Counterpoint Mutual Funds LLC acquired a new stake in shares of Calix, Inc (NYSE:CALX – Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 85,456 shares of the communications equipment provider’s stock, valued at approximately $4,186,000.
A number of other hedge funds also recently bought and sold shares of CALX. Y Intercept Hong Kong Ltd boosted its stake in Calix by 23.1% in the first quarter. Y Intercept Hong Kong Ltd now owns 72,286 shares of the communications equipment provider’s stock worth $3,541,000 after buying an additional 13,542 shares in the last quarter. Strs Ohio grew its position in Calix by 1.5% during the first quarter. Strs Ohio now owns 20,600 shares of the communications equipment provider’s stock valued at $1,009,000 after acquiring an additional 300 shares during the last quarter. Inspire Investing LLC raised its stake in shares of Calix by 18.3% during the first quarter. Inspire Investing LLC now owns 10,424 shares of the communications equipment provider’s stock worth $511,000 after acquiring an additional 1,611 shares in the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Calix by 10.2% during the first quarter. Pictet Asset Management Holding SA now owns 10,051 shares of the communications equipment provider’s stock worth $492,000 after acquiring an additional 934 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in shares of Calix in the 1st quarter worth approximately $1,308,000. Institutional investors own 98.14% of the company’s stock.
Calix Stock Performance
NYSE:CALX opened at $38.55 on Friday. The firm has a market cap of $2.46 billion, a PE ratio of 80.32 and a beta of 1.23. Calix, Inc has a fifty-two week low of $34.86 and a fifty-two week high of $71.22. The business has a 50 day moving average price of $39.55 and a 200-day moving average price of $47.70.
Calix announced that its board has authorized a share buyback program on Tuesday, April 21st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to purchase up to 3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of brokerages have recently issued reports on CALX. Needham & Company LLC cut their price objective on shares of Calix from $70.00 to $62.00 and set a “buy” rating for the company in a research note on Thursday, April 23rd. Wall Street Zen upgraded shares of Calix from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 6th. Weiss Ratings downgraded shares of Calix from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday. JPMorgan Chase & Co. lowered their price target on shares of Calix from $70.00 to $65.00 and set an “overweight” rating for the company in a research note on Wednesday, April 22nd. Finally, Northland Securities lowered shares of Calix from an “outperform” rating to a “market perform” rating and set a $52.00 price target for the company. in a research report on Wednesday, April 22nd. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $67.00.
Read Our Latest Stock Report on CALX
Insiders Place Their Bets
In other Calix news, Director Carl Russo sold 25,000 shares of the firm’s stock in a transaction on Monday, April 27th. The shares were sold at an average price of $43.26, for a total value of $1,081,500.00. Following the sale, the director owned 1,644,188 shares of the company’s stock, valued at $71,127,572.88. This trade represents a 1.50% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 17.44% of the stock is owned by insiders.
Calix Profile
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.
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