Calix (NYSE:CALX) Shares Gap Down on Analyst Downgrade

Shares of Calix, Inc. (NYSE:CALX) gapped down prior to trading on Tuesday after StockNews.com downgraded the stock from a hold rating to a sell rating. The stock had previously closed at $29.56, but opened at $26.80. Calix shares last traded at $29.63, with a volume of 518,765 shares changing hands.

Other analysts also recently issued reports about the company. Roth Mkm restated a “buy” rating and issued a $50.00 price target on shares of Calix in a research report on Monday. Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Calix in a research report on Tuesday. Craig Hallum lowered their price target on Calix from $48.00 to $41.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Rosenblatt Securities decreased their target price on Calix from $45.00 to $35.00 and set a “buy” rating for the company in a research report on Tuesday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $43.60.

Hedge Funds Weigh In On Calix

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. grew its stake in Calix by 175.1% in the first quarter. Assenagon Asset Management S.A. now owns 607,001 shares of the communications equipment provider’s stock valued at $20,128,000 after purchasing an additional 386,318 shares during the last quarter. Louisiana State Employees Retirement System grew its stake in shares of Calix by 75.8% during the first quarter. Louisiana State Employees Retirement System now owns 29,000 shares of the communications equipment provider’s stock worth $962,000 after acquiring an additional 12,500 shares during the last quarter. Maryland State Retirement & Pension System purchased a new stake in shares of Calix during the first quarter worth about $700,000. Norden Group LLC grew its stake in shares of Calix by 1,634.9% during the first quarter. Norden Group LLC now owns 143,299 shares of the communications equipment provider’s stock worth $4,752,000 after acquiring an additional 135,039 shares during the last quarter. Finally, State of Alaska Department of Revenue grew its stake in shares of Calix by 463.7% during the first quarter. State of Alaska Department of Revenue now owns 35,711 shares of the communications equipment provider’s stock worth $1,184,000 after acquiring an additional 29,376 shares during the last quarter. Hedge funds and other institutional investors own 98.14% of the company’s stock.

Calix Stock Up 0.8 %

The firm has a market cap of $1.85 billion, a PE ratio of 91.13 and a beta of 1.65. The stock has a 50 day moving average price of $33.04 and a two-hundred day moving average price of $37.45.

Calix (NYSE:CALX) last issued its quarterly earnings results on Tuesday, January 30th. The communications equipment provider reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.36 by $0.07. The business had revenue of $264.73 million for the quarter, compared to analyst estimates of $264.41 million. Calix had a return on equity of 6.65% and a net margin of 2.19%. The company’s revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.18 earnings per share. As a group, equities analysts anticipate that Calix, Inc. will post 0.45 earnings per share for the current year.

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.