Calix (NYSE:CALX) Reaches New 52-Week Low Following Analyst Downgrade

Calix, Inc (NYSE:CALX) hit a new 52-week low on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $58.00 to $50.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Calix traded as low as $32.22 and last traded at $32.29, with a volume of 410,618 shares changing hands. The stock had previously closed at $33.85.

Other analysts have also issued reports about the company. Northland Securities upgraded Calix from a “market perform” rating to an “outperform” rating and set a $52.00 target price on the stock in a research note on Tuesday, July 21st. Zacks Research upgraded Calix from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Weiss Ratings lowered Calix from a “hold (c)” rating to a “hold (c-)” rating in a report on Monday, October 26th. Rosenblatt Securities reissued a “buy” rating and issued a $55.00 price objective on shares of Calix in a report on Wednesday. Finally, Roth Capital reiterated a “buy” rating on shares of Calix in a research report on Tuesday, July 21st. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.80.

Institutional Investors Weigh In On Calix

Several hedge funds have recently added to or reduced their stakes in CALX. Fulcrum Asset Management LLP grew its stake in shares of Calix by 4,381.9% during the third quarter. Fulcrum Asset Management LLP now owns 6,454 shares of the communications equipment provider’s stock valued at $216,000 after buying an additional 6,310 shares during the last quarter. Covestor Ltd increased its position in shares of Calix by 85.4% during the third quarter. Covestor Ltd now owns 1,446 shares of the communications equipment provider’s stock valued at $49,000 after buying an additional 666 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Calix during the third quarter valued at about $235,000. Summit Global Investments raised its stake in Calix by 125.5% in the third quarter. Summit Global Investments now owns 36,825 shares of the communications equipment provider’s stock worth $1,265,000 after buying an additional 20,497 shares in the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Calix by 72.8% in the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 75,983 shares of the communications equipment provider’s stock worth $2,611,000 after buying an additional 32,000 shares in the last quarter. Institutional investors own 98.14% of the company’s stock.

Calix Stock Down 4.6%

The company’s fifty day simple moving average is $35.87 and its 200 day simple moving average is $42.33. The firm has a market capitalization of $2.03 billion, a PE ratio of 47.51 and a beta of 1.21.

Calix (NYSE:CALX) last posted its earnings results on Monday, November 2nd. The communications equipment provider reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.02. Calix had a return on equity of 5.67% and a net margin of 3.99%. The firm had revenue of $301.71 million for the quarter, compared to the consensus estimate of $304.23 million. During the same quarter in the prior year, the business earned $0.44 EPS. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. Equities research analysts forecast that Calix, Inc will post 0.89 EPS for the current year.

About Calix

Calix, Inc provides cloud, software and broadband access solutions to communications service providers. Its technology helps broadband operators deploy, manage and monetize high-speed internet and related services for residential and business customers.

The company’s offerings include broadband access systems, subscriber premise equipment, cloud-based software and analytics, and managed services. Its portfolio supports fiber, fixed wireless and other broadband networks, while enabling providers to deliver services such as Wi-Fi management, network security, connected home applications and business connectivity.

Founded in 1999 and headquartered in San Jose, California, Calix serves broadband service providers primarily in North America, with customers and operations in other international markets.