Calix, Inc. (NYSE:CALX - Get Free Report)'s share price gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $33.25, but opened at $37.50. Calix shares last traded at $37.52, with a volume of 494,209 shares traded.
The communications equipment provider reported $0.19 earnings per share for the quarter, beating 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 firm had revenue of $220.20 million for the quarter, compared to the consensus estimate of $206.98 million. During the same period last year, the firm posted $0.21 EPS.
Calix declared that its board has initiated a share repurchase plan on Monday, April 21st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the communications equipment provider to repurchase up to 4.5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Wall Street Analyst Weigh In
A number of research firms have commented on CALX. Rosenblatt Securities lifted their price objective on shares of Calix from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday. UBS Group reaffirmed a "buy" rating on shares of Calix in a research note on Tuesday. Needham & Company LLC restated a "buy" rating and issued a $53.00 price target on shares of Calix in a research note on Tuesday. Roth Capital set a $50.00 price target on Calix and gave the stock a "buy" rating in a research report on Tuesday. Finally, JPMorgan Chase & Co. upped their price target on shares of Calix from $34.00 to $38.00 and gave the company a "neutral" rating in a research note on Wednesday. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $45.29.
View Our Latest Analysis on Calix
Insiders Place Their Bets
In related news, Director Carl Russo sold 25,000 shares of the stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $38.15, for a total transaction of $953,750.00. Following the completion of the transaction, the director now owns 2,164,188 shares in the company, valued at approximately $82,563,772.20. This represents a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 16.90% of the company's stock.
Institutional Trading of Calix
A number of hedge funds have recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its holdings in shares of Calix by 367.8% in the 4th quarter. Smartleaf Asset Management LLC now owns 814 shares of the communications equipment provider's stock worth $28,000 after acquiring an additional 640 shares during the last quarter. Pacer Advisors Inc. grew its position in Calix by 29.8% during the 4th quarter. Pacer Advisors Inc. now owns 1,558 shares of the communications equipment provider's stock worth $54,000 after acquiring an additional 358 shares during the last quarter. Quantbot Technologies LP bought a new position in Calix during the 4th quarter valued at approximately $84,000. KBC Group NV boosted its position in shares of Calix by 57.8% during the fourth quarter. KBC Group NV now owns 2,772 shares of the communications equipment provider's stock valued at $97,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in Calix in the 4th quarter worth about $208,000. 98.14% of the stock is owned by institutional investors and hedge funds.
Calix Price Performance
The stock has a market capitalization of $2.65 billion, a P/E ratio of -87.82 and a beta of 1.75. The business's 50 day moving average price is $34.97 and its 200 day moving average price is $35.81.
Calix Company Profile
(
Get Free Report)
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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