Calix (NYSE:CALX) Issues Earnings Results

Calix (NYSE:CALX) announced its quarterly earnings data on Wednesday. The communications equipment provider reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01, FiscalAI reports. Calix had a negative net margin of 0.78% and a negative return on equity of 0.69%. The company had revenue of $272.40 million during the quarter, compared to the consensus estimate of $267.36 million.

Calix Stock Down 5.3%

Calix stock traded down $2.97 during mid-day trading on Wednesday, reaching $53.01. 1,387,337 shares of the company’s stock were exchanged, compared to its average volume of 875,542. The business’s fifty day simple moving average is $54.72 and its 200 day simple moving average is $57.82. Calix has a one year low of $28.60 and a one year high of $71.22. The firm has a market capitalization of $3.51 billion, a PE ratio of -441.70 and a beta of 1.55.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CALX. Needham & Company LLC reiterated a “buy” rating and issued a $82.00 price target on shares of Calix in a research report on Monday, November 24th. Rosenblatt Securities restated a “buy” rating and set a $85.00 price target on shares of Calix in a report on Tuesday. Roth Mkm set a $85.00 price target on Calix and gave the company a “buy” rating in a research report on Thursday, October 30th. Zacks Research downgraded Calix from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 30th. Finally, JPMorgan Chase & Co. raised Calix from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $75.00 to $90.00 in a research report on Thursday, January 15th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $82.00.

Insider Transactions at Calix

In other news, Director Carl Russo sold 420,000 shares of the stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of $64.09, for a total transaction of $26,917,800.00. Following the completion of the transaction, the director directly owned 1,694,188 shares of the company’s stock, valued at $108,580,508.92. This represents a 19.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Cory Sindelar sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, November 6th. The shares were sold at an average price of $65.30, for a total value of $3,265,000.00. Following the completion of the transaction, the chief financial officer owned 76,555 shares in the company, valued at approximately $4,999,041.50. The trade was a 39.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 530,000 shares of company stock worth $34,099,800 in the last ninety days. Company insiders own 16.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in CALX. Raymond James Financial Inc. purchased a new stake in shares of Calix during the 2nd quarter valued at approximately $30,000. NewEdge Advisors LLC purchased a new stake in shares of Calix during the third quarter worth $64,000. Smartleaf Asset Management LLC boosted its holdings in shares of Calix by 27.0% in the second quarter. Smartleaf Asset Management LLC now owns 1,245 shares of the communications equipment provider’s stock worth $64,000 after acquiring an additional 265 shares during the period. Quadrant Capital Group LLC purchased a new stake in Calix during the 3rd quarter worth about $214,000. Finally, Teza Capital Management LLC bought a new position in Calix in the 2nd quarter worth about $220,000. Hedge funds and other institutional investors own 98.14% of the company’s stock.

About Calix

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.