Calix (NYSE:CALX) Shares Gap Up – Here’s What Happened

Calix, Inc. (NYSE:CALX) gapped up prior to trading on Thursday . The stock had previously closed at $36.87, but opened at $40.00. Calix shares last traded at $40.82, with a volume of 241,233 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on CALX. Needham & Company LLC reiterated a “buy” rating and issued a $45.00 price objective on shares of Calix in a report on Thursday. JPMorgan Chase & Co. boosted their price target on shares of Calix from $38.00 to $45.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, StockNews.com upgraded Calix from a “sell” rating to a “hold” rating in a report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.17.

Calix Stock Down 1.0 %

The firm has a 50 day simple moving average of $35.78 and a 200-day simple moving average of $36.30. The stock has a market cap of $2.64 billion, a P/E ratio of -88.38 and a beta of 1.68.

Calix (NYSE:CALX) last released its quarterly earnings data on Wednesday, January 29th. The communications equipment provider reported ($0.24) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.31). Calix had a negative net margin of 3.58% and a negative return on equity of 3.46%. On average, equities analysts anticipate that Calix, Inc. will post -0.34 earnings per share for the current year.

Hedge Funds Weigh In On Calix

Institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC increased its stake in Calix by 75.6% during the 2nd quarter. Millennium Management LLC now owns 179,801 shares of the communications equipment provider’s stock worth $6,370,000 after acquiring an additional 77,387 shares during the period. The Manufacturers Life Insurance Company increased its holdings in Calix by 2.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 32,959 shares of the communications equipment provider’s stock valued at $1,168,000 after buying an additional 857 shares during the period. Mackenzie Financial Corp acquired a new position in shares of Calix in the 2nd quarter valued at approximately $248,000. Susquehanna Fundamental Investments LLC bought a new stake in shares of Calix during the 2nd quarter worth approximately $430,000. Finally, Creative Planning bought a new stake in shares of Calix during the 2nd quarter worth approximately $513,000. 98.14% of the stock is currently owned by institutional investors and hedge funds.

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.