Calix (NYSE:CALX) Announces Quarterly Earnings Results

Calix (NYSE:CALX) released its earnings results on Tuesday. The communications equipment provider reported $0.40 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03, FiscalAI reports. The company had revenue of $279.98 million during the quarter, compared to the consensus estimate of $277.50 million. Calix had a return on equity of 2.31% and a net margin of 1.79%.

Calix Price Performance

CALX traded down $1.81 during midday trading on Tuesday, reaching $49.74. 1,818,615 shares of the company’s stock were exchanged, compared to its average volume of 1,054,268. Calix has a 1-year low of $35.70 and a 1-year high of $71.22. The stock has a market capitalization of $3.21 billion, a PE ratio of 198.94 and a beta of 1.53. The business’s 50-day moving average price is $51.07 and its 200 day moving average price is $54.67.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of CALX. Smartleaf Asset Management LLC lifted its stake in Calix by 27.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,245 shares of the communications equipment provider’s stock valued at $64,000 after buying an additional 265 shares in the last quarter. Maryland State Retirement & Pension System increased its position in Calix by 3.2% during the fourth quarter. Maryland State Retirement & Pension System now owns 8,813 shares of the communications equipment provider’s stock worth $466,000 after buying an additional 270 shares in the last quarter. Vident Advisory LLC increased its position in Calix by 2.8% during the fourth quarter. Vident Advisory LLC now owns 10,570 shares of the communications equipment provider’s stock worth $559,000 after buying an additional 287 shares in the last quarter. Federation des caisses Desjardins du Quebec raised its holdings in shares of Calix by 2.3% in the fourth quarter. Federation des caisses Desjardins du Quebec now owns 22,320 shares of the communications equipment provider’s stock worth $1,181,000 after acquiring an additional 493 shares during the last quarter. Finally, California State Teachers Retirement System raised its holdings in shares of Calix by 1.0% in the second quarter. California State Teachers Retirement System now owns 54,729 shares of the communications equipment provider’s stock worth $2,911,000 after acquiring an additional 554 shares during the last quarter. 98.14% of the stock is owned by hedge funds and other institutional investors.

Calix declared that its board has authorized a stock buyback plan on Wednesday, January 28th that allows the company to buyback $125.00 million in shares. This buyback authorization allows the communications equipment provider to repurchase up to 3.4% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

CALX has been the subject of several recent analyst reports. Wall Street Zen cut shares of Calix from a “strong-buy” rating to a “buy” rating in a research note on Saturday. Craig Hallum set a $60.00 target price on shares of Calix in a research report on Friday, January 30th. JPMorgan Chase & Co. dropped their target price on shares of Calix from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, April 16th. Needham & Company LLC reduced their price target on shares of Calix from $82.00 to $70.00 and set a “buy” rating for the company in a research report on Thursday, January 29th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $70.00 price target on shares of Calix in a research note on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $71.67.

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.