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

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

Analyst Ratings Changes

Several research firms have commented on CALX. JPMorgan Chase & Co. raised their price objective on Calix from $38.00 to $45.00 and gave the stock a “neutral” rating in a report on Friday, January 31st. Needham & Company LLC reissued a “buy” rating and set a $45.00 price target on shares of Calix in a research report on Thursday, January 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Calix Stock Performance

The stock has a fifty day moving average price of $37.95 and a 200-day moving average price of $36.53. The firm has a market capitalization of $1.96 billion, a PE ratio of -65.37 and a beta of 1.78.

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

Insider Transactions at Calix

In other news, Director Carl Russo sold 25,000 shares of the business’s stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $38.15, for a total transaction of $953,750.00. Following the sale, the director now owns 2,164,188 shares in the company, valued at approximately $82,563,772.20. The trade was a 1.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 16.69% of the company’s stock.

Hedge Funds Weigh In On Calix

Several hedge funds and other institutional investors have recently modified their holdings of CALX. US Bancorp DE raised its holdings in shares of Calix by 399.3% in the third quarter. US Bancorp DE now owns 5,672 shares of the communications equipment provider’s stock worth $220,000 after buying an additional 4,536 shares during the last quarter. Farther Finance Advisors LLC increased its position in shares of Calix by 42.1% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,763 shares of the communications equipment provider’s stock valued at $68,000 after acquiring an additional 522 shares during the period. Assetmark Inc. raised its stake in Calix by 16.7% in the 3rd quarter. Assetmark Inc. now owns 3,381 shares of the communications equipment provider’s stock worth $131,000 after acquiring an additional 485 shares during the last quarter. Atria Investments Inc purchased a new position in Calix in the 3rd quarter worth $258,000. Finally, State of New Jersey Common Pension Fund D acquired a new stake in Calix during the 3rd quarter worth about $2,041,000. 98.14% of the stock is owned by hedge funds and other institutional investors.

About Calix

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.