Calix (NYSE:CALX) Shares Down 10% – Here’s Why

Calix, Inc. (NYSE:CALX)’s stock price dropped 10% on Monday . The company traded as low as $28.88 and last traded at $28.72. Approximately 167,111 shares were traded during trading, a decline of 75% from the average daily volume of 674,857 shares. The stock had previously closed at $31.91.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $45.00 price target on shares of Calix in a report on Thursday, January 30th. JPMorgan Chase & Co. lifted their target price on Calix from $38.00 to $45.00 and gave the company a “neutral” rating in a report on Friday, January 31st. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Calix currently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Calix Trading Up 7.2 %

The firm has a market cap of $2.10 billion, a PE ratio of -70.03 and a beta of 1.78. The stock’s 50 day moving average price is $37.78 and its 200 day moving average price is $36.44.

Calix (NYSE:CALX) last released its quarterly earnings data on Wednesday, January 29th. The communications equipment provider reported ($0.24) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.31). Calix had a negative net margin of 3.58% and a negative return on equity of 3.43%. Analysts forecast that Calix, Inc. will post -0.43 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Carl Russo sold 25,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The shares were sold at an average price of $38.15, for a total transaction of $953,750.00. Following the completion of the sale, the director now directly owns 2,164,188 shares of the company’s stock, valued at approximately $82,563,772.20. This trade represents a 1.14 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 16.69% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Calix

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in shares of Calix by 77.8% in the fourth quarter. Millennium Management LLC now owns 2,031,212 shares of the communications equipment provider’s stock worth $70,828,000 after acquiring an additional 889,102 shares in the last quarter. Vanguard Group Inc. increased its holdings in Calix by 5.5% during the 4th quarter. Vanguard Group Inc. now owns 7,977,769 shares of the communications equipment provider’s stock worth $278,185,000 after purchasing an additional 412,982 shares during the last quarter. Balyasny Asset Management L.P. raised its position in shares of Calix by 711.5% in the 4th quarter. Balyasny Asset Management L.P. now owns 436,036 shares of the communications equipment provider’s stock valued at $15,205,000 after purchasing an additional 382,301 shares in the last quarter. Jacobs Levy Equity Management Inc. boosted its stake in shares of Calix by 105.7% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 708,723 shares of the communications equipment provider’s stock valued at $24,713,000 after buying an additional 364,209 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Calix during the fourth quarter worth approximately $11,518,000. 98.14% of the stock is owned by hedge funds and other institutional investors.

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.