Calix's (CALX) "Buy" Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Calix (NYSE:CALX - Free Report) in a report issued on Tuesday,Benzinga reports. They currently have a $53.00 price objective on the communications equipment provider's stock.

Separately, JPMorgan Chase & Co. cut their target price on Calix from $45.00 to $34.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Calix currently has an average rating of "Moderate Buy" and a consensus target price of $45.29.

Calix Price Performance

CALX traded up $0.58 during midday trading on Tuesday, reaching $39.63. 55,022 shares of the company's stock traded hands, compared to its average volume of 675,957. Calix has a 52 week low of $27.20 and a 52 week high of $42.50. The stock has a market capitalization of $2.64 billion, a price-to-earnings ratio of -87.82 and a beta of 1.75. The firm has a fifty day moving average of $34.97 and a two-hundred day moving average of $35.81.

Calix (NYSE:CALX - Get Free Report) last released its quarterly earnings results on Monday, April 21st. 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 return on equity of 3.43% and a negative net margin of 3.58%. The company had revenue of $220.20 million for the quarter, compared to analyst estimates of $206.98 million. During the same period in the previous year, the company posted $0.21 earnings per share. Sell-side analysts forecast that Calix will post -0.43 EPS for the current year.

Calix announced that its board has initiated a share repurchase plan on Monday, April 21st that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the communications equipment provider to purchase up to 4.5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Calix

In related news, Director Carl Russo sold 25,000 shares of the business's stock in a transaction on Thursday, February 27th. The stock was 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 directly owns 2,164,188 shares of the company's stock, valued at $82,563,772.20. The trade was a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 16.90% of the company's stock.

Institutional Investors Weigh In On Calix

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC lifted its position in Calix by 49.0% during the 3rd quarter. FMR LLC now owns 2,398 shares of the communications equipment provider's stock worth $93,000 after acquiring an additional 789 shares during the period. Stifel Financial Corp lifted its stake in Calix by 113.2% in the 3rd quarter. Stifel Financial Corp now owns 17,588 shares of the communications equipment provider's stock valued at $682,000 after buying an additional 9,339 shares in the last quarter. Barclays PLC boosted its stake in shares of Calix by 184.0% during the third quarter. Barclays PLC now owns 113,579 shares of the communications equipment provider's stock valued at $4,404,000 after acquiring an additional 73,588 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Calix by 46.2% during the third 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 in the last quarter. Finally, Diversified Trust Co raised its holdings in Calix by 18.1% in the 4th quarter. Diversified Trust Co now owns 12,030 shares of the communications equipment provider's stock valued at $419,000 after acquiring an additional 1,845 shares during the last quarter. 98.14% of the stock is currently owned by institutional investors and hedge funds.

About Calix

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.