Calix (NYSE:CALX) Shares Down 5.2% – Here’s What Happened

Calix, Inc. (NYSE:CALX) shares dropped 5.2% during trading on Wednesday . The stock traded as low as $30.61 and last traded at $30.67. Approximately 209,425 shares traded hands during trading, a decline of 73% from the average daily volume of 763,004 shares. The stock had previously closed at $32.35.

Analyst Upgrades and Downgrades

CALX has been the subject of several research analyst reports. 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. Rosenblatt Securities restated a “buy” rating and set a $45.00 price objective on shares of Calix in a research report on Thursday, October 3rd. Finally, StockNews.com upgraded shares of Calix from a “sell” rating to a “hold” rating in a research report on Tuesday, October 8th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Calix presently has a consensus rating of “Moderate Buy” and a consensus target price of $42.50.

Calix Stock Down 0.1 %

The firm has a market cap of $2.13 billion, a P/E ratio of -133.83 and a beta of 1.75. The stock’s 50-day simple moving average is $36.33 and its 200 day simple moving average is $35.64.

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

Institutional Investors Weigh In On Calix

A number of institutional investors and hedge funds have recently made changes to their positions in CALX. Vanguard Group Inc. raised its holdings in shares of Calix by 14.0% in the 1st quarter. Vanguard Group Inc. now owns 7,323,628 shares of the communications equipment provider’s stock worth $242,852,000 after acquiring an additional 900,713 shares during the last quarter. Divisar Capital Management LLC purchased a new stake in Calix in the 2nd quarter valued at about $15,876,000. Congress Asset Management Co. increased its stake in Calix by 30.1% in the 3rd quarter. Congress Asset Management Co. now owns 1,565,471 shares of the communications equipment provider’s stock valued at $60,725,000 after buying an additional 361,805 shares during the last quarter. Jacobs Levy Equity Management Inc. increased its stake in Calix by 200.5% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 344,514 shares of the communications equipment provider’s stock valued at $13,364,000 after buying an additional 229,871 shares during the last quarter. Finally, Epoch Investment Partners Inc. increased its stake in Calix by 23.3% in the 1st quarter. Epoch Investment Partners Inc. now owns 1,164,049 shares of the communications equipment provider’s stock valued at $38,600,000 after buying an additional 219,699 shares during the last quarter. Institutional investors and hedge funds own 98.14% of the company’s stock.

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.