Capital set a $50.00 price objective on shares of Calix and gave the stock a “buy” rating in a research report on Tuesday, April 22nd. Finally, Rosenblatt Securities upped their price objective on shares of Calix from $56.00 to $65.00 and gave the stock a “buy” rating in a research report on Tuesday, July 22nd.

Calix Price Performance

CALX stock opened at $56.88 on Friday. The firm’s fifty day simple moving average is $52.77 and its 200-day simple moving average is $43.72. The company has a market capitalization of $3.71 billion, a P/E ratio of -142.20 and a beta of 1.27. Calix has a 12 month low of $28.60 and a 12 month high of $59.30.

Calix (NYSE:CALX) last released its quarterly earnings data on Monday, July 21st. The communications equipment provider reported $0.33 EPS for the quarter, beating the consensus estimate of ($0.08) by $0.41. The business had revenue of $241.90 million for 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% on a year-over-year basis. During the same period in the prior year, the firm earned $0.09 EPS. As a group, sell-side analysts forecast that Calix will post -0.43 earnings per share for the current year.

Calix announced that its Board of Directors has initiated a stock buyback 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 buy up to 4.5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CFO Cory Sindelar sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $56.00, for a total value of $560,000.00. Following the sale, the chief financial officer owned 76,285 shares of the company’s stock, valued at $4,271,960. This trade represents a 11.59% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Carl Russo sold 25,000 shares of the firm’s stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $55.40, for a total transaction of $1,385,000.00. Following the completion of the sale, the director directly owned 2,114,188 shares in the company, valued at approximately $117,126,015.20. This trade represents a 1.17% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 45,000 shares of company stock worth $2,465,000 in the last three months. Corporate insiders own 16.90% of the company’s stock.

Institutional Trading of Calix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SouthState Corp grew its position in shares of Calix by 10,000.0% during the second quarter. SouthState Corp now owns 505 shares of the communications equipment provider’s stock worth $27,000 after acquiring an additional 500 shares during the last quarter. Meeder Asset Management Inc. purchased a new position in Calix in the 1st quarter valued at $28,000. Raymond James Financial Inc. purchased a new stake in shares of Calix during the 2nd quarter worth $30,000. Signaturefd LLC boosted its position in shares of Calix by 91.1% during the 1st quarter. Signaturefd LLC now owns 1,007 shares of the communications equipment provider’s stock worth $36,000 after purchasing an additional 480 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new position in shares of Calix during the 2nd quarter worth $36,000. 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.