Calix (NYSE:CALX) Shares Gap Up Following Earnings Beat

Calix, Inc. (NYSE:CALX) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 trading hands.

The communications equipment provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.06. The business had revenue of $220.20 million for the quarter, compared to analysts’ expectations of $206.98 million. Calix had a negative net margin of 3.58% and a negative return on equity of 3.43%. During the same quarter in the previous year, the firm posted $0.21 earnings per share.

Calix announced that its Board of Directors has authorized a share repurchase plan on Monday, April 21st that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the communications equipment provider to repurchase 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 stock is undervalued.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CALX. JPMorgan Chase & Co. cut their price objective on Calix from $45.00 to $34.00 and set a “neutral” rating for the company in a report on Thursday, April 17th. Needham & Company LLC reissued a “buy” rating and set a $53.00 price target on shares of Calix in a report on Tuesday. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $42.67.

Insider Activity at Calix

In other Calix news, Director Carl Russo sold 25,000 shares of the company’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 transaction, the director now owns 2,164,188 shares of the company’s stock, valued at approximately $82,563,772.20. This represents a 1.14 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 16.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Calix

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

Calix Price Performance

The business’s 50 day simple moving average is $35.10 and its 200-day simple moving average is $35.77. The stock has a market capitalization of $2.50 billion, a P/E ratio of -83.98 and a beta of 1.75.

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.