Calix, Inc. (NYSE:CALX – Get Rating)’s stock price dropped 4.4% on Friday after Northland Securities lowered their price target on the stock from $85.00 to $80.00. The company traded as low as $54.01 and last traded at $54.04. Approximately 87,683 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 886,910 shares. The stock had previously closed at $56.50.
Other equities analysts have also recently issued reports about the stock. StockNews.com initiated coverage on shares of Calix in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Craig Hallum boosted their price objective on shares of Calix from $69.00 to $95.00 in a research note on Wednesday, October 26th. Rosenblatt Securities boosted their price objective on shares of Calix from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Wednesday, October 26th. Cowen boosted their target price on shares of Calix from $71.00 to $90.00 in a research report on Wednesday, October 26th. Finally, Cowen decreased their target price on shares of Calix from $90.00 to $78.00 in a research report on Friday. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $81.33.
Insider Buying and Selling
In related news, EVP John Matthew Collins sold 5,000 shares of the business’s stock in a transaction dated Thursday, November 3rd. The shares were sold at an average price of $70.65, for a total value of $353,250.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Calix news, EVP John Matthew Collins sold 5,000 shares of the company’s stock in a transaction dated Thursday, November 3rd. The shares were sold at an average price of $70.65, for a total value of $353,250.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Cory Sindelar sold 3,000 shares of the company’s stock in a transaction dated Monday, October 31st. The shares were sold at an average price of $74.52, for a total transaction of $223,560.00. Following the completion of the transaction, the chief financial officer now owns 69,848 shares in the company, valued at $5,205,072.96. The disclosure for this sale can be found here. Insiders own 16.64% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. increased its position in Calix by 45.9% during the 1st quarter. BlackRock Inc. now owns 7,446,078 shares of the communications equipment provider’s stock worth $319,511,000 after purchasing an additional 2,340,968 shares in the last quarter. Vanguard Group Inc. increased its position in Calix by 35.2% during the 1st quarter. Vanguard Group Inc. now owns 5,586,440 shares of the communications equipment provider’s stock worth $239,713,000 after purchasing an additional 1,453,368 shares in the last quarter. State Street Corp increased its position in Calix by 58.5% during the 1st quarter. State Street Corp now owns 1,732,618 shares of the communications equipment provider’s stock worth $74,347,000 after purchasing an additional 639,780 shares in the last quarter. Assenagon Asset Management S.A. grew its position in Calix by 414.8% in the second quarter. Assenagon Asset Management S.A. now owns 631,269 shares of the communications equipment provider’s stock valued at $21,552,000 after acquiring an additional 508,644 shares in the last quarter. Finally, Alyeska Investment Group L.P. purchased a new stake in shares of Calix during the first quarter valued at approximately $16,189,000. 81.90% of the stock is currently owned by hedge funds and other institutional investors.
Calix Price Performance
The business’s 50-day moving average price is $67.07 and its 200 day moving average price is $61.53. The firm has a market capitalization of $3.54 billion, a price-to-earnings ratio of 95.76 and a beta of 1.63.
Calix (NYSE:CALX – Get Rating) last issued its quarterly earnings data on Monday, October 24th. The communications equipment provider reported $0.18 EPS for the quarter, topping analysts’ consensus estimates of $0.10 by $0.08. Calix had a net margin of 4.73% and a return on equity of 6.70%. The firm had revenue of $236.33 million for the quarter, compared to analyst estimates of $215.25 million. During the same quarter in the previous year, the business posted $0.25 EPS. The firm’s revenue was up 37.2% compared to the same quarter last year. As a group, sell-side analysts expect that Calix, Inc. will post 0.59 earnings per share for the current year.
About Calix
Calix, Inc provides cloud and software platforms, systems and services required to realize the unified access network. The firm offers broadband communications access systems and software for fiber and copper-based network architectures that enable communications service providers to transform their networks and connect to their residential and business subscribers.