Form 4: Calix Director Sells $1.18M in Stock Under 10b5-1 Plan

Calix Director and 10% Owner Carl Russo sold 25,000 shares of common stock for approximately $1.18 million under a pre-arranged 10b5-1 trading plan.

Summary

• Carl Russo, a Director and 10% Owner of Calix, Inc. (CALX), reported the sale of 25,000 shares of common stock.
• The sales occurred on February 3, 2026, and were executed pursuant to a Rule 10b5-1 trading plan adopted on April 25, 2025.
• One transaction involved the sale of 13,477 shares at a weighted average price of $46.9338, totaling approximately $632,600.
• A second transaction involved the sale of 11,523 shares at a weighted average price of $47.658, totaling approximately $549,100.
• The total value of the shares sold across both transactions is approximately $1,181,700.
• Following these transactions, Carl Russo's indirect beneficial ownership through The Crescentico Trust decreased to 1,669,188 shares.
• Russo also holds 13,782 shares indirectly through Equanimous Investments and 3,983,070 shares directly.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a moderately negative signal. While the sale was pre-planned under a 10b5-1 plan, the selling of a significant number of shares by a director and 10% owner can still be interpreted by investors as a lack of stronger conviction in the company's near-term upside.

Negatives

• A director and 10% owner sold a significant number of shares, which can be perceived negatively by the market as a potential signal of reduced confidence, despite being pre-planned.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that insider selling, even under a 10b5-1 plan, can sometimes be interpreted by the market as a signal, though the pre-arranged nature mitigates immediate negative implications compared to open market sales without such a plan. This transaction is specific to an individual's portfolio management rather than a broader company strategic move.

Stakeholder Impact

• Shareholders may interpret the insider selling as a lack of confidence, potentially leading to negative sentiment regarding the stock price.

Key Dates

Recommendation

The sale of shares by a director and 10% owner, even under a pre-arranged 10b5-1 plan, typically signals a neutral to slightly negative outlook from an insider perspective. However, without additional company-specific news or fundamental changes, a 'hold' recommendation is appropriate as the transaction might be for personal financial planning rather than a reflection of company performance.

Keywords

Calix, CALX, Carl Russo, Insider Sale, Form 4, Stock Transaction, 10b5-1 Plan, Director, 10% Owner