Calix Slides as Margin Outlook Overshadows Record Q2 Results

Calix (CALX) is down 5.5% today. Here is some analysis on what might have caused this price movement.

Analysis: The most likely driver is that investors looked past a solid second quarter and focused on weaker third-quarter margin guidance. Calix posted record revenue and beat its prior outlook, but it also guided for a sequential drop in gross margin as higher memory component costs continue to pressure results and are only partly offset by customer surcharges.

Details:

Calix reported second-quarter 2026 revenue of $293.3 million, up 21% from a year earlier, with non-GAAP earnings per share of $0.47, above its earlier guidance range.

Third-quarter revenue guidance was $301 million to $307 million, but non-GAAP gross margin guidance fell to 50.5% to 53.5%, below the prior quarter’s 54.8% level.

The company said appliance margins are being squeezed by rapidly rising memory costs tied to AI data-center demand, and management chose to use surcharges mainly for cost recovery rather than profit expansion.

An additional overhang may be an active securities class action tied to earlier disclosures about component-cost pressure, which could have kept sentiment fragile even after the earnings release.

Sources:

Calix Investor Relations, SEC, Investing.com, Justia

Disclaimer: This price movement analysis was generated with the help of AI. Please double-check the information provided for mistakes.

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$CALX Hedge Fund Activity

We have seen 145 institutional investors add shares of $CALX stock to their portfolio, and 152 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

ALLIANCEBERNSTEIN L.P. added 1,788,757 shares (+122.3%) to their portfolio in Q1 2026, for an estimated $87,631,205
CONGRESS ASSET MANAGEMENT CO removed 1,635,391 shares (-99.5%) from their portfolio in Q2 2026, for an estimated $61,032,792
FULLER & THALER ASSET MANAGEMENT, INC. removed 1,094,173 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $53,603,535
LORD, ABBETT & CO. LLC removed 866,186 shares (-87.7%) from their portfolio in Q1 2026, for an estimated $42,434,452
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP removed 726,355 shares (-56.9%) from their portfolio in Q1 2026, for an estimated $35,584,131
PRICE T ROWE ASSOCIATES INC /MD/ removed 621,435 shares (-90.3%) from their portfolio in Q1 2026, for an estimated $30,444,100
HOOD RIVER CAPITAL MANAGEMENT LLC removed 523,261 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $25,634,556

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API 13F endpoint.

$CALX Analyst Ratings

Wall Street analysts have issued reports on $CALX in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

Rosenblatt issued a "Buy" rating on 01/30/2026

To track analyst ratings and price targets for $CALX, check out Quiver Quantitative's $CALX forecast page.

$CALX Price Targets

Multiple analysts have issued price targets for $CALX recently. We have seen 3 analysts offer price targets for $CALX in the last 6 months, with a median target of $65.0.

Here are some recent targets:

Mike Genovese from Rosenblatt set a target price of $70.0 on 06/10/2026
Ryan Koontz from Needham set a target price of $62.0 on 04/23/2026
Samik Chatterjee from JP Morgan set a target price of $65.0 on 04/22/2026

This article is not financial advice. See Quiver Quantitative's disclaimers for more information. Note that there may be inaccuracies due to mistakes in ticker-mapping, and other anomalies.