Calix (NYSE:CALX) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Calix (NYSE:CALX) posted its quarterly earnings results on Wednesday. The communications equipment provider reported $0.39 earnings per share for the quarter, topping 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%.

Calix Trading Down 5.3%

Shares of CALX traded down $2.97 during midday trading on Wednesday, reaching $53.01. 1,365,623 shares of the company were exchanged, compared to its average volume of 857,828. The company has a market cap of $3.51 billion, a price-to-earnings ratio of -441.70 and a beta of 1.55. The stock has a 50-day moving average price of $54.72 and a 200-day moving average price of $57.82. Calix has a 1-year low of $28.60 and a 1-year high of $71.22.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CALX shares. Needham & Company LLC restated a “buy” rating and set a $82.00 price target on shares of Calix in a research report on Monday, November 24th. JPMorgan Chase & Co. upgraded Calix from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $75.00 to $90.00 in a research note on Thursday, January 15th. UBS Group reaffirmed an “outperform” rating and set a $75.00 price objective on shares of Calix in a report on Friday, October 31st. Roth Mkm set a $85.00 target price on shares of Calix and gave the stock a “buy” rating in a research report on Thursday, October 30th. Finally, Craig Hallum reaffirmed a “buy” rating and set a $75.00 price objective on shares of Calix in a research note on Friday, October 31st. Six equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Calix has a consensus rating of “Moderate Buy” and a consensus price target of $82.00.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in CALX. Alliancebernstein L.P. boosted its position in Calix by 4.5% during the 3rd quarter. Alliancebernstein L.P. now owns 1,409,729 shares of the communications equipment provider’s stock worth $86,515,000 after acquiring an additional 61,247 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Calix by 214.3% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 1,274,426 shares of the communications equipment provider’s stock valued at $78,212,000 after acquiring an additional 868,987 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Calix by 0.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 747,139 shares of the communications equipment provider’s stock valued at $45,852,000 after buying an additional 5,111 shares during the last quarter. Wellington Management Group LLP lifted its position in shares of Calix by 26.9% during the 3rd quarter. Wellington Management Group LLP now owns 659,463 shares of the communications equipment provider’s stock worth $40,471,000 after purchasing an additional 139,672 shares during the last quarter. Finally, Balyasny Asset Management L.P. lifted its holdings in shares of Calix by 21.3% during the third quarter. Balyasny Asset Management L.P. now owns 555,284 shares of the communications equipment provider’s stock worth $34,078,000 after buying an additional 97,691 shares during the last quarter. 98.14% of the stock is currently owned by institutional investors and hedge funds.

Calix Company 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.