Calix (NYSE:CALX) Trading 5.3% Higher – Here’s Why

Shares of Calix, Inc. (NYSE:CALX) traded up 5.3% during trading on Wednesday . The stock traded as high as $38.23 and last traded at $38.23. 273,552 shares were traded during mid-day trading, a decline of 44% from the average session volume of 488,580 shares. The stock had previously closed at $36.32.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. StockNews.com raised shares of Calix from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. Needham & Company LLC restated a “buy” rating and set a $45.00 price objective on shares of Calix in a research report on Tuesday, October 29th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $45.00 target price on shares of Calix in a report on Thursday, October 3rd. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Calix currently has a consensus rating of “Moderate Buy” and a consensus price target of $42.50.

Calix Price Performance

The firm has a market capitalization of $2.41 billion, a P/E ratio of -151.25 and a beta of 1.68. The company has a fifty day moving average of $34.07 and a 200 day moving average of $35.94.

Calix (NYSE:CALX) last posted its quarterly earnings data on Monday, October 28th. The communications equipment provider reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.04. Calix had a negative net margin of 1.79% and a positive return on equity of 1.33%. The company had revenue of $200.95 million for the quarter, compared to analyst estimates of $201.06 million. During the same period in the prior year, the firm posted $0.25 EPS. The company’s quarterly revenue was down 23.8% on a year-over-year basis. On average, sell-side analysts forecast that Calix, Inc. will post -0.34 EPS for the current year.

Hedge Funds Weigh In On Calix

Several institutional investors have recently added to or reduced their stakes in the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Calix by 5.7% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 129,608 shares of the communications equipment provider’s stock valued at $5,027,000 after buying an additional 6,984 shares during the period. HighTower Advisors LLC acquired a new stake in Calix in the third quarter valued at approximately $3,513,000. Envestnet Asset Management Inc. increased its holdings in shares of Calix by 28.5% during the second quarter. Envestnet Asset Management Inc. now owns 129,359 shares of the communications equipment provider’s stock valued at $4,583,000 after acquiring an additional 28,685 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Calix by 1.1% during the third quarter. Geode Capital Management LLC now owns 1,331,565 shares of the communications equipment provider’s stock worth $51,661,000 after purchasing an additional 14,725 shares during the period. Finally, Barclays PLC lifted its holdings in shares of Calix by 184.0% in the 3rd quarter. Barclays PLC now owns 113,579 shares of the communications equipment provider’s stock worth $4,404,000 after purchasing an additional 73,588 shares in the last quarter. 98.14% of the stock is owned by institutional investors and hedge funds.

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.