Cresset Asset Management LLC Sells 1,843 Shares of Calix, Inc. (NYSE:CALX)

Cresset Asset Management LLC trimmed its holdings in Calix, Inc. (NYSE:CALX) by 15.6% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,934 shares of the communications equipment provider’s stock after selling 1,843 shares during the period. Cresset Asset Management LLC’s holdings in Calix were worth $346,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CALX. Vanguard Group Inc. boosted its holdings in shares of Calix by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider’s stock worth $278,185,000 after buying an additional 412,982 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Calix by 4.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,832,407 shares of the communications equipment provider’s stock worth $63,897,000 after buying an additional 74,720 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Calix by 3.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,373,246 shares of the communications equipment provider’s stock worth $47,885,000 after buying an additional 45,195 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Calix by 0.5% during the 4th quarter. Geode Capital Management LLC now owns 1,337,709 shares of the communications equipment provider’s stock worth $46,657,000 after buying an additional 6,144 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Calix by 8.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 649,244 shares of the communications equipment provider’s stock worth $22,639,000 after buying an additional 48,098 shares during the period. 98.14% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CALX has been the subject of several recent analyst reports. Roth Capital set a $50.00 price objective on shares of Calix and gave the stock a “buy” rating in a report on Tuesday, April 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $53.00 price objective on shares of Calix in a report on Tuesday, April 22nd. Rosenblatt Securities upped their price objective on shares of Calix from $51.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, April 23rd. JPMorgan Chase & Co. increased their price target on shares of Calix from $34.00 to $38.00 and gave the company a “neutral” rating in a report on Wednesday, April 23rd. Finally, UBS Group reissued a “buy” rating on shares of Calix in a report on Tuesday, April 22nd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $47.83.

Calix Price Performance

Shares of Calix stock opened at $45.43 on Friday. Calix, Inc. has a fifty-two week low of $28.61 and a fifty-two week high of $45.62. The firm has a fifty day moving average price of $37.03 and a two-hundred day moving average price of $36.29. The company has a market cap of $2.94 billion, a PE ratio of -100.95 and a beta of 1.38.

Calix (NYSE:CALX) last issued its quarterly earnings results on Monday, April 21st. The communications equipment provider reported $0.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.06. The firm had revenue of $220.20 million during the quarter, compared to the consensus estimate 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 period in the prior year, the firm earned $0.21 EPS. Analysts expect that Calix, Inc. will post -0.43 earnings per share for the current fiscal year.

Calix announced that its Board of Directors has initiated a share repurchase program on Monday, April 21st that permits the company to buyback $100.00 million in shares. This buyback authorization permits the communications equipment provider to buy up to 4.5% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Calix

In other news, Director Carl Russo sold 25,000 shares of the firm’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $39.59, for a total transaction of $989,750.00. Following the completion of the transaction, the director now directly owns 2,139,188 shares of the company’s stock, valued at approximately $84,690,452.92. This trade represents a 1.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 16.90% of the stock is owned by insiders.

About Calix

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.