Calix (NYSE:CALX) to Repurchase $100.00 million in Outstanding Shares

Calix (NYSE:CALX) declared that its Board of Directors has initiated a share repurchase plan on Monday, April 21st, RTT News reports. The company plans to buyback $100.00 million in outstanding shares. This buyback authorization allows the communications equipment provider to purchase up to 4.5% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Calix Price Performance

Shares of CALX stock traded down $0.58 during trading on Monday, hitting $33.26. 1,580,946 shares of the stock traded hands, compared to its average volume of 667,183. The firm has a market capitalization of $2.22 billion, a P/E ratio of -73.91 and a beta of 1.75. The firm’s fifty day moving average price is $35.10 and its 200-day moving average price is $35.77. Calix has a 52-week low of $26.76 and a 52-week high of $42.50.

Calix (NYSE:CALX) last announced its quarterly earnings data on Wednesday, January 29th. The communications equipment provider reported ($0.24) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.31). Calix had a negative return on equity of 3.43% and a negative net margin of 3.58%. As a group, equities research analysts expect that Calix will post -0.43 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Calix from $45.00 to $34.00 and set a “neutral” rating for the company in a research report on Thursday. Needham & Company LLC reaffirmed a “buy” rating and set a $45.00 target price on shares of Calix in a research note on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $41.33.

Insider Buying and Selling at Calix

In other news, Director Carl Russo sold 25,000 shares of the stock in a transaction dated Thursday, February 27th. The shares were sold at an average price of $38.15, for a total transaction of $953,750.00. Following the transaction, the director now directly owns 2,164,188 shares in the company, valued at $82,563,772.20. This represents a 1.14 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 16.90% of the stock is owned by corporate insiders.

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.