Calix (NYSE:CALX) Issues Earnings Results

Calix (NYSE:CALX) announced its quarterly earnings results on Monday. The communications equipment provider reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.07, FiscalAI reports. The firm had revenue of $293.33 million for the quarter, compared to the consensus estimate of $289.96 million. Calix had a net margin of 3.20% and a return on equity of 4.30%.

Calix Price Performance

NYSE CALX traded down $0.76 during mid-day trading on Monday, reaching $38.38. The stock had a trading volume of 1,640,576 shares, compared to its average volume of 1,102,182. Calix has a 1 year low of $34.86 and a 1 year high of $71.22. The company has a fifty day moving average price of $38.71 and a 200 day moving average price of $46.58. The stock has a market cap of $2.45 billion, a PE ratio of 79.96 and a beta of 1.23.

Insider Buying and Selling at Calix

In related news, Director Carl Russo sold 25,000 shares of the stock in a transaction that occurred on Monday, April 27th. The shares were sold at an average price of $43.26, for a total transaction of $1,081,500.00. Following the transaction, the director owned 1,644,188 shares in the company, valued at $71,127,572.88. This represents a 1.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.44% of the stock is owned by insiders.

Institutional Trading of Calix

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new position in shares of Calix during the 2nd quarter valued at approximately $30,000. Strive Financial Group LLC purchased a new stake in Calix during the 4th quarter valued at approximately $40,000. NewEdge Advisors LLC bought a new stake in shares of Calix during the third quarter valued at approximately $64,000. Smartleaf Asset Management LLC raised its position in shares of Calix by 27.0% during the second quarter. Smartleaf Asset Management LLC now owns 1,245 shares of the communications equipment provider’s stock valued at $64,000 after buying an additional 265 shares during the last quarter. Finally, Kestra Advisory Services LLC purchased a new position in shares of Calix in the fourth quarter worth $67,000. 98.14% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Northland Securities cut Calix from an “outperform” rating to a “market perform” rating and set a $52.00 target price for the company. in a research report on Wednesday, April 22nd. Roth Capital reissued a “buy” rating on shares of Calix in a research note on Thursday, April 23rd. Zacks Research upgraded Calix from a “strong sell” rating to a “hold” rating in a research report on Friday, May 15th. Weiss Ratings downgraded Calix from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, July 2nd. Finally, Needham & Company LLC cut their price objective on Calix from $70.00 to $62.00 and set a “buy” rating on the stock in a research report on Thursday, April 23rd. Six equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Calix presently has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Calix announced that its board has approved a share buyback plan on Tuesday, April 21st that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the communications equipment provider to reacquire up to 3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Calix Company Profile

Calix, Inc is a provider of cloud and software platforms, systems, and services that enable broadband service providers to transform their networks and subscriber experiences. The company’s flagship Calix Cloud platform delivers real-time analytics, automation and intelligence designed to simplify network operations, improve service agility and drive revenue growth. Calix also offers a comprehensive suite of premises and access systems, including broadband access nodes, fiber-to-the-home optics and residential gateways under the GigaSpire brand.

Through its software-defined network architecture, Calix helps service providers virtualize key network functions and introduce new services with minimal capital expenditure.