Calix (NYSE:CALX) Stock Price Up 5.3% - Here's What Happened

Calix, Inc. (NYSE:CALX - Get Free Report)'s share price shot up 5.3% during trading on Wednesday . The company traded as high as $38.23 and last traded at $38.23. 273,552 shares were traded during mid-day trading, a decline of 44% from the average session volume of 488,580 shares. The stock had previously closed at $36.32.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CALX. Needham & Company LLC restated a "buy" rating and issued a $45.00 price target on shares of Calix in a research note on Tuesday, October 29th. StockNews.com raised Calix from a "sell" rating to a "hold" rating in a research report on Tuesday, October 8th. Finally, Rosenblatt Securities restated a "buy" rating and set a $45.00 target price on shares of Calix in a research note on Thursday, October 3rd. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $42.50.

Calix Price Performance

The business has a 50-day moving average of $34.01 and a 200 day moving average of $35.92. The company has a market cap of $2.54 billion, a PE ratio of -159.50 and a beta of 1.68.

Calix (NYSE:CALX - Get Free Report) last released its quarterly earnings results on Monday, October 28th. The communications equipment provider reported $0.13 EPS for the quarter, beating the consensus estimate of $0.09 by $0.04. The firm had revenue of $200.95 million during the quarter, compared to analyst estimates of $201.06 million. Calix had a negative net margin of 1.79% and a positive return on equity of 1.33%. The business's revenue for the quarter was down 23.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 EPS. On average, equities analysts predict that Calix, Inc. will post -0.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Calix

Hedge funds have recently modified their holdings of the business. Divisar Capital Management LLC bought a new stake in Calix during the second quarter valued at about $15,876,000. Congress Asset Management Co. raised its stake in Calix by 30.1% during the 3rd quarter. Congress Asset Management Co. now owns 1,565,471 shares of the communications equipment provider's stock worth $60,725,000 after acquiring an additional 361,805 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Calix by 200.5% during the third quarter. Jacobs Levy Equity Management Inc. now owns 344,514 shares of the communications equipment provider's stock valued at $13,364,000 after purchasing an additional 229,871 shares in the last quarter. Squarepoint Ops LLC boosted its position in shares of Calix by 82.7% in the second quarter. Squarepoint Ops LLC now owns 300,346 shares of the communications equipment provider's stock worth $10,641,000 after purchasing an additional 135,916 shares during the period. Finally, Paradigm Capital Management Inc. NY increased its stake in shares of Calix by 9.5% in the second quarter. Paradigm Capital Management Inc. NY now owns 1,336,900 shares of the communications equipment provider's stock worth $47,366,000 after purchasing an additional 115,500 shares in the last quarter. Institutional investors own 98.14% of the company's stock.

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.