Calix (NYSE:CALX) Issues Q2 2023 Earnings Guidance

Posted by Defense World Staff on Jun 12th, 2023

Calix (NYSE:CALX – Get Rating) updated its second quarter 2023 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of $0.28-$0.34 for the period, compared to the consensus estimate of $0.32. The company issued revenue guidance of $255.00 million-$261.00 million, compared to the consensus revenue estimate of $257.56 million.

Calix Trading Up 0.7 %

Shares of Calix stock opened at $51.56 on Monday. The company has a market cap of $3.41 billion, a P/E ratio of 84.52 and a beta of 1.55. The business has a 50-day moving average price of $47.72 and a two-hundred day moving average price of $55.18. Calix has a 1-year low of $31.59 and a 1-year high of $77.44.

Calix (NYSE:CALX – Get Rating) last released its quarterly earnings results on Wednesday, April 19th. The communications equipment provider reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.13 by $0.02. Calix had a net margin of 4.55% and a return on equity of 6.47%. The firm had revenue of $250.01 million during the quarter, compared to analyst estimates of $245.23 million. Equities research analysts forecast that Calix will post 0.58 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CALX. Rosenblatt Securities cut their target price on shares of Calix from $75.00 to $70.00 in a research report on Friday, April 21st. Needham & Company LLC reaffirmed a buy rating and issued a $88.00 target price on shares of Calix in a report on Thursday, April 20th. JPMorgan Chase & Co. started coverage on shares of Calix in a report on Friday, May 19th. They issued a neutral rating and a $49.00 target price on the stock. Roth Mkm reduced their price objective on Calix from $74.00 to $73.00 and set a buy rating on the stock in a research note on Friday, April 21st. Finally, StockNews.com began coverage on Calix in a report on Thursday, May 18th. They set a hold rating on the stock. Two investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Calix currently has an average rating of Moderate Buy and a consensus target price of $76.50.

Insider Activity

In other Calix news, insider John Matthew Collins sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 2nd. The shares were sold at an average price of $44.10, for a total transaction of $220,500.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 16.69% of the company’s stock.

Institutional Trading of Calix

A number of hedge funds have recently bought and sold shares of the company. Advisor Group Holdings Inc. increased its position in Calix by 7.5% in the first quarter. Advisor Group Holdings Inc. now owns 8,213 shares of the communications equipment provider’s stock worth $353,000 after purchasing an additional 573 shares during the period. JPMorgan Chase & Co. boosted its stake in Calix by 205.3% in the 1st quarter. JPMorgan Chase & Co. now owns 156,166 shares of the communications equipment provider’s stock valued at $6,700,000 after purchasing an additional 105,006 shares during the period. Raymond James Financial Services Advisors Inc. bought a new stake in shares of Calix during the 1st quarter valued at $758,000. PNC Financial Services Group Inc. lifted its position in shares of Calix by 865.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,390 shares of the communications equipment provider’s stock worth $59,000 after buying an additional 1,246 shares during the last quarter. Finally, AlphaCrest Capital Management LLC raised its position in shares of Calix by 167.1% during the first quarter. AlphaCrest Capital Management LLC now owns 7,380 shares of the communications equipment provider’s stock worth $317,000 after acquiring an additional 4,617 shares during the last quarter. 81.90% of the stock is owned by hedge funds and other institutional investors.

Calix Company Profile

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Calix, Inc provides cloud and software platforms, systems and services required to realize the unified access network. The firm offers broadband communications access systems and software for fiber and copper-based network architectures that enable communications service providers to transform their networks and connect to their residential and business subscribers.