Calix (NYSE:CALX) Reaches New 1-Year High After Analyst Upgrade

Calix, Inc. (NYSE:CALXGet Free Report) hit a new 52-week high during mid-day trading on Thursday after Rosenblatt Securities raised their price target on the stock from $52.00 to $56.00. Rosenblatt Securities currently has a buy rating on the stock. Calix traded as high as $48.78 and last traded at $48.76, with a volume of 63149 shares. The stock had previously closed at $47.88.

Several other research firms also recently commented on CALX. UBS Group reiterated a “buy” rating on shares of Calix in a research report on Tuesday, April 22nd. Roth Capital set a $50.00 target price on shares of Calix and gave the company a “buy” rating in a report on Tuesday, April 22nd. JPMorgan Chase & Co. upped their price objective on Calix from $34.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, April 23rd. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $53.00 price objective 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 issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $48.50.

Get Our Latest Analysis on Calix

Insider Buying and Selling

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 value of $989,750.00. Following the completion of the transaction, the director now owns 2,139,188 shares in the company, valued at approximately $84,690,452.92. This represents a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 16.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calix

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in Calix by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 8,015,370 shares of the communications equipment provider’s stock valued at $284,065,000 after acquiring an additional 37,601 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Calix by 12.1% during the 1st quarter. Alliancebernstein L.P. now owns 2,509,223 shares of the communications equipment provider’s stock worth $88,927,000 after purchasing an additional 270,397 shares in the last quarter. Millennium Management LLC increased its stake in shares of Calix by 77.8% during the 4th quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider’s stock worth $70,828,000 after purchasing an additional 889,102 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Calix by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,832,407 shares of the communications equipment provider’s stock worth $63,897,000 after purchasing an additional 74,720 shares in the last quarter. Finally, Congress Asset Management Co. increased its stake in shares of Calix by 8.1% during the 1st quarter. Congress Asset Management Co. now owns 1,378,497 shares of the communications equipment provider’s stock worth $48,854,000 after purchasing an additional 103,175 shares in the last quarter. Hedge funds and other institutional investors own 98.14% of the company’s stock.

Calix Price Performance

The firm has a 50-day simple moving average of $42.20 and a two-hundred day simple moving average of $38.25. The company has a market cap of $3.06 billion, a PE ratio of -104.82 and a beta of 1.35.

Calix (NYSE:CALXGet Free Report) last posted its quarterly earnings data on Monday, April 21st. The communications equipment provider reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.06. The firm had revenue of $220.20 million during the quarter, compared to analysts’ expectations 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 last year, the business posted $0.21 EPS. Equities research analysts forecast that Calix, Inc. will post -0.43 EPS for the current year.

Calix announced that its board has approved a stock buyback program on Monday, April 21st that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the communications equipment provider to repurchase up to 4.5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Calix Company Profile

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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.

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