Calix (NYSE:CALX) Hits New 12-Month Low Following Analyst Downgrade

Key Points

• Calix shares hit a new 52-week low, falling to $32.22 after JPMorgan cut its price target from $58 to $50; the bank retained its overweight rating.
• Despite the downgrade, analysts’ consensus rating remains “Moderate Buy”, with an average price target of $55.80.
• In its latest quarter, Calix reported EPS of $0.44, ahead of estimates, while revenue of $301.71 million missed forecasts; revenue increased 13.7% year over year.

Calix, Inc (NYSE:CALX - Get Free Report) shares hit a new 52-week low during trading 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 traded. The stock had previously closed at $33.85.

Other equities research analysts also recently issued reports about the stock. Wall Street Zen upgraded shares of Calix from a "buy" rating to a "strong-buy" rating in a research report on Saturday, October 31st. Zacks Research raised shares of Calix from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 18th. Roth Capital reiterated a "buy" rating on shares of Calix in a research note on Tuesday, July 21st. Northland Securities upgraded Calix from a "market perform" rating to an "outperform" rating and set a $52.00 price objective on the stock in a research report on Tuesday, July 21st. Finally, Weiss Ratings cut Calix from a "hold (c)" rating to a "hold (c-)" rating in a report on Monday, October 26th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $55.80.

Institutional Trading of Calix

Hedge funds and other institutional investors have recently bought and sold shares of the business. Pinnacle Wealth Planning Services Inc. lifted its position in shares of Calix by 254.0% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 878 shares of the communications equipment provider's stock worth $30,000 after buying an additional 630 shares in the last quarter. Harbor Investment Advisory LLC purchased a new position in shares of Calix in the 2nd quarter worth approximately $31,000. Covestor Ltd boosted its stake in shares of Calix by 85.4% in the 3rd quarter. Covestor Ltd now owns 1,446 shares of the communications equipment provider's stock worth $49,000 after buying an additional 666 shares during the last quarter. OV Management LLC bought a new position in shares of Calix in the second quarter valued at approximately $62,000. Finally, Sterling Capital Management LLC grew its holdings in shares of Calix by 827.9% in the third quarter. Sterling Capital Management LLC now owns 1,930 shares of the communications equipment provider's stock valued at $66,000 after acquiring an additional 1,722 shares in the last quarter. Institutional investors own 98.14% of the company's stock.

Calix Price Performance

The company has a market capitalization of $2.03 billion, a P/E ratio of 47.51 and a beta of 1.21. The firm has a fifty day moving average price of $35.87 and a 200-day moving average price of $42.33.

Calix (NYSE:CALX - Get Free Report) last issued its quarterly earnings results on Monday, November 2nd. The communications equipment provider reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.42 by $0.02. The business had revenue of $301.71 million for the quarter, compared to analyst estimates of $304.23 million. Calix had a return on equity of 5.67% and a net margin of 3.99%. Calix's quarterly revenue was up 13.7% compared to the same quarter last year. During the same period last year, the company posted $0.44 earnings per share. On average, research analysts forecast that Calix, Inc will post 0.89 EPS for the current year.

Calix Company Profile

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.

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