Calix (NYSE:CALX) Stock: Insider Carl Russo Sells 75,000 Shares

Calix, Inc (NYSE:CALX) Director Carl Russo sold 75,000 shares of the company’s stock in a transaction on Friday, November 6th. The stock was sold at an average price of $31.07, for a total transaction of $2,330,250.00. Following the completion of the transaction, the director directly owned 1,494,188 shares in the company, valued at approximately $46,424,421.16. The trade was a 4.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Calix Stock Up 5.3%

Shares of CALX stock traded up $1.63 on Monday, reaching $32.23. The company’s stock had a trading volume of 1,146,817 shares, compared to its average volume of 1,101,978. The company has a market capitalization of $1.99 billion, a P/E ratio of 47.40 and a beta of 1.21. Calix, Inc has a 12-month low of $30.55 and a 12-month high of $65.00. The stock’s 50 day simple moving average is $35.60 and its 200-day simple moving average is $42.07.

Calix (NYSE:CALX) last posted its earnings results on Monday, November 2nd. The communications equipment provider reported $0.44 EPS for the quarter, topping the consensus estimate of $0.42 by $0.02. Calix had a return on equity of 5.67% and a net margin of 3.99%. The business had revenue of $301.71 million during the quarter, compared to analysts’ expectations of $304.23 million. During the same period in the previous year, the business earned $0.44 earnings per share. The firm’s revenue was up 13.7% on a year-over-year basis. Research analysts expect that Calix, Inc will post 0.85 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Pinnacle Wealth Planning Services Inc. increased its position in shares of Calix by 254.0% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 878 shares of the communications equipment provider’s stock valued at $30,000 after purchasing an additional 630 shares during the last quarter. Harbor Investment Advisory LLC purchased a new stake in Calix in the second quarter worth approximately $31,000. Covestor Ltd boosted its stake in Calix by 85.4% in the third quarter. Covestor Ltd now owns 1,446 shares of the communications equipment provider’s stock worth $49,000 after buying an additional 666 shares in the last quarter. OV Management LLC bought a new position in Calix during the second quarter valued at approximately $62,000. Finally, Sterling Capital Management LLC grew its position in Calix by 827.9% during the third quarter. Sterling Capital Management LLC now owns 1,930 shares of the communications equipment provider’s stock valued at $66,000 after acquiring an additional 1,722 shares during the last quarter. Institutional investors own 98.14% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CALX. Roth Capital reiterated a “buy” rating on shares of Calix in a research report on Tuesday, July 21st. Rosenblatt Securities restated a “buy” rating and issued a $55.00 price objective on shares of Calix in a research report on Wednesday, November 4th. JPMorgan Chase & Co. lowered their target price on shares of Calix from $58.00 to $50.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 4th. Wall Street Zen downgraded shares of Calix from a “strong-buy” rating to a “buy” rating in a research note on Sunday. Finally, Weiss Ratings lowered shares of Calix from a “hold (c)” rating to a “hold (c-)” rating in a research report on Monday, October 26th. Five research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $55.80.

About Calix

Calix, Inc provides cloud, software, systems and services to broadband service providers. Its offerings are designed to help providers build and manage access networks, improve operations and deliver broadband services and digital experiences to residential and business subscribers.

The company’s portfolio includes the Calix Broadband Platform, which brings together network access systems, software and cloud-based applications. Products and services support network management, subscriber experience and the delivery of services such as broadband connectivity and managed Wi-Fi.

Founded in 1999 and headquartered in San Jose, California, Calix serves communications service providers in multiple markets, including providers in North America.