JPMorgan Chase & Co. Has Lowered Expectations for Calix (NYSE:CALX) Stock Price

Calix (NYSE:CALX - Get Free Report) had its price target dropped by equities research analysts at JPMorgan Chase & Co. from $45.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "neutral" rating on the communications equipment provider's stock. JPMorgan Chase & Co.'s price objective would suggest a potential downside of 8.88% from the company's previous close.

Separately, Needham & Company LLC reiterated a "buy" rating and issued a $45.00 target price on shares of Calix in a report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $42.67.

Calix Stock Up 12.2 %

NYSE CALX traded up $4.07 during trading on Thursday, hitting $37.32. 1,466,367 shares of the stock traded hands, compared to its average volume of 670,514. Calix has a 12-month low of $26.76 and a 12-month high of $42.50. The firm has a 50-day simple moving average of $35.10 and a 200-day simple moving average of $35.77. The company has a market capitalization of $2.49 billion, a P/E ratio of -82.78 and a beta of 1.75.

Calix (NYSE:CALX - Get Free Report) last announced its quarterly earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.06. Calix had a negative net margin of 3.58% and a negative return on equity of 3.43%. The company had revenue of $220.20 million for the quarter, compared to analysts' expectations of $206.98 million. During the same quarter in the previous year, the business posted $0.21 earnings per share. As a group, research analysts predict that Calix will post -0.43 EPS for the current fiscal year.

Calix announced that its board has approved a stock buyback 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 typically an indication that the company's board believes its stock is undervalued.

Insider Transactions at Calix

In other Calix news, Director Carl Russo sold 25,000 shares of the firm's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $38.15, for a total value of $953,750.00. Following the completion of the sale, the director now owns 2,164,188 shares of the company's stock, valued at approximately $82,563,772.20. This trade represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 16.90% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Calix by 49.0% in the 3rd quarter. FMR LLC now owns 2,398 shares of the communications equipment provider's stock valued at $93,000 after acquiring an additional 789 shares during the period. Stifel Financial Corp lifted its holdings in shares of Calix by 113.2% during the third quarter. Stifel Financial Corp now owns 17,588 shares of the communications equipment provider's stock worth $682,000 after purchasing an additional 9,339 shares during the period. Barclays PLC boosted its position in Calix by 184.0% in the third quarter. Barclays PLC now owns 113,579 shares of the communications equipment provider's stock valued at $4,404,000 after buying an additional 73,588 shares during the last quarter. Geode Capital Management LLC increased its holdings in Calix by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 1,331,565 shares of the communications equipment provider's stock worth $51,661,000 after buying an additional 14,725 shares during the period. Finally, JPMorgan Chase & Co. raised its position in Calix by 46.2% during the 3rd quarter. JPMorgan Chase & Co. now owns 127,570 shares of the communications equipment provider's stock worth $4,948,000 after buying an additional 40,306 shares during the last quarter. Hedge funds and other institutional investors own 98.14% of the company's stock.

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.