Calix (NYSE:CALX) Hits New 12-Month High – Still a Buy?

Calix, Inc. (NYSE:CALX)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $45.20 and last traded at $44.89, with a volume of 542270 shares. The stock had previously closed at $44.19.

Analyst Ratings Changes

Several brokerages have issued reports on CALX. Roth Capital set a $50.00 price target on 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. 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. 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. Finally, UBS Group reissued a “buy” rating on shares of Calix in a research note on Tuesday, April 22nd. Two equities research 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 $47.83.

Calix Stock Up 1.6%

The company has a market capitalization of $2.91 billion, a PE ratio of -99.75 and a beta of 1.38. The stock has a 50-day moving average of $36.18 and a 200 day moving average of $36.13.

Calix (NYSE:CALX) last issued its quarterly earnings results 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 company had revenue of $220.20 million during the quarter, compared to the consensus estimate 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 last year, the business posted $0.21 earnings per share. Equities analysts forecast that Calix, Inc. will post -0.43 EPS for the current fiscal year.

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

Insider Buying and Selling at Calix

In other Calix news, Director Carl Russo sold 25,000 shares of the 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 completion of the transaction, the director now directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 16.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Calix

Several institutional investors and hedge funds have recently bought and sold shares of the company. American Century Companies Inc. grew its holdings in Calix by 22.8% during the first quarter. American Century Companies Inc. now owns 144,323 shares of the communications equipment provider’s stock valued at $5,115,000 after purchasing an additional 26,778 shares during the period. Neuberger Berman Group LLC bought a new position in shares of Calix in the first quarter worth $8,620,000. Russell Investments Group Ltd. boosted its holdings in shares of Calix by 50.4% in the first quarter. Russell Investments Group Ltd. now owns 107,313 shares of the communications equipment provider’s stock worth $3,803,000 after acquiring an additional 35,976 shares during the period. HighTower Advisors LLC boosted its holdings in shares of Calix by 0.9% in the first quarter. HighTower Advisors LLC now owns 119,253 shares of the communications equipment provider’s stock worth $4,226,000 after acquiring an additional 1,008 shares during the period. Finally, Public Sector Pension Investment Board boosted its holdings in shares of Calix by 27.3% in the first quarter. Public Sector Pension Investment Board now owns 187,189 shares of the communications equipment provider’s stock worth $6,634,000 after acquiring an additional 40,175 shares during the period. 98.14% of the stock is owned by institutional investors.

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.